Technology and consulting firm Cognizant, in collaboration with Oxford Economics, has uncovered crucial insights into the future of business sustainability with the Deep Green study. This study surveyed 3,000 executives from diverse industries and markets to identify key recommendations that can help enterprises surpass their competitors by integrating sustainability at the core of their operations.
Deep Green Study Boosts Sustainability Investments
The Deep Green study highlights a remarkable shift in attitudes toward sustainability spending. It revealed that an increasing number of enterprises are willing to invest significantly in sustainability initiatives. Between 2020 and 2025, the percentage of respondents planning to increase sustainability spending by 10% or more nearly doubled, rising from 26% to 51%.
By 2030, this percentage is projected to grow even further, reaching an impressive 62%. To outperform the market and achieve enduring growth, it is crucial for businesses to prioritize sustainable investments and capitalize on the full business value they bring.
According to the study, 66% of respondents primarily focus on internal operations, such as Scope 1 emissions, rather than considering the broader impact of their supply chain or the lifecycle of their products and services. However, as carbon abatement and climate adaptation gain urgency, a significant shift is expected toward more sophisticated and data-driven efforts. By expanding the scope of internal sustainability practices, companies can achieve greater returns and contribute to a more sustainable future.
Many businesses have yet to extend their sustainability initiatives beyond their direct control, overlooking the potential benefits of addressing Scopes 2 and 3 emissions. While expanding sustainability efforts beyond one’s immediate influence can be challenging, it presents an opportunity for a significant positive impact.
Harnessing Emerging Technologies for Enhanced Sustainability
The Deep Green study suggests that core technologies such as cloud computing, the Internet of Things (IoT), and automation are not only highly deployable but also perceived as effective in supporting sustainability goals. By embracing these technologies creatively and strategically, enterprises can uncover innovative solutions and accelerate progress toward their sustainability objectives.
Cognizant’s Deep Green study provides valuable insights for enterprises aiming to achieve enduring and differentiating growth through sustainability. By prioritizing sustainability investments, businesses can pave the way to improved sustainable operations.