As per the ‘Deloitte 2022 CxO Sustainability Report: The Disconnect Between Ambition and Impact’ Indian businesses acknowledge the risks of climate inaction and ranks 5th amongst 21 countries in their concern for climate change.
- The report was released by Deloitte Touche Tohmatsu Limited (DTTL).DTTL is also known as Deloitte Global.
- The report is based on a survey of 2,083 C-level executives. The survey was conducted by KS&R Inc. and Deloitte, during September and October 2021, polled respondents from 21 countries.
Key Analysis of the Report Regarding India:
a.Indian Businesses Scenario:
i.Indian companies are implementing tougher ‘needle-moving’ climate actions (compared with their global counterparts) for substantial and meaningful change over climate.
ii.As per the report, 80 percent of Indian executives see the world at a tipping point for responding to climate change (it was about 53 percent in 8 months ago).
iii.The executives were more keen on integrating climate into their strategies and operations over the next 3 years.
iv.Around 94 percent agree that, with immediate action, the worst impacts of climate change could be limited.
v.96 percent of respondents indicated that their companies have already been negatively affected by climate change.
vi.Employees’ health is the top climate issue affecting Indian organisations.
vii.5 percent of Indian organisations are more likely to have undertaken the development of new climate-friendly products or services.
b.5 ‘needle-moving climate actions’:
i.The report has mentioned five ‘needle-moving’ actions that, when taken together, demonstrate a deeper understanding of the business benefits of sustainability in India.
ii.The list of 5 actions:
- Developing new, climate friendly products or services.
- Requiring suppliers and business partners to meet specific sustainability criteria.
- Updating or relocating facilities to make them more resistant to climate change.
- Incorporating climate considerations into lobbying and political donations.
- Tying senior leaders’ compensation to sustainability performance.
i.Globally around two-thirds C-level business leaders (CxOs) are more concerned about climate change and 79 percent see the world at a tipping point to act against climate change.
ii.89 percent of CxOs agree with the situation of the climate crisis and 63 percent say that their organizations are very concerned.
iii.Indian CxOs also listed brand recognition and reputation, customer satisfaction, and addressing climate change as the top three benefits of their climate efforts (ranking them significantly higher than the global average). The bottom three benefits were asset values, employee recruitment and retention, and revenue from new businesses.
About the Report:
i.The report examines business leaders’ and companies’ concerns and actions related to climate change and sustainability.
ii.The report also explores the disconnect between company ambition and impact, as well as steps CxOs can take to start to bridge the gap.
Recent Related News:
India has ranked 56th on the International Institute for Management Development (IMD) 2021 World Talent Ranking, which evaluates the ability of the economies in developing, attracting and retaining talent. The IMD World Talent Ranking 2021 shows the overall ranking for 64 economies.
About Deloitte Touche Tohmatsu Limited (DTTL):
Global CEO – Punit Renjen