About 98 percent of companies in the Philippines have established sustainability targets, but only 52 percent have implemented comprehensive sustainability strategies.
The annual Green Impact Gap survey conducted by Schneider Electric showed 22 percent of companies with sustainability targets plan to invest at least $1 million or more towards their sustainability agenda in the next two years with digitalization as a priority.
Business leaders cite regulatory or economic uncertainty and internal company resourcing as key barriers to progress in their sustainability journey
The survey covered 4,500 business leaders in the Asia Pacific region and t was conducted with market research company, Milieu Insight.
When asked about their familiarity with the Philippines’ Energy Efficiency and Conservation Act or Republic Act 11285, respondents from the Philippines said they are only “very to moderately familiar” with the policy.
Business leaders identified energy supply and demand volatility (56 percent) and fluctuating energy prices (51 percent) as the top energy risks for Philippine companies.
In response, the companies are taking steps by adopting technologies such as energy/resource efficiency measures (49 percent) and digitalization of systems/operations (47 percent) to address these challenges and meet their energy goals.
When investing in digitalization, business leaders cited going paperless (42 percent) and limiting travel to/from office (39 percent).
“Digitalization is now becoming a priority for local businesses. While there are still challenges on our digital infrastructures that hinder digital inclusion and economic development, we are seeing significant shifts in terms of prioritization. Businesses now understand that digitalization will help drive operational resiliency and address achieve their sustainability agenda,” said Ireen Catane, country president of Schneider Electric Philippines.
