Most companies in the Middle East and Africa (MEA) are increasing spending to meet sustainability targets, a survey showed.
About 20 percent of business organizations in MEA said they intend to bolster their budget for energy efficiency. That was among the findings of the 3Q 2023 Environmental Sustainability Index.
Moreover, the index pointed out that at least 50 percent of companies are rolling out additional investments for sustainability. The projects will be carried out in the next 12 months.
Global push for sustainability
Honeywell, in collaboration with Futurum Group, released the report. It paints a bright future ahead regarding efforts toward reducing carbon footprint to address climate change concerns.
Moreover, the report indicates that, finally, the importance of sustainability is getting across globally. The favorable shift in political and regulatory ecosystem helped.
“The latest Environmental Sustainability Index confirms that large global companies are continuing to stay on pace and invest in technology and staff to achieve their environmental sustainability goals,” said Evan van Hook, chief sustainability officer, Honeywell.
“Sustainability is top of mind for leadership, and they are activating top-level staff to increase involvement and traction toward goals,” he added.
Read: Top sustainable initiatives in the Middle East
Index provides new insight
Daniel Newman, principal analyst and founding partner of The Futurum Group, said the latest index provides new insight on how organizations are reporting and tracking their set commitments toward sustainability.
Moreover, Newman added, “We are seeing increases in investment and transparency of efforts along with a balanced approach to technology versus process when it comes to reaching goals.”
Some highlights of the latest Environmental Sustainability Index:
- Budget increases are slated across four sustainability categories: energy evolution and efficiency, emissions reduction, pollution prevention, and circularity/recycling
- 86% of the 751 global companies surveyed indicated planning to increase their sustainability budgets
- Additionally, 74% of respondents are optimistic in attaining sustainability goals, particularly with respect to 2030 energy goals
- Furthermore, 7 in 10 surveyed companies said the political and regulatory environment has had a positive impact on their sustainability initiatives in the past 12 months
- Improving energy evolution and efficiency is the top commitment across all geographies with 87% of respondents citing it as a priority
Manufacturing and energy companies to reduce CO2 emissions
Industries at the core of sustainable environmental efforts are companies in the manufacturing and energy sectors. They said reducing carbon footprint is their main concern.
For instance, eight out of 10 firms in these sectors have sustainability goals. Which they aim to accomplish in the next six months. This put other corporate objectives like financial performance, market growth, and workforce development in the backseat.
Furthermore, some 93 percent of the surveyed companies said they have put a transparent reporting procedure in place. To help them keep track of their goals.
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