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Majority of companies’ not actively managing sustainability, report says

31 Mar 2010

Most companies are not actively managing sustainability and implementing energy efficient strategies, according to a new report by McKinsey & Company.

The report comes days after an Economist Intelligence Unit (EIU) study that found attempts by businesses to halt climate change through energy efficiency measures had stalled over the past year.

McKinsey said more than 50 per cent of executives consider sustainability as ‘very’ or ‘extremely’ important in a range of areas including new product development.

Companies, however, are not taking a proactive approach with only about 30 per cent of executives saying their companies are actively seeking opportunities to invest in sustainability.

This lack of action is in contrast to the mindsets of CEOs, according to the survey conduced on nearly 2,000 global executives, with 31 per cent stating that sustainability is a top-three priority.

The How Companies Manage Sustainability report said energy executives are much likelier than others to be active in seeking sustainability investments, with 40 per cent looking in this area as opposed to 28 per cent in the general market.

The EIU report released earlier this week said 49 per cent of businesses included in its survey carried out in December 2009 had embarked on a carbon reduction journey, down from 54 per cent in its 2008 analysis.

It also found that more than half of all 2009 respondents said the jury was still out on the seriousness of the climate change issue.

Copyright © 2010 NewNet

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