UNCTAD urges stronger action to help least developed nations tap into carbon markets
The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change ...
EY report: 19% rise in Irish business focus on sustainability
The EY State of Sustainability 2024 report revealed a significant shift among Irish businesses towards sustainability. 81% of respondents reported a heightened focus on sustainability within their organizations over the past year, marking a 19% increase from the previous survey in 2022. This is the largest percentage increase noted in the study, indicating a growing commitment to sustainable practices among businesses in Ireland.
The findings suggest that progress is being made, with 74% of respondents rating their sustainability efforts as ‘established or better,’ up from 61% in 2022. Additionally, 15% consider their efforts ‘industry leading,’ doubling from 7% in 2022. However, there is still room for improvement, as 35% of respondents feel their organization is not doing enough, a notable rise from 17% in 2022.
Awareness of the negative impact and reputational risks of misleading sustainability claims is growing. 35% of respondents indicated that fear of greenwashing influences their communication strategies, a significant increase from 13% in 2022.
Increased stakeholder interest, regulations, and perceived bottom-line benefits are key motivating factors driving sustainability in organizations. Almost two-thirds (65%) of businesses reported wider stakeholder inquiries about sustainability impact, up from 49% in 2022. More than half (58%) believe demonstrating a greater commitment to sustainability is necessary for access to capital. Interestingly, 30% indicated they are increasingly assessing the sustainability status of target companies when considering a merger or acquisition.
Navigating complex EU regulations is the leading sustainability-related concern for organizations, with the EU Emissions Trading System cited by almost two-thirds (65%). Supply chain due diligence, driven by the Corporate Sustainability Due Diligence Directive (CSDDD), is a concern for 62% of respondents. The EU Deforestation Regulation and plastic packaging-related measures were cited by 54% and 46% of respondents, respectively.
Sustainability regulations such as CSRD and CSDDD are designed to make organizations more sustainable by holding them accountable for their supply chains. 62% of respondents cited supply chain due diligence as their biggest sustainability-related concern. Engagement levels with supply chain suppliers on ESG reporting vary, with 26% having not engaged at all, while 50% have technology solutions in place to gather data for compliance purposes.
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