Recent wildfires, floods, and storms in 2023 set to materially affect global environmental initiatives, said Honeywell's Environmental Sustainability Index (ESI), as organisations gear up for accelerated sustainability efforts.
Compiled quarterly by Honeywell in collaboration with The Futurum Group, the ESI serves as a barometer for shifts in corporate sentiment and investment in sustainability.
The fifth edition of Honeywell's ESI reveals that over 62% of organisations worldwide anticipate a significant impact on their environmental initiatives due to the wildfires, floods, and storms that unfolded during 2023.
Additionally, 45% acknowledge that extreme heat has either already affected or will affect their near-term sustainability plans.
Gavin Towler, Chief Scientist for Sustainability and Chief Sustainability Officer at Honeywell, noted, 'The extreme weather events this year have increased the sense of urgency for immediate action at organisations. As a result, we should expect to see more organisations looking to accelerate their sustainability efforts and, in particular, adopting a technology-driven approach to their energy transition plans.'
Key findings from the report shed light on the intentions and progress made in sustainability initiatives across various regions and industry sectors:
- Approximately 88% of organisations are planning to boost their budgets for energy evolution and efficiency initiatives.
- Nearly three-quarters (73%) of organisations express optimism about achieving near-term sustainability goals, a notable increase from the 62% recorded a year ago. The energy sector exhibits the highest level of confidence among the industries surveyed.
- Close to one in five organisations are now adopting a technology-driven approach to their sustainability initiatives, marking the highest percentage since the inception of the Index.
- 92% of respondents have an ESG (Environmental, Social, and Governance) reporting process in place, with 30% placing this responsibility within the C-suite.
Daniel Newman, CEO, Futurum Group, emphasised, 'The data is showing that organisations in the public and private sectors are actively forming frameworks to partake in either policy-driven or investment and technology-oriented action in an effort to address the global objectives in environmental sustainability.'
The insights from Honeywell's ESI underscore the growing recognition of the urgency to address climate change and environmental challenges, with many organizations mobilizing resources and embracing innovative solutions to drive their sustainability efforts forward.
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