Most Australian businesses focused on sustainability goals: HSBC survey

Four out of five Australian businesses want to meet common industry standards for sustainability, according to a survey of 200 Australian business leaders undertaken by HSBC.

The study also found that one quarter of the surveyed businesses are altering their supply chains to be more environmentally responsible, while two-thirds of corporates believe environmental factors are the most important operational issues facing their business.

HSBC collated the data from Australian business between August and September last year, as part of its global survey of 8,500 of the bank’s clients across 34 markets.

The international bank has also pledged US$100 billion in sustainable financing and investment by 2025 to help its clients develop and install clean energy and low carbon technologies.

HSBC Australia’s head of commercial banking Steve Hughes said environmental moves were about profitability as much as social altruism.

“As well as taking action on the very real threat of climate change, a firm’s transition into more sustainable ways of operating can offer real financial benefits,” he said.

HSBC’s study adds to a growing body of evidence that Australian business are taking a stronger stance on fighting climate change. In May last year, a report by the Climate Council found that 46% of Australia’s large businesses are turning to renewables for their energy supply.