Australian organisations are ramping up efforts to meet sustainability targets, despite geopolitical challenges. Regulation and technology are proving to be a vital part of this progress, with two thirds of executives agreeing that their organisation will never be able to achieve its sustainability goals without climate tech.
This is according to the Capgemini Research Institute’s latest report, ‘A world in balance 2024: Accelerating sustainability amidst geopolitical challenges’. The research tracks advancements in organisations’ environmental and social sustainability over the last three years. The third edition of the report highlights marked improvements in circularity, sustainable design, measurement, water stewardship, biodiversity, and sustainability skilling, despite shortfalls in tackling Scope 3 emissions and consumer skepticism.
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Specifically, the report highlights that businesses are acutely aware of public distrust (60% of Australian executives say the public thinks they’re insincere on sustainability, up from 11% in 2023).
The report also notes businesses maturity in adopting sustainable practices has increased steadily since 2022. 84% of executives this year say their organisation is on target to meet its carbon emissions goals; less than a tenth say they are behind. As organisations look to minimise their impact on the environment, progress is particularly visible in terms of circularity, sustainable product design, measurement, and water management. For instance, nearly three quarters of executives say that recycling products is a core aspect of their manufacturing strategy, up from 53% in 2022, while over two thirds said they were redesigning products to remove fossil fuel feedstock sources, up from less than half in 2022.
