The time has come for businesses to address sustainability, yet only 30 percent are effectively meeting the challenge. Business holds the key to creating a sustainable world. GoGreenNation provides resources and support for Greening Your Business.
A vast majority of corporate executives believe that sustainability-related issues are having or will soon have an impact on their businesses, but more than 70 percent of them say their companies have not developed a clear business case for addressing sustainability, according to a new study by MIT Sloan Management Review (MIT SMR) and The Boston Consulting Group (BCG).
A key finding of the study indicates that there is a wide gap between intent and action when it comes to addressing corporate sustainability. While it’s clear that sustainability is having an increasingly significant impact on business, the majority of companies are not taking action to either exploit the opportunities or mitigate sustainability risks, according to researchers.
The researchers identified three major barriers to decisive corporate action: a lack of understanding of what sustainability is and what it means to an enterprise, difficulty modeling the business case, and flaws in execution, even after a plan has been developed.
But many thought leaders interviewed for the study believe that the risks of failing to act are growing, say the researchers.