U.S. Executives Plan To Increase Sustainability Spending
More than half (57%) of C-suite executives plan to prioritize sustainability efforts over the next two years, second only to AI (65%), reveals new Carrier survey.
Building decarbonization is emerging as a critical focus for U.S. companies in the years ahead, according to a new survey conducted by Carrier Global Corporation. A majority (83%) of U.S. C-suite executives surveyed plan to increase sustainability spending over the next two years, with 57% citing sustainability as a top priority and 52% prioritizing decarbonization efforts.
Conducted in July 2024, the survey included responses from over 200 CEOs, CFOs, and CSOs across various industries in July 2024.
Despite its complexity, building decarbonization stands as the highest priority for executives in their sustainability strategies through 2025, according to the survey.
“Companies that invest in addressing climate change will see benefits across the board,” said David Gitlin, Chairman and CEO of Carrier. “Not only is it essential for the environment, but it also delivers value to investors, customers and the companies themselves.”
The survey also highlighted the impact of government incentives on sustainability plans: Despite concerns over potential changes to legislation like the Inflation Reduction Act (IRA), 81% of respondents said they would continue or increase their sustainability investments even if incentives were rolled back.
“Not only is (addressing climate change) essential for the environment, but it also delivers value to investors, customers and the companies themselves.”
— David Gitlin, Chairman and CEO , Carrier
However, only 44% of executives responding to the survey expressed strong confidence that the global net-zero goals of the Paris Climate Accord will be achieved by 2050. This underscores the ongoing challenges in meeting decarbonization targets, despite increased corporate focus on sustainability.
The survey also revealed a gap in how different C-suite roles view the path forward. CSOs are more focused on specific actions, such as decarbonization and adapting to evolving ESG regulations, while CEOs and CFOs are more focused on broader business priorities. This divergence highlights a growing responsibility for CSOs to lead sustainability initiatives.
“There’s a shared belief that corporate America must lead the way in shaping the U.S. sustainability agenda,” added Gitlin, noting that 85% of executives participating in the survey think businesses have a responsibility to drive sustainability actions.
(Image: Adobe Stock / Generated with AI by Firefly)
Next week, Carrier will host an event during Climate Week in New York City: “Reimagining the Built Environment for a Net Zero Future.” Taking place on September 24, the event will bring together sustainability leaders, business leaders, public officials and investors to discuss the future of climate action and building decarbonization.
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