A staggering 80% of businesses across Asia, Europe, and the Middle East have set sustainability targets.
Yet, more than half—53%—still rely on manual methods to gauge their progress.
This revelation comes from the “Tech-Driven Sustainability Trends and Index 2024” report commissioned by Alibaba Cloud.
In the Philippines, the figures are similarly concerning, with 81% of businesses establishing sustainability goals while 55% depend on outdated measurement techniques.
The report shows that 92% of companies with sustainability targets aim for emission reductions, but only one-third have committed to science-based net-zero targets.
Emerging Asian markets lead in adopting these targets at 39%, followed by Europe at 35%.
Key motivations for setting these targets include driving growth (56%), regulatory compliance (54%), and a strong corporate purpose (49%).
In the Philippines, regulatory compliance is prioritized by 60% of businesses.
While 78% believe technology is crucial for achieving sustainability goals, significant barriers remain.
Budget constraints affect 29% of organizations, while technology limitations hinder another 23%.
To drive meaningful progress, companies must embrace digital tools and rethink their measurement strategies, according to Selina Yuan from Alibaba Cloud.
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