Firms Work Towards Climate Targets with Confidence

The vast majority of companies believe they can meet their climate change commitments, but for most it could take decades, according to a survey by Ernst & Young (EY), which has published its findings in a statement.

According to the survey by the international consultancy firm, almost 70% of companies in Hungary are confident that they can make significant changes to achieve sustainability, and almost one in two have increased their spending compared to last year. The proportion of companies that see their green commitments as achievable between 2040 and 2050 is also around 70%, they said.

Setting environmental goals is worthwhile, the report said, with 82% of domestic business leaders reporting that the resulting consumer and social appreciation has gone hand in hand with improved financial results.

They added, however, that a number of factors can hinder sustainability improvements, the most common of which, according to feedback, is a lack of collaboration within the company.

EY points out that failing to make green commitments can result in a competitive disadvantage, even turning investors away from such companies, and recommends that they all improve their internal processes. For the EY survey, 520 corporate sustainability officers worldwide were interviewed. This is the first time the survey has been extended to Hungary, where 50 domestic companies were contacted, the statement said.