GoNetZero today announced survey results highlighting the decarbonisation aspirations, challenges in sustainability initiatives and net-zero target actions of Asia-based corporates. The survey was conducted with members of the American Chamber of Commerce in Singapore and European Chamber of Commerce in Singapore, which included multinational companies with Asia operations.
The survey results were announced at the Singapore Fintech Festival 2023, where GoNetZero is participating, and reflected the festival’s theme on how technologies such as artificial intelligence can help accelerate the transition to a low-carbon future.
Soon Sze Meng, CEO, GoNetZero said, “The survey findings provide a unique perspective on the progress and challenges faced by Asia-based businesses as they strive to meet their decarbonisation efforts. GoNetZero is committed to help companies bridge the aspiration-action gap between commitment, measurement and finally, clearly measured actions towards their sustainability goals.”
The net-zero aspiration-action gap
The surveyed businesses show strong intentions to decarbonise but face external and internal challenges contributing to the gap between their net-zero aspirations and actions. 67% has set net-zero targets while the remaining are still working on their strategies with no concrete actions in the next 12 to 18 months. The challenges include:
- Insufficient knowledge on how to decarbonise (53%);
- Difficulty in attaining budget approvals for decarbonisation initiatives (42%);
- Inadequate clear measurement and reporting frameworks of carbon emissions (36%); and
- Limited affordable renewable energy options to offset carbon emissions (23%).
The businesses also indicated that the aspiration-action gap can be addressed by a conducive policy environment, such as clear regulation, incentives and availability of government supported green initiatives that they can leverage.
Leveraging technology to accelerate decarbonisation
On the businesses’ attitudes towards leveraging technology to accelerate their decarbonisation journey, 77% are aware of technology solutions powering the renewable energy industry. They are most interested to understand how technology can optimise their physical assets and reduce their energy consumption, as well as to find ways to measure their carbon footprint.
However, the path towards decarbonisation can be complex.
Findings show that translating their decarbonisation aspirations into concrete actions require more internal education, accessible net-zero solutions, clear measurement, and reporting frameworks.
Simplifying the Decarbonisation Journey for Businesses
Through GoNetZeroConnect, GoNetZero provides a proprietary technology-driven end-to-end carbon management solutions for corporates to measure, abate, offset and report emissions. Ensuring seamless data integration, GoNetZero can build an ecosystem that is inclusive and open to collaboration across value chains and industries, including SMEs, whose access to often-costly external consulting services is limited.
By using technology to improve and automate carbon management, businesses can monitor and track their own emissions more effectively. This will empower them to initiate their energy transition planning and take a data-driven approach to identify solutions scaled to their needs and demands.
GoNetZero plays a crucial role in ensuring our energy transition efforts today remain relevant in the future and contributes to the future state of a carbon neutral world, as businesses journey towards the world’s collective, global goals.