More than 75 percent of global business leaders see bottom line risks from the direct impact of climate change and yet most businesses don’t appear to have a clear vision on how to effectively manage the transition to an environmentally sustainable future, according to a report released by The Carbon Trust.
The report, “Titans or Titanics? Understanding the business response to climate change and resource scarcity” found businesses are living in two realities. While businesses recognize and accept the risks and opportunities of an environmentally sustainable future, they continue to focus on the short term, the report says.
The report, which outlines insights based on six months of in-depth interviews with experts in business, finance, government, academia and civil society, found 84 percent of global business leaders see business opportunity in an environmentally sustainable future. However, that optimism may suggest overconfidence, the Carbon Trust says.
Of those businesses that see the need to change, 81 percent are confident in their abilities to succeed. However, when asked if drivers of environmentally sustainable business practices were to become strong, 43 percent of global leaders said they would not have to fundamentally change their products, services or business model.
In 2013, the Carbon Trust launched the Green Business Directory to help businesses find suppliers of energy efficiency equipment and low carbon technologies.