Only 18% of CEOs say governments and policymakers have given them the clarity needed to meet their sustainability and climate change targets, according to a sustainability study by the United Nations Global Compact and Accenture.
Released today ahead of COP26 in Glasgow, the report includes one on one interviews with more than 100 chief executives and a survey of over 1,230 CEOs across 113 countries and 21 industries.
It found that business leaders are calling for government action in a number of specific areas, including clear carbon pricing, infrastructure investment and financial commitments to an equitable net-zero transition in the Global South.
It reveals that private sector leaders are struggling to accelerate their climate ambitions, even though nearly three-quarters say they feel increasing pressure to act.
More than half of surveyed executives say they are prioritising climate action amid their recovery from the Covid-19 pandemic.
Meanwhile, 49% of CEOs point to supply chain interruptions due to extreme weather as a top risk, but only 7% said they are 'advanced' in setting up early warning systems to prepare for climate-risk events.
71% say they are actively working to develop a net-zero emissions target for their company and 57% believe they are operating in line with the 1.5°C goal.
Yet as an indicator, only 2% of these companies have a formal target validated by the Science-Based Targets initiative.
"There are two possible roads ahead: a deeply flawed business as usual approach, or a global economy that protects people, the planet and the natural systems that sustain us," said Sanda Ojiambo, CEO and Executive Director of the UN Global Compact.
"Business as usual is no longer an option.
"It is clear from the CEOs we surveyed that the business community feels unprepared to deal with our climate emergency," she added.
