Despite widespread economic uncertainty, most global manufacturers and energy companies say sustainability investment is growing and will continue to grow, thanks in part to the current political and regulatory environment. This finding comes from Honeywell’s latest 2023 Environmental Sustainability Index, developed in partnership with The Futurum Group (a research group that helps companies anticipate shifts in their industry and build strategies around those shifts).
More than 700 business, technology and sustainability professionals involved in the planning, strategic development, implementation, or oversight of environmental sustainability goals and initiatives were surveyed for this research. Participants were required to be in a leadership role at anorganization with a minimum of 1,000 active employees.
Key findings from this research include:
- 86% of the global companies surveyed indicated that they plan to increase their sustainability budgets.
- 7 in 10 said the political and regulatory environment has had a positive impact on their sustainability initiatives in the past 12 months.
- 74% of respondents said they were optimistic about attaining sustainability goals, particularly with respect to 2030 energy goals.
- Budget increases are slated across four sustainability categories: energy evolution and efficiency, emissions reduction, pollution prevention and circularity/recycling.
- Improving energy evolution and efficiency is the top sustainability commitment across all geographies, with 87% of respondents citing it as a priority.
- At least 20% of organizations in Latin America, Europe, the Middle East and Africa plan to boost their investment in energy evolution and efficiency by a minimum of 50% in the coming 12 months. This rate outpaces the budgetary commitments currently being made in North America and the Asia-Pacific.
The survey also found that reporting on sustainability is strong, with 93% of survey companies having a reporting process in place. Managing the reporting process is a bit trickier, however, as only 38% say they have a centralized person on staff to track sustainability efforts.
To download the full index and survey report, visit: Honeywell Sustainability Index.
