Technology companies are usually seen as cutting-edge and first-movers. Yet when it comes to decarbonisation, many tech companies are challenged with translating aspirations into actions.
In fact, according to the annual KPMG global survey of more than 800 technology company leaders, more than half (53 percent) do not have a decarbonisation strategy or targets in place.
Unfortunately, delayed action on decarbonisation will increasingly create headwinds in the cost of capital, the war for talent, access to necessary material inputs, and consumer confidence. Now is the time. The tech industry is primed to reclaim first-mover status by leveraging its resources, visibility, and influence to be innovators and positive role models in the fight against climate change.
CEO Outlook Survey findings
Has your company developed a strategy and/or targets to decarbonise your business?
Have both a decarbonisation strategy and targets
Have a carbon strategy only
Have not developed a decarbonisation strategy or targets
What's the most challenging barrier to decarbonising your business?
Board and management are insufficiently engaged in the issue
We don't have the right skills within the organisation
Investors are focused on short-term goals; not asking for us to decarbonise
Government regulation does not demand action at this time
The necessary technology does not exist to enable us to decarbonise
The costs of decarbonisation are unaffordable
Source: KPMG Technology Industry Survey 2021
Benefits of a green strategy
The good news is that green strategies, while helping the planet, can also offer positive business outcomes. There is mounting recognition that an effective net-zero transformation can unlock new markets, products, revenue, and value propositions as it provides additional value for investors and improves customer confidence.
The tech industry is ripe to reclaim its first-mover status by leveraging the resources, visibility, and influence to be innovators and positive role models in the fight against climate change, unlocking new value for investors, customers, and employees along the way.