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Powering Net Zero Commitments

Massive and rapid swing. 75% of Australian businesses leaders believe world is at climate change tipping point: Deloitte Report

Australian business leaders are becoming a lot more concerned about climate change. This shift is according to a new report and it shows a significant shift in opinion in just 8 months. The 2022 Deloitte CxO Sustainability Report, which surveyed 102 Australian business leaders, discovered that almost three-quarters of them now believe the world is at a tipping point for responding to climate change. This is compared to just half of the Australian businesses that held this view in May.

Additionally, almost all Australian executives state that their companies have already been impacted by climate change. Over half say their organisation is being impacted by the political and regulatory 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.

However, despite an increase in concern, most of the business leaders are optimistic that there is time to act and make a 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 stated that the survey showed there that there was a shift in demand for combating climate change.

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

“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.”

Deloitte’s report found 89% of Australia’s business leaders believe that the worst impacts of climate change can be limited with immediate action.

With Australian companies, 10 percent 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.”

As previously reported by news.com.au

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