A recent survey by Gartner, Inc. reveals that 69% of CEOs regard sustainability as a significant business growth opportunity for 2024. Kristin Moyer, Distinguished VP Analyst at Gartner, highlighted that as CEOs reevaluate their long-term strategies, environmental sustainability remains a critical competitive factor. Despite past instances of corporate greenwashing and potential cynicism due to economic conditions, CEOs are maintaining a strong commitment to environmental, social, and governance (ESG) principles.
Moyer noted that sustainability has become a top 10 business priority, even surpassing productivity and efficiency. Business leaders and investors recognize that neglecting environmental factors poses long-term risks to business results. However, savvy CEOs view significant sustainability challenges as opportunities for new business ventures.
The 2024 Gartner CEO and Senior Business Executive Survey, conducted from July to December 2023, included over 400 CEOs and senior business executives from various regions, including North America, Europe, Asia/Pacific, Latin America, the Middle East, and South Africa, spanning multiple industries, revenue brackets, and company sizes.
According to the survey, CEOs are leveraging sustainability to drive business growth through several key areas: sustainable products and services (33%), sustainable business practices (18%), stakeholder engagement (18%), and decarbonization (18%).
Digital technology is identified as a crucial component in achieving both financial and sustainability goals. Technologies such as the Internet of Things (IoT) and data analytics can optimize wind turbines to reduce costs and greenhouse gas emissions, while AI and IoT can minimize food loss and waste. Additionally, circular economy marketplaces can generate new revenue streams and reduce waste.
The survey also found that climate change is influencing business agendas, with 54% of CEOs acknowledging that their operations are at least moderately affected by changing weather patterns. Over half of the respondents have either made or are planning operational changes in response to these shifts.
Moyer emphasized that CEOs recognize the impact of climate change on weather patterns, which is already affecting their business operations. Adapting these operations, particularly through technological advancements in supply chain dynamics, is essential. The survey indicated that the most significant impacts of changing weather patterns on businesses are operational dynamics (30%), including logistics adjustments, such as warehousing and delivery routing. Relocations (14%) and advancements in automation, technology, and data (13%) are also notable impacts.
Overall, the survey underscores that sustainability and climate considerations are integral to CEOs’ strategies for future growth and operational resilience.
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