“There is a sense of optimism, because more than 80% do believe that with innovation and technology, we can actually manage the situation. Having said all that, it is difficult to push the needle fast enough.”Anders Dons, Nordic CEO
Key highlights from the Nordic report:
- Nearly all respondents said climate change has affected their organisations over the past year.
- Nordic organisations are more likely than the global average to feel the following negative effects of climate change: Changing consumption patterns, regulatory/political uncertainty and shareholder pressure.
- 67% of Nordic top leaders indicate that climate change is likely to have a high or very high degree of impact on their companies’ strategies and operations, over the next three years – slightly higher than the global average of 61%.
- Nordic CxOs are feeling pressure to act on climate change from many different stakeholder groups. They are most likely to feel pressure from clients, board members, management and employees.
- The majority of Nordic CxOs also say the changing regulatory environment and employee activism have increased their organisations’ sustainability actions over the past year.
Key global highlights:
- Climate change continues to be a top priority for organisations and top executives. CxOs rate climate change as a top three issue, ahead of seven others, including innovation, competition for talent and supply chain challenges. Only economic outlook ranked slightly higher.
- 75% of CxOs said their organisations have increased their sustainability investments over the past year, nearly 20% of whom said they have increased investments “significantly”.
- Almost all respondents indicated the effects of climate change have impacted their organisations in some way over the past year, and 82% of CxOs have been personally impacted.
- CxOs said difficulty measuring environmental impact and cost of sustainability efforts are key barriers to climate action.
The report also identifies key recommendations for organisations to help close the gap between ambition and impact in order to accelerate progress to a low-carbon economy.
The report is based on a survey of 2,016 C-level executives. 145 executives in the Nordics region participated in the survey: 51 from Denmark, 21 from Finland, 20 from Iceland, 22 from Norway, and 31 from Sweden. The survey, conducted by KS&R Inc. and Deloitte, during September and October 2022, polled respondents from 24 countries: 48% from Europe/Middle East/South Africa, 28% from America and 24% from Asia Pacific. All major industry sectors were represented in the sample.