Businesses ‘more concerned than ever’

The 2022 Deloitte CxO Sustainability Report, which surveyed 102 Australian business leaders, found that almost three quarters of them now believe the world is at a tipping point for responding to climate change.

Comparatively, just half of Australian businesses held that view last May.

In addition, almost all Australian executives say their companies have already been impacted by the changing climate. More than half say their organisation is being impacted by the regulatory and political uncertainty associated with climate change.

Two thirds of the business leaders expect climate change to have a “high or very high impact” on their organisation’s strategy and operations over the coming three years.

But, despite the increase in concern, the vast majority of business leaders are optimistic that there’s still time to act and make change.

The Sustainability Report surveyed 2000 business leaders across 21 countries, and found Australia was among the top ten countries in the world most concerned about climate change.

Deloitte Global chief executive officer Punit Renjen said the survey showed there had been a shift in a demand for combating climate change.

“The battle against climate change isn’t a choice, it’s billions of choices,” he said.

“No action is insignificant, but certain activities and decisions ‘move the needle’ more than others, and those bolder actions from business leaders are needed now – while there’s still time to limit the damage. It’s time to prove we’re up to the challenge.”

The report found 89 per cent of Australia’s business leaders believe that with immediate action, the worst impacts of climate change can be limited.

With Australian companies 10 per cent more likely to be implementing the tougher, “needle-moving” actions defined by Deloitte’s analysis, Deloitte Australia chief executive Adam Powick said climate change was a “national agenda” that business leaders needed to own and seize upon.

“Climate change is both a critical challenge and critical opportunity for Australia,” he said.

“It’s great to see the positive engagement of Australian business leaders on this topic and the desire to work together to make a meaningful and positive impact.

“If we are bold, decisive and co-ordinated, we can mitigate downside climate risks and help attract investment, create new jobs and support our regional communities.”

Originally published as Deloitte Sustainability Report finds more Australian businesses concerned about climate change