The latest survey from Boston Consulting Group (BCG) brings promising news: a significant uptake in businesses reporting their Scope 3 emissions.

The figures reveal a increase from 34% in 2021 to a commendable 53%, following a growing dedication among businesses to enhance their emission measuring and reporting practices.

The surge in Scope 3 reporting aligns with a rise in businesses setting Scope 3 reduction targets, jumping from 23% to 35%. Common areas of focus included waste management, and purchased goods and services. 

Despite the positive momentum, the survey also unveils that only 14% of businesses reported achieving more than 75% of their emissions reduction targets over the past five years. This figure is slightly down from 17% reported in the previous year, signaling the complex landscape that businesses navigate in their journey toward emissions reduction.

The survey pinpoints several obstacles including:
 

• Challenging macroeconomic conditions
• Capital constraints
• Immature abatement technology.

However, amidst the challenges, the benefits of decarbonisation shine through. Businesses actively engaged in reducing emissions report advantages, including:
 

• Enhanced reputational value
• Lower costs
• Higher valuations
• Increased revenues
• Improved ability to attract top-tier talent. 

The survey gathered insights from 1,850 executives responsible for emissions measurement, reporting, and reduction. The organisations had 1,000+ employees with revenues ranging from approximately $100 million to over $10 billion, spanning 18 major industries and 23 countries.

(Source: BCG)

If you'd like to discuss your business' Scope 3 emissions or explore the benefits of setting emission reduction targets, get in touch today.