As global companies face mounting pressure from investors, regulators, and the public, sustainability has become a critical aspect of business strategy. A new report from Veolia North America (VNA) reveals important factors that help companies overcome challenges toward climate progress, and highlights gaps and barriers to meeting corporate climate targets.
VNA’s second annual Triple Net Zero Industry Progress Report is based on a comprehensive interview survey of 300 major corporations across 12 industries and 60 countries. It assesses the progress made by companies in their journey toward achieving net-zero environmental goals in carbon, water, and waste.
“Companies have the means, the will and the public support to bring about this ecological transformation,” said VNA President and CEO Fred Van Heems. “By continuing to invest in sustainable innovation and collaborating with all stakeholders, they can not only meet citizens’ expectations, but also create long-term value for society as a whole. This is what Veolia intends to do, in particular through GreenUp, a strategic plan designed to reconcile ecology and the economy.”
Key findings of the study include:
Companies are on the right track, but the public demands more action: A significant gap exists between corporate and public sentiment on climate change. While 98% of companies consider sustainability important, only 30% see climate change as a “high risk” to their operations. In contrast, 89% of the public believes climate disruption is happening, and two-thirds of the world’s inhabitants feel “exposed and vulnerable to a risk linked to climate change or pollution,” according to Veolia’s Barometer of Ecological Transformation 2024 survey. This disparity underscores the need for businesses to align with public sentiment and take decisive action to reduce their environmental impact.
Beyond decarbonization – water, waste goals offer the greatest opportunity for immediate progress: The greatest opportunities to quickly and inexpensively address “low hanging fruit” exist in the water and waste sectors. Companies report having made more progress on decarbonization strategies than their waste and water management initiatives. The study found that fewer than 20% of companies had an “excellent understanding” of the pathway to reach their water and waste reduction goals.
Education and partnership can accelerate corporate sustainability programs: Although 72% of companies claim to be “on track” with their sustainability plans, only 21% report having advanced sustainability programs in place. This finding suggests an important role for corporate education and industry partnerships to accelerate the adoption of advanced sustainability practices and technologies. Public sentiment supports this, and Veolia’s Barometer study found that 90% of citizens believe that ecological transformation requires the joint commitment of all stakeholders: local authorities, governments, international institutions, business, and individuals.
The study also provides regional and industry breakdowns of sustainability progress. For example, the study found that 25% of European companies surveyed reported “Advanced” sustainability programs, compared with 20% of companies in Asia Pacific and 10% of companies in North America. The study also reports that the top barriers to sustainability progress include cost, knowledge gaps, and reporting complexities, which companies in these regions must overcome to achieve success in sustainability efforts.
“Today, companies are best placed to lead the ecological transformation, and our results show that they are taking this responsibility seriously,” remarked Dave Ross, Executive Vice President, Government Affairs and Sustainability, and Chief Purpose Officer, VNA. “Their capacity for innovation and investment is a major asset in meeting environmental challenges. These figures show a tremendous opportunity for companies to align their sustainability strategies with public expectations. Consumers are ready to support green initiatives, paving the way for sustainable innovations and new business models.”
