C-Suite executives are growing more concerned over their organization’s sustainability efforts, and have cited it as a top priority, according to a new survey done by Carrier Global Corporation.
According to the survey, 83 percent of executives are planning to increase their sustainability over the next two years, with 52 percent prioritizing decarbonization efforts.
Still, there are concerns over potential changes to legislation if former President Donald Trump gets re-elected to office this November. The former president said that he would repeal the Inflation Reduction Act (IRA), calling it the “Green New Scam” and a “waste of money,” Politico reports. The law aims to invest in domestic energy production while further promoting clean energy. A report by Rhodium Group found that IRA and state-level climate bills are expected to lower emissions between 29 and 42 percent in 2030 compared to 2005 levels, with greenhouse gas emissions decreasing 32 and 51 percent by 2035. Despite these concerns, the Carrier survey found that 81 percent of respondents would still continue or increase their sustainability investments even if incentives were rolled back.
Though, only 44 percent of executives expressed confidence that the global net-zero goals of the Paris Climate Accord will be achieved by 2050. Solar and wind energy have reportedly dropped by nearly 40 and 55 percent, respectively due to the passing of the IRA. It is expected that electric vehicles will comprise between a third and two-thirds of all passenger vehicles.
It is still unclear how the C-suite plans to move forward with their sustainable efforts, though. Chief Sustainability Officers tend to focus on more specific actions, like decarbonization and evolving ESG regulations, while CEOs and CFOs are more focused on broader business opportunities, according to the report.
Mackenna Moralez is the associate editor of the facilities market.
