CxOs in APAC Say Climate Change the Most Pressing Issue

Most CxOs in the Asia Pacific are concerned about climate change but believe the world can still achieve global economic growth while reaching climate change goals, according to the Deloitte 2023 CxO Sustainability Report.

The global report from the multinational professional services network included the insights of 500 C-Suite leaders from the Asia Pacific (APAC) region.

When asked to rank the most pressing issues faced by their organisations, CxOs in APAC rated climate change the highest ahead of others such as competition for talent and global supply chain challenges.

Among the key findings from the APAC, CxOs in the region said they were highly worried about climate change but also optimistic about their climate actions:

• 63% said they feel concerned about climate change all or most of the time, and 86% had been personally impacted by climate change.

• Almost all respondents expect climate change to impact their company’s strategy and operations. Of these, 60% believe the impact will be ‘very high’.

• Yet, 86% feel somewhat or extremely optimistic that the world will take sufficient steps to avoid the worst impacts of climate change.

• CxOs in APAC are also feeling greater pressure from nearly all stakeholder groups to act on climate change, compared to their global peers.

One-fifth of CxOs also said the difficulty of measuring their organisations’ environmental impact was a top barrier and one-fifth also cited cost and focus on near-term issues as barriers.

Among Deloitte’s recommendations for CxOs and their organisations, is to embed climate goals into the business’s overall strategy and purpose. To build trust by taking credible climate actions and to empower the board, who as stewards of their organisations, can play a vital role in guiding businesses toward a more sustainable future by ensuring that long-term views are captured in management decision-making.

The full report can be downloaded here.