*Only 11% of businesses believe they have a robust sustainability strategy
*50% of businesses have tangible and ambitious plans to achieve net zero by 2050
*61% say sustainability is changing the way they measure financial performance
*47% of businesses have prioritised packaging innovation as part of net zero targets
A new survey conducted by Smurfit Kappa, in partnership with the Financial Times, has revealed that sustainability continues to play a pivotal role in the strategy and planning of senior business leaders across Europe and the Americas. The Transparency Edge, which was conducted among 440 senior and executive business leaders across 11 major economies, showed that despite half of businesses having set ambitious plans to achieve net zero, only 11% of respondents believe they have a robust and actionable sustainability strategy.
More than half (61%) that responded state that sustainability is changing the way they measure financial performance. Many of them have started to build sustainability into their leaders’ performance assessments and incentives. This underscores the impact that sustainability is already having across businesses. Almost half of businesses (47%) have prioritised packaging innovation as a way to meet their own net zero targets.
While 63% of businesses believe they have complete transparency on how and why sustainability decisions are made, nearly a third (29%) claim their company’s actions rarely align with the sustainability ambitions they communicate to stakeholders. The gap between stated ambition and action continues to expose businesses to the risk of accusations of greenwashing.
The research highlighted the importance of transparency, underscoring how it is central to building confidence among consumers, investors and critical stakeholders. Those businesses deemed to be ‘Sustainability Leaders’ (11%) are ahead of the pack when it comes to four key aspects of transparency:
*Ensuring alignment between sustainable action and ambition
*Measuring progress on net zero initiatives
*Communicating effectively to build trust
*Independent assurance of sustainability performance
Conversely, a surprising 17% of businesses have yet to develop a strategy, whilst 33% are only in the process of developing a strategy.
more at: https://www.smurfitkappa.com/newsroom/2023/new-report-highlights-that-sustainability-action-must-overtake-claims