98% of PH companies established sustainability goals — Schneider Electric

Most Philippine companies have included sustainability as part of their agenda, according to a survey by French multinational firm Schneider Electric.

Citing results of its Green Impact Gap survey, Schneider Electric said that “98% of Philippine companies have established sustainability targets.”

Moreover, 22% of Filipino firms “plan to invest at least $1 million or more towards their sustainability agenda in the next two years,'' it said.

“Additionally, the primary focus for this investment includes prioritizing digitalization as a key driver of their sustainability strategies,” it said.

In its survey, Schneider Electric said it spoke to 4,500 leaders across nine countries—Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam—to gather the perspectives of business leaders in the Asia Pacific region concerning digitalization and sustainability efforts.

The survey was conducted with market research company Milieu Insight.

For the Philippines, the French multinational said digitalization methods implemented include going paperless at 42% and limiting travel to and from office at 39%.

“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 achieve their sustainability agenda,” said Ireen Catane, country president of Schneider Electric Philippines.

However, while 98% of Philippine firms have sustainability goals, “only 52% of companies have implemented comprehensive sustainability strategies,'' Schneider Electric said.

It said business leaders cited regulatory or economic uncertainty and internal company resourcing as key barriers to progress.

Local companies also mentioned energy supply and demand volatility at 56% and fluctuating energy prices at 51% as the top energy risks for the Philippines.

In response, Philippine companies are taking steps by adopting technologies such as energy/resource efficiency measures at 49% and digitalization of systems/operations at 47% to address these challenges and meet their energy goals.

“There is a substantial opportunity to accelerate progress and close the gap between ambition and action. This involves reassessing organizational priorities and strategically allocating resources to achieve resilience through digital transformation. We believe that sustainability drives business growth, value creation, and should be at the heart of every firm's business strategy,” said Catane.

Schneider Electric is involved in the electrification, automation, and digitization of smart industries, resilient infrastructures, future-proof data centers, intelligent buildings, and intuitive homes. —VBL, GMA Integrated News