A recent survey conducted by EY reveals a slowdown in sustainability progress among businesses globally.
The study, involving more than 500 chief sustainability officers from companies with revenues exceeding $1 billion (£800m), indicates a decline in greenhouse gas (GHG) emissions reductions to a median of 20%, down from 30% in 2022.
Moreover, many businesses are extending their target deadlines for achieving climate goals, with the median year shifting from 2036 to 2050.
The survey also notes the impact of rising inflation and geopolitical turbulence, leading to a decrease in planned spending to address climate change from 61% in 2022 to 34%.
Despite these challenges, financial benefits are observed, with 52% of respondents experiencing value beyond expectations, and 63% witnessing better-than-expected improvements in product and brand value.
The study highlights the importance of persistent long term investment and strategic planning to overcome current obstacles and achieve net zero goals.
