Three in five Irish consumers are more likely to support sustainable businesses that are committed to climate and nature, a new survey by Business in the Community Ireland (BITCI).
The survey showed that 67% of women and 64% of Baby Boomers are more likely to support businesses with clear climate and nature strategies, compared to 54% of men and 56% of Gen Z.
It was undertaken ahead of the launch of BITCI’s action campaign ‘Accelerate – The Business Pact for Climate and Nature’, which seeks to address the interconnected climate and nature crises.
Within Accelerate, businesses are asked to set a net zero target (approved by the Science Based Targets Initiative (SBTi)) by 2050 – if not earlier – as well as develop a Climate Transition Plan to guide and track implementation.
The launch of the pact builds on BITCI’s Low Carbon Pledge, which commenced in 2018 and ends this year. The pledge required signatory businesses to set science-based targets by the end of 2024.
A closing report by PwC found that of the 62 firms that ‘stayed the course’ over the lifetime of the pledge, some four fifths (81%) have either fully set science-based targets, are waiting approval or have formally made the commitment to the SBTi process.
‘Power of collective action’
“We are pleased the 2018-2024 Low Carbon Pledge demonstrated the power of collective action in setting targets and raised the ambition to lower emissions,” commented Tomás Sercovich, CEO of BITCI. “Businesses are evolving and it is no surprise consumers demand more action and transparency.
“The impact of climate change and loss of biodiversity is stark. 2023 was the hottest year on record and likely to be surpassed again this year. It is clear time is running out, and decisive action is needed.”
Sercovich described the new Accelerate plan as “novel by driving forward a new phase of change through a holistic approach across business operations and ensuring a company’s targets are achieved through detailed and specific Climate Transition Plans”, adding that BITCI is well placed to share solutions and best practices across participating businesses.
Signatories of the pact will gain access to guidance on creating Climate Transition Plans, benchmarking tools, BITCI added, and the opportunity to contribute to an annual Insights Paper that highlights challenges and solutions to national decarbonisation efforts.
‘Support and guidance’
“Accelerate, The Business Pact for Climate and Nature is open to businesses with different levels of maturity and acts as an incentive for them to receive support and guidance on this major process of business model transformation,” Sercovich added. “The systems change needed requires working collaboratively if we are serious about decarbonisation that will leave no-one behind in our society.”
Ireland’s Climate Action and Low Carbon Development (Amendment) Act 2021 mandates a 51% reduction in emissions by 2030 and a net-zero target by 2050.
More information can be found here.
