Research conducted by Schneider Electric shows that a majority (63 per cent) of businesses believe a sustainable transformation provides a competitive edge.
Additionally, over three-quarters (77 per cent) of business leaders believe sustainable products and services have become an expectation for consumers and investors.
While 60 per cent report investors and financial institutions are becoming increasingly focused on a company’s sustainability strategy.
These trends are likely to increase: a recent complementary study on the future of energy by KPMG revealed a majority of industry leaders believe that, by 2030, a law will have been passed requiring companies to meet specific environment, social and governance targets.
In response to this shift in stakeholder priorities, many are moving to accelerate their sustainable transformation.
Nine in ten respondents to the Schneider Electric survey said they believed their organisations should accelerate their sustainable transformation.
Nearly 40 per cent of respondents had a sustainability roadmap in place and another 30 per cent are discussing one.
More than a third have increased their investment in sustainability over the past three years.
The majority of businesses surveyed are implementing renewable energy, 64 per cent are discussing or have begun purchasing renewable energy and the same percentage are considering or installing solar solar, while 43 per cent are discussing or installing microgrids.
Almost three-quarters (72 per cent) of organisations that took part in the survey believe that Australia must commit to net zero carbon emissions by 2050.