New national research has reported that Australian businesses appreciate the urgency of reaching net zero emissions as a key driver of economic competitiveness and climate resilience, but many are not acting rapidly enough to address this important challenge.
The study, conducted by Schneider Electric, revealed that over two-thirds or 69 per cent of businesses agree that Australia must meet net zero emissions targets to remain economically competitive.
More than three-quarters, or 77 per cent, believe that sustainable transformation is a source of competitive advantage for businesses.
Pacific Zone President Gareth O’Reilly said, “It’s clear that businesses recognise the strategic importance of sustainable transformation. With less than 80 months until 2030, the challenge for businesses now is to fulfil that strategic opportunity at pace.”
The survey found that many businesses are unable to put decarbonisation strategies into practice despite rising awareness and dedication to sustainability and only 52 per cent of respondents said they have discussed or implemented a decarbonisation strategy.
This shows that many Australian businesses have not yet made a complete commitment to the move to a low-carbon future.
The results were significant in that they clarified the energy issues that businesses face, and the most important problems were reported by 42 per cent of Australian firms as being the cost and risk related to energy supply and resources.
Forty-two per cent of respondents said they were concerned about cybersecurity breaches, while 27 per cent of businesses voiced concerns about the nation’s power grid’s resilience, underscoring the necessity for a dependable and sustainable energy infrastructure.
“To achieve the necessary emission reductions, it is essential that businesses set ambitious targets and map out the path to achieving them,” O’Reilly said.
He added, “Many of the steps companies can take to improve energy efficiency and introduce their own renewable energy supply will not only improve their bottom line but also protect them from volatility in energy supplies and pricing.”
According to the Schneider Electric Sustainability Index, 2023 report, 78 per cent of businesses recognise the critical role that digital technology plays in attaining sustainability objectives, underscoring the urgency of taking immediate action.
For more information about the study, you may visit this link.
