Study Reports Corporate Support for Sustainability – But No Concrete Plans

Many U.S. firms – including those in the commercial real estate industry – reported increasing their commitments to sustainable actions. These companies were willing to embrace reduced carbon emissions, increased waste reduction and careful water usage. The problem? A study issued by Veolia North America noted that many of these companies haven’t identified specific steps to achieve medium- and long-term commitments.

Data was collected from 245 companies in multiple sectors, including CRE, technology, manufacturing, healthcare and data centers. The results showed that:

• 40% of companies surveyed said that reducing operational costs is “a very important driver” for sustainability goals

• 60% of companies had specific initiatives and projects to achieve short-term sustainability goals; 37% did not

• A majority of companies reported that they’re committing to sustainability goals because of reporting requirements, regulatory requirements and brand reputation

• Many respondents are prioritizing sustainability initiatives to take advantage of incentives through the U.S. Inflation Reduction Act of 2022

The problem is that even with these incentives, companies lack the resources and funding to take the steps necessary to reach their goals. Furthermore, many companies struggle to find easy access to data to help pinpoint where they are now and track their progress.

“Before firms can invest in reducing their impact on the environment and become more sustainable, they need information on their current baseline, such as data on their energy emissions, waste and water use,” said Patrick Schultz, President and CEO of Veolia’s Sustainable Industries and Buildings division in a press release. “This will enable them to choose measures that can be immediately and easily implemented and ones that may require a strategy to mitigate over time.”

Other insights from the report include the following:

• Those firms committed to reducing greenhouse gas emissions have waste reduction as a second priority and reducing water usage as a distant third

• Firms say they need better data on waste before they can focus on reducing it

• While water-reduction goals are scarce, the continued strain on resources in some parts of the country is starting to bring these to the forefront

“A large number of companies are genuinely committed to achieving sustainability objectives, yet they are not sure how to begin, which is keeping many of them from moving forward,” said Veolia North America President and CEO Fred Van Heems in the press release.  “The good news is there are solutions available to get them on track and help them sustain momentum.”