The UN’s recent Global Stocktake Report stated in stark terms that there is a rapidly closing window of opportunity to secure a livable and sustainable future for all and called for action from beyond the public sector and systems transformation across all sectors. Combined with rapidly shifting market dynamics in a post-pandemic world and one thing becomes abundantly clear: business as usual is no longer possible. In such unprecedented times, a more agile and sustainable approach to business is necessary to survive. But the question remains, how can companies in Asia drive transformation and growth at the same time?
The Schneider Electric Sustainability Survey recently revealed that while 94% of companies in Asia have established sustainability goals or targets, less than half of them have implemented comprehensive sustainability strategies. This intention-action gap highlights the need for businesses to bridge the divide and take concrete steps towards achieving their sustainability objectives. While it is evident that a growing number of organizations are embracing the need for responsible practices, the real challenge lies in turning these aspirations into tangible actions that drive meaningful change.
Driving this change will require investment but there are clear payoffs as well. The Schneider Electric Sustainability Survey also revealed that 94% of business leaders believe that pivoting toward a more sustainable business strategy will lead to business opportunities and growth. However, only 37% of leaders choose to invest in sustainable business practices specifically as a means of pursuing growth and 83% believe the private sector is already investing enough into sustainable business transformation.
The survey findings also shed light on areas of best practice to reveal a path to action. More than 9 out of 10 business leaders agree that digitalization and energy efficiency are key to their corporate sustainability strategies and 49% claim their companies are already implementing comprehensive decarbonization plans. By developing comprehensive strategies, embracing long-term goals, and fostering collaboration, businesses can bridge the gap and pave the way for a more sustainable future. It is imperative for companies to take the lead in driving change, not only for their own benefit but also for the well-being of our region and the planet as a whole.
As a digital partner for sustainability and efficiency, Schneider Electric offers end-to-end solutions that lead organizations through the net zero transformation and beyond. Following a framework to help companies strategize, digitize and decarbonize we help partners bridge the gap to turn insight into action.
Find out more about Schneider Electric’s Sustainability commitments by visiting our Sustainability page.