Posted by Johann Nacario — September 23, 2024 – Sustainability is rising to the top of U.S. corporate agendas, with building decarbonization emerging as a critical focus for the years ahead, according to a new survey conducted by Carrier Global Corporation, a global leader in intelligent climate and energy solutions. The survey found that 83% of US C-suite executives responding to the survey plan to increase sustainability spending over the next two years, with 57% citing sustainability as a top priority and 52% prioritizing decarbonization efforts.
Graphic courtesy of Carrier. Click to enlarge.
Despite the complexity of building decarbonization, it stands as the highest priority for executives in their sustainability strategies through 2025.
David Gitlin, chairman and CEO of Carrier, stated:
Companies that invest in addressing climate change will see benefits across the board. Not only is it essential for the environment, but it also delivers value to investors, customers and the companies themselves.
The survey, which included responses from over 200 CEOs, CFOs, and CSOs across various industries in July 2024, also highlighted the impact of government incentives on sustainability plans. Despite concerns over potential changes to legislation like the Inflation Reduction Act (IRA), 81% of respondents said they would continue or increase their sustainability investments even if incentives were rolled back.
However, only 44% of executives responding to the survey expressed strong confidence that the global net-zero goals of the Paris Climate Accord will be achieved by 2050. This underscores the ongoing challenges in meeting decarbonization targets, despite increased corporate focus on sustainability.
Interestingly, the survey revealed a gap in how different C-suite roles view the path forward. CSOs are more focused on specific actions, such as decarbonization and adapting to evolving ESG regulations, while CEOs and CFOs are more focused on broader business priorities. This divergence highlights a growing responsibility for CSOs to lead sustainability initiatives.
Noting that 85% of executives participating in the survey think businesses have a responsibility to drive sustainability actions, Gitlin added:
There’s a shared belief that corporate America must lead the way in shaping the U.S. sustainability agenda.
As part of its continued commitment to sustainability, Carrier will host a key event during Climate Week in New York City on Sept. 24: “Reimagining the Built Environment for a Net Zero Future.” This gathering will bring together sustainability leaders, business leaders, public officials and investors to discuss the future of climate action and building decarbonization.
