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More than three-quarters of companies in the chemical, energy and natural resources industries worldwide are looking to policy makers to set a clear and consistent framework that supports technology innovation and lays out global emission targets and efficiency standards to help reduce the level of greenhouse gas emissions, according to a study on climate change released by Accenture.

Looking to politicians to drive solutions 

The study is based on a survey of more than 130 executives in major resources companies in the chemical, energy, forest products, metals/mining and utilities industries in North and South America, Europe and Asia.

It found that while the executives recognise the importance of their own role in addressing climate change, they are looking to politicians to drive solutions by providing clear frameworks against which they can plan and act effectively.

Asked to list the three elements that are most likely have an impact on stabilising carbon emissions in the long term, the greatest number of respondents (84 per cent) cited politicians, followed by energy providers (71 per cent) and major industrial users (64 per cent).

In addition, one of the clearest findings from the research is that resources companies, the world’s largest emitters of CO2, now recognise the importance of climate change to the future of their business.

Tipping point on the topic of climate change 

An overwhelming majority (87 per cent) of respondents said they consider climate change an important challenge that their company will have to face in the next five years, with 50 per cent regarding it as a ‘key’ challenge.

The importance of climate change is highest for executives in the utilities industry, with 71 per cent of these respondents citing it as a ‘key’ challenge.

Sander van ’t Noordende, group chief executive of Accenture’s Resources operating group, says the research indicates that we are undergoing a tipping point on the topic of climate change, as governments, customers, investors and employees are taking action – moving step-by-step toward a low or no-carbon economy.

“Energy companies will face fundamental new opportunities and challenges in various areas of their business, including creating and executing climate change strategies, applying supply- and demand-side solutions, participating in carbon and financial markets, and investing in energy-related physical infrastructure,” Van ‘t Noordende explains.

The research also identified geographic differences among executives. For instance, 73 per cent of respondents in European Union (EU) countries said they regard greenhouse gas emissions as an integral part of their business, compared with only 37 per cent of respondents based elsewhere.

More risk than a business opportunity 

EU resources companies regard their management of carbon emissions as an important element of corporate performance, not as a siloed regulatory burden.

More than half of respondents in EU countries said they regard greenhouse gas emissions performance as a key operational metric, compared with less than 40 per cent of respondents in other regions.

The survey also found that most respondents view climate change primarily as a risk factor, with 56 per cent saying they regard climate change more as a risk than as a business opportunity, and another 15 per cent saying they consider climate change only as a risk, with no related opportunities.

“Regardless of the timing of policy implementation, resources companies need to understand and actively manage the other three main drivers of business success and key competitive advantage around climate change: customer attitudes, technology innovation and new business models,” van ’t Noordende says.

Demand for carbon-efficient offerings

One manifestation of these opportunities is active demand from customers for carbon-efficient offerings.

Just under half (45 per cent) of all survey respondents said they have received many requests from their customers for products and services that will help reduce the level of carbon emission, and 54 per cent said they have received similar requests from commercial customers.

In addition, more than one-quarter (28 per cent) of respondents said they believe that such offerings already are - or will become - a key purchasing criterion for individual customers.

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