A new survey has found that 52% of executives expect at least 50% of their products and services to be low carbon by 2028. Of these, nearly 1 in 5 predict close to 100% will be low carbon in that same timeframe.
The survey, from YouGov, questioned global corporations that have already set or committed to set science-based targets to cut their greenhouse gas (GHG) emissions in line with the rates required to keep global warming below 2°C.
The 185 respondents are from companies in 37 countries, including Dutch telecom company KPN, retailer Lidl Belgium, Japanese building materials manufacturer LIXIL Group,American logistics real estate company Prologisand Dutch technology giant Royal Philips.
When asked to select up to three factors from a list, 65% of respondents chose environmental factors as one of the biggest trends affecting business growth in the next five years, second only to technological change (88%) and ahead of economic policy (59%).
In total, 79% of the companies surveyed said brand reputation is one of the biggest benefits of setting science-based targets, while 63% said the commitment helps to drive innovation. Nearly a third (29%) claimed that science-based targets deliver bottom-line savings to their business.