According to a recent survey from Gartner, the technological research and consulting company, over two-thirds (69%) of chief executives see sustainability as a leading business growth opportunity in 2024.

Expanding on this headline statistic and the reasons behind it, distinguished VP analyst at Gartner, Kristin Moyer, said: “Sustainability consistently remains a top 10 business priority, surpassing even productivity and efficiency this year.“

“Leaders and investors know environmentally cavalier corporate behavior is a mid- to long-term risk to business results, with a big price to be paid when environmental factors are ignored as externalities.

“However, smart CEOs realize big sustainability challenges create new areas of business opportunity,” Moyer explained.

Achieving Sustainable Business Growth
The survey of over 400 chief and senior executives uncovered the leading ways that sustainability is currently being used to drive business growth.

These are through sustainable products and services (33%); sustainable business practices (18%); stakeholder engagement (18%); and decarbonisation (18%).

Digital investments and innovation, meanwhile, is ranked ninth at 8%, below marketing (17%), energy (14%), increased profit (11%), and circularity (10%).

On how cutting-edge digital tech can be effectively leveraged in this arena, Moyer explained: “Digital technology can accelerate progress toward sustainability goals, going beyond compliance to help enterprises reach targets, enable new business models and unleash revenue streams.”

For instance, Internet of Things (IoT), data, and analytics can optimise wind turbines, which subsequently reduces costs and greenhouse gas emissions.

AI and IoT, meanwhile, can reduce food loss costs and waste — and a circular economy marketplace can create new revenue and reduce waste.

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Climate Change Driving Agenda
Gartner’s survey also revealed that just over half (54%) of CEOs say their businesses are affected by changing weather patterns, at least moderately.

A slightly smaller number (51%) acknowledge that changing weather patterns are causing them to plan changes to the way they operate or have already done so.

“CEOs see that climate change is causing weather pattern shifts that are directly impacting their business operations already,” noted Moyer.

“Those operations must be adapted, with technology playing a vital role in driving these changes, especially in the dynamics of supply chains.”

The biggest impact of changing weather patterns cited by CEOs is operating dynamics (30%), particularly changes to logistics, such as warehousing, timing, and routing of deliveries.

Relocations (including nearshoring) comes in second (14%), followed by automation, technology, and data (13%).

ESG Innovation Summit | Join the Debate

The inaugural ESG Innovation Summit Scotland will be held at Dynamic Earth, Edinburgh on Thursday 20 June 2024.

The conference will focus on the role of digital technology in driving ESG impact; exploring how innovation in IoT, analytics, AI and cloud are helping to improve climate outcomes.

To find out more and secure your free place at the ESG Summit, please visit: https://www.esginnovationsummit.com/

The conference is free to attend for end users working in marketing, technology or management roles.