According to a recent survey conducted by Honeywell (an industrial products, solutions and technology company), most businesses intend to increase spending over the next 12 months on environmental sustainability initiatives. These businesses intend on targeting categories like energy efficiency and emissions reductions.
A total of 83% of executives reported plans to increase investments in sustainability initiatives, as the study also found that these executives continue to rank sustainability goals as their top priority.
However, this marked a drop from recent surveys. The figure fell from 87% last quarter and over 90% six months ago, as businesses continued to cite economic and geopolitical pressure.
“Our data shows that companies aren’t wavering in their commitment to sustainability. Not only are leaders keeping it at the top of the priority list despite other looming challenges, but they are also increasingly taking actions,” Honeywell president Vimal Kapur said.
The report also discovered that most companies prefer using technology based solutions to reach sustainability goals. While changing or eliminating operational processes or business behaviour, continue to be the preferred strategies, as reported by 43% of respondents; 26% of respondents said that most of their goals will be achieved through technology-driven strategies over the next 12 months. This is a, a 5% increase from the previous quarter and significantly higher than six months ago (17%).
Meanwhile, 30% of respondents reported using a balanced blend of process and technology.
“Companies are continuing to invest in technology that helps them achieve their environmental sustainability goals. We are seeing first hand our customers take action to achieve goals, whether it’s switching to sustainable aviation fuel, tracking and reducing carbon emissions from buildings, or increasing advanced circularity solutions, such as plastics recycling,” Honeywell Chief Sustainability Officer Evan van Hook said.
As businesses realise the importance of reaching sustainability goals, technology can help make the transition to decarbonisation easier.
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