Asia-Pacific Firms Embrace Sustainability: Honeywell's Q3 2023 Index Shows Higher Investment

According to Honeywell's (NASDAQ: HON) and The Futurum Group's latest Q3 2023 Environmental Sustainability Index, a significant majority of companies in the Asia-Pacific region remain undeterred by economic uncertainty with regard to their sustainability goals. In fact, Q3 2023 Environmental Sustainability Index indicates that many companies in the region are focused on accelerating their sustainability focused initiatives. Over the next 12 months, companies intend to increase their investments in energy evolution and efficiency by at least 50%. This surge in commitment exceeds budgetary allocations seen in the Asia-Pacific zone, thereby reiterating the region's strong commitment to meeting its sustainability targets.

The fourth edition of the quarterly index reveals a promising surge in sustainability investment, with a resolute commitment to further growth, particularly in the Asia-Pacific region, with 31% of organizations express being 'extremely optimistic' about achieving their short or long-term sustainability goals and 35% being optimistic about meeting their 2030 goals.

Evaluating the past 12 months' performance in the region, organizations have made notable progress in their environmental sustainability efforts. In the category of energy evolution & efficiency, 37% of organizations succeeded in meeting their targets. Similarly, 34% accomplished their goals for emissions reduction. Demonstrating even better results, 42% successfully tackled their pollution prevention objectives. The most impressive performance came in the circularity & recycling category, where 50% of organizations in the Asia-Pacific region achieved their sustainability targets, highlighting the region's significant strides towards a more sustainable future.

“Over the past decade, there have many cohesive efforts around SDG goals in the Asia Pacific region. Organizations, across industries, are paving the way for sustainable solutions and committing to reduced emissions. The recent and ongoing discussions led by G20 is another instrumental step in this direction. Our most recent Environmental Sustainability Index, in partnership with The Futurum Group, also reveals a clear preference for sustainability goals over digital transformation, market growth, and financial performance in the coming six months. Notably, Energy Evolution and Efficiency are the top sustainability priorities, followed by Emissions Reduction, Pollution Prevention, and Circularity/Recycling initiatives, echoing a consistent trend over the last two quarters. These companies' unwavering commitment to sustainability is truly admirable, and we feel proud to work with them as we collectively progress toward a greener, more sustainable world. In fact, even at Honeywell, our commitment to carbon neutrality by 2035 is a continuation of our sustainability/ESG efforts since 2004”, said Mr. Ashish Modi, President, Honeywell India.

Organizations in the Asia Pacific region are continuing to set an inspiring example for sustainability, with 72% having implemented internal Environmental Sustainability (ES) goals or targets for Energy Evolution & Efficiency, reflecting their proactive approach to energy conservation and efficiency. Furthermore, 62% of organizations have taken decisive action by setting internal ES goals for Emissions Reduction, demonstrating their commitment to combating climate change and reducing their carbon footprint. Furthermore, a remarkable 72% have adopted internal ES goals for Pollution Prevention, demonstrating the region's unwavering commitment to protecting the environment and mitigating the impact of harmful pollutants.

“Honeywell's Environmental Sustainability Index highlights the commitment of the global economy towards sustainability and innovation. Organizations worldwide have embraced Balanced Processes & Technology to drive sustainability initiatives, with 40% expressing extreme optimism in their reporting methods meeting future requirements. According to the survey, this pragmatic approach will achieve a significant portion of their targets for Emissions Reduction (32%), Pollution Prevention (30%), Energy Evolution and Efficiency (34%), and Circularity and Recycling (39%)" added Mr. Ashish Modi.

Methodology

The Environmental Sustainability Index is based on a global double-blind survey of 751 business, technology, and sustainability professionals directly involved in the planning, strategic development, implementation, or oversight of environmental sustainability goals and initiatives. In terms of geographical composition, one of the regions is Asia Pacific which may include Australia, China, India, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Vietnam, and other. Panelists were required to be in a leadership role within their organization, with organizations required to have a minimum of 1,000 active employees. This survey was conducted during Q2 of 2023. The first edition of the survey was conducted during Q2 and Q3 of 2022; the second edition was conducted in Q4 of 2022; the third edition was conducted in Q1 of 2023.

To download the full index and survey report, please visit here: Honeywell Sustainability Index