https://www.forbes.com/sites/deloitte/2021/04/16/organizations-are-feeling-the-pain-of-climate-change-here-are-five-ways-its-affecting-their-business/?sh=3a0434bf4e0c
Despite these threats, many companies are still hesitant to make significant operational changes to address climate change, even though 81% of executives agree that businesses should make even greater efforts to protect the environment. Their hesitancy is most likely due to short-term thinking.
A focus on near-term business issues or demands emerged as the top obstacle for implementing sustainability initiatives this year—up to 37% from 30% in 2020. In fact, the majority of executives (65%) said their organizations needed to cut back on environmental sustainability initiatives in some way due to the pandemic.
But companies can’t afford to wait any longer before taking action, Renjen adds. He stresses that while it’s understandable that there may be a short-term lapse in prioritizing climate change based on immediate business continuity efforts, executives haven’t taken their eye off the ball completely, which is promising for the longer-term actions that will be required by business.
“If we don’t act, we are at increased risk of an alarming intensification and uptick in these climate-related disasters, which will likely affect almost every part of life as we know it,” he says. “That’s why it’s imperative that we take collective action now to avoid worst-case scenarios down the line.”
Fortunately, it’s not too late to make a change, with nearly two-thirds of executives surveyed in the Climate Check agreeing that immediate action can limit the worst impacts of climate change. Among the organizations that are most concerned about climate change, a third also plan to accelerate their sustainability efforts over the next year.
Executives cited education and the promotion of science-backed climate research as the environmental actions that are critical to spurring action and pointed to collaboration as an important way to advance progress and inform public policy solutions. However, to make significant environmental progress, Renjen believes business and government have a larger role to play beyond education and advocacy. Renjen says, “Businesses are well positioned to lead on the innovations and technology that will help curtail private sector impact on the environment, and government should lead on the massive societal transformations required to combat and curtail climate change.”
In the long term, sustainability is good for business, adds Renjen, and companies have an increasingly important role to play in protecting the environment.
“Business can only succeed if society thrives. Now, it is vital that we all take the urgent and immediate action to reach the goals of the Paris Agreement,” he says. “While everyone has a role to play, we believe the future of our people, planet and profession depends on the business community taking measurable, decisive action on climate change.”