Global Businesses Embrace Sustainability as Climate Change Continues to Rise

A new study by global consultancy firm Ecosystm, commissioned by Microsoft, has revealed that while many organizations are making a commitment to sustainability, there is still significant work to be done to reduce their environmental impact.

According to the 2024 Global Sustainability Barometer, 84% of firms place high strategic importance on achieving sustainability goals, but only 21% utilize technology to minimize their ecological footprint. Meanwhile, the Kyndryl Readiness Report indicates that 90% of organizations focus on incorporating sustainability into their technological updates, yet a staggering 54% struggle to meet their commitments for sustainability and Environmental, Social, and Governance (ESG) goals.

Kyndryl's Chief Corporate Citizenship and Sustainability Officer, Faith Taylor, has praised the report as an essential roadmap for businesses seeking to advance their sustainability journeys. "By embedding sustainability into our business strategy, processes, and systems, we can enhance the value of our people and technology to meet internal objectives and create a positive impact," she noted.

The 2024 Global Sustainability Barometer study provides valuable insights into harnessing technology and artificial intelligence (AI) to navigate the complex landscape of sustainability. The report sheds light on five key areas where businesses can improve their efforts:

1. Adopting Technology: Only 21% of organizations utilize technology to reduce their environmental impact, highlighting a critical need for increased investment in sustainable technologies.
2. Measuring Progress: A substantial portion (54%) of firms struggle to meet their ESG goals, emphasizing the importance of effective monitoring and reporting systems.
3. Leadership Commitment: Top executives must prioritize sustainability by incorporating it into their business strategy and decision-making processes.
4. Collaboration and Partnership: Firms are encouraged to build partnerships with stakeholders to amplify their sustainability efforts and foster collective impact.
5. Talent Development: As businesses strive for a more sustainable future, they will need to develop the skills and expertise required to drive this change.

As climate change continues to ravage the planet, these findings underscore the pressing need for corporations to prioritize sustainability. By embracing these key takeaways and working collaboratively towards a green future, organizations can enhance their value creation and positively contribute to the global conversation on environmental stewardship.