Over a quarter of UK CEOs 'exposed' to climate change threat, says new poll

27 February 2024 , 09:51

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An aerial view of the Shotwick Solar Park on Deeside, Wales. The array of photovoltaic solar panels is spread over 250 acres and produces 72.2 mega watts per year and is also currently the largest solar farm in the UK

More than a quarter (28%) of UK bosses say they are at risk from climate change in the next year, according to PwC's annual UK CEO Survey.

The survey, which asked 135 UK bosses and was released last month, also found that nearly a quarter (24%) think climate change will change how they do business over the next three years. The research suggests that climate change is a big concern for UK bosses with 43% of business changes being driven by net zero goals.

However, more than a quarter (26%) said they have no plans to make their businesses net zero. When asked about problems with becoming greener, 40% of bosses said that not enough demand from outside the company is stopping them from making their business model greener.

This is followed by a lack of green technology in their sector (38%), complicated rules (37%) and less money made from green investments (34%). Carl Sizer, head of regions and management board sponsor for ESG at PwC UK, said: "Meeting climate-related goals and balancing this with overall business performance remains one of the biggest and most important priorities for UK CEOs."

"We see the most impactful progress made when both decarbonisation and sustainability are integrated into wider business transformation plans. The insights derived from carefully structured data, paired with the right technology, will help accelerate decarbonisation plans, while proving progress to stakeholders."

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The study also showed that energy is a big concern for business leaders. It revealed that 85% of UK bosses have made efforts to use less energy to reduce their energy use.

Mr Sizer added: "Amidst ongoing geopolitical tensions and significant electoral activity in several regions, 2024 is set to be a bumpy year on the climate agenda with plenty to distract boards from taking action on sustainability. But the culmination of major regulatory change and failure to take action on sustainability and net zero will create both competitive and legal risk."

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Lawrence Matheson