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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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