The latest study by Microsoft and Kyndryl revealed that at least 72% of Australian companies see technology as the key to achieving sustainability goals.
The ‘Global Sustainability Barometer’ study assesses the gap between sustainability commitments and organisational action. It also studies how sustainability initiatives can serve as catalysts for innovation, growth and enhanced competitiveness.
The findings of the Australian study revealed that 88% of organisations place achieving sustainability goals at a high importance level while 72% see great significance in technology’s role in reaching these goals but only 32% organisations believe they are utilizing technology to the fullest.
The study also found that 78% of Australian organisations use AI to monitor energy use and emissions, and 54% use AI to highlight opportunities for lowering their carbon footprint. Also, among stakeholders, employees (59%) are the most vocal in advocating for sustainability policies and practices, followed by customers (57%), investors (56%) and government regulators (33%).
“Despite an overwhelming majority of Australian businesses making climate pledges, our research highlights that many lack robust sustainability frameworks and assessment tools to accurately track their progress toward set targets,” said Faith Taylor, Chief Sustainability and ESG Officer at Kyndryl. “The companies that are making progress are those with strong governance frameworks that support their objectives, capitalizing on the ability technology gives them to establish actionable and measurable sustainability strategies. By leveraging data insights and AI, forward-looking businesses can reduce environmental risks, bolster operational resilience, empower employees to drive change and create greater value for their customers.”