Businesses and investors have the resources, innovation capacity, and reach needed to radically decarbonise and there are tremendous opportunities for businesses that move early.
The race to net zero is both a responsibility and an opportunity for business.
Net zero transformation ensures that business growth not only benefits the bottom line, but also leaves a lasting legacy for people and the planet.
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Businesses in Aotearoa New Zealand are lagging behind
PwC’s annual CEO survey shows that while New Zealand CEOs are concerned about climate change, they are considerably less troubled than their Australian and global counterparts with only 23% of local CEOs expressing concern (compared to 37% in Australia and 33% globally).
The numbers also show that New Zealand business leaders are lagging behind in their carbon-neutral and net-zero commitments. Only a small number (18%) say their company has made a carbon-neutral commitment in contrast to 33% in Australia and 26% globally. The results are similar when it comes to net-zero commitments (16% of New Zealand CEOs compared to 24% Australia and 22% globally).
A similar picture is reflected across New Zealand’s businesses. In 2021 PwC analysed the NZX100 to understand the maturity of climate risk reporting to determine how many had made a commitment to net zero and what actions they were taking. More than a third of the NZX100 (34) have made net zero commitments. Of these, nine companies have set science based targets aligned with net zero through the Science Based Targets Initiative (SBTi). Of the 34 companies, 17 companies have joined the Race to Zero initiative.
Our opportunity to lead
There is a significant opportunity for businesses in Aotearoa New Zealand to take tangible steps towards net zero commitments and setting science-based targets to reduce emissions within their operations and along their supply chains.
In particular, ESG is one of the areas where small and medium sized companies have the opportunity to lead. As the most trusted form of business, potentially more agile and relatively free from short-term market pressures, small and medium sized businesses can make a substantial impact by embracing the ESG agenda.
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