Companies are increasing their budgets in four main focus areas: energy development and efficiency, emission reduction, pollution prevention and recycling
About 80% of multinational companies in the manufacturing and energy sectors say sustainability is their top priority over the next six months
Charlotte, NC, USA, July 26, 2023 – Honeywell’s Environmental Sustainability Index (ESI) for the third quarter of 2023 shows that despite economic uncertainty, the vast majority of companies surveyed worldwide plan to invest more to support their sustainability goals.

The fourth edition of the Honeywell Environmental Sustainability Index shows that investment in sustainability is growing and continuing, thanks in part to the political and regulatory environment:

Of the 751 global companies surveyed, 86% said they plan to increase their sustainability budgets
Seventy percent of companies surveyed said the political and regulatory environment has been favorable for their sustainability initiatives over the past 12 months
Up to 74% of respondents expressed optimism about achieving the SDGS, but this figure is 3 percentage points lower than the previous index
The budget increase is focused on four main sustainability categories: energy development and efficiency, emission reduction, pollution prevention and recycling

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Accelerating energy development and improving efficiency is the top sustainability commitment for companies in all regions of the world, with 87 percent of respondents identifying it as a priority
About 25 percent of Latin American companies and 20 percent of EMEA companies plan to increase their investment in energy development and efficiency by at least 50 percent over the next 12 months, outpacing the budgeted growth rates of companies in North America and Asia Pacific
Sustainability has become a priority for manufacturing and energy companies, with about 80 percent of them viewing the SDGS as their top initiative over the next six months. These companies say sustainability takes precedence over other priorities, including financial performance, market growth and talent development.

“Large multinational corporations are steadily investing in technology and people to achieve their environmental sustainability goals, as evidenced by the latest edition of the Environmental Sustainability Index.” Evan van Hook, Honeywell’s chief sustainability officer, said: “Sustainability is at the forefront of corporate decision making, and they are motivating senior management to increase engagement and initiative to achieve their goals. Honeywell is gradually delivering on its corporate sustainability commitments to ultimately achieve carbon neutrality in its operations and facilities by 2035. At the same time, we are helping our customers achieve their sustainability goals with proven solutions.”

The survey also found that 93% of companies surveyed have sustainability reporting mechanisms in place, and 82% are optimistic that their reporting methods will meet the disclosure requirements that are likely to be introduced next year. However, when it comes to reporting process management, only 38 percent of companies say they have a dedicated staff or team focused on tracking sustainability progress.

“The fourth Honeywell Environmental Sustainability Index provides a new perspective on how companies report and track the progress of their sustainability commitments.” Daniel Newman, institutional principal analyst and founding partner of The Futurum Group, which conducted the survey, said, “This quarter, we saw an increase in companies investing in sustainability and transparency in their work, and taking a combined approach to technology and process in achieving their goals.”