More than 80% of Canadian executives plan to invest more money in energy efficiency this year, and they believe initiatives have to come from the top of the corporate chain, according to a new survey.
“There are a number of reasons why companies are investing in climate change initiatives, one, because there’s potential to save money,” Mike Manella, a partner with Ernst & Young’s (E&Y) advisory services practice, told BIV.
E&Y surveyed more than 300 executives in 16 countries for a report released Wednesday morning called Action Amid Uncertainty: the Business Response to Climate Change.
The report found 71% of Canadian respondents said their companies already have climate-change programs in place, and another 11% want to implement a plan in the next 12 months.
More than half plan to spend between 0.5% and 5% of company revenue on energy efficiency initiatives, which for a US$1 billion company means an approximate investment between US$5 and US$50 million annually.
The report also found that 43% of Canadian respondents are already working with supply chain partners to reduce carbon footprints, while 94% of global respondents said government policies were integral to the outcome of corporate climate change strategies.
Manella said a lot of companies have jumped on the climate change “bandwagon” to improve their corporate images, and in B.C. that translates into human resource benefits as well.
“We’re known across Canada for being environmentally aware,” said Manella. “So you’ve got software development companies trying to paint themselves green and pay attention to carbon initiatives because it helps with employee recruiting and retention.”