Italian companies are working to increase their efforts towards the adoption of more sustainable practices. In particular, Looking ahead to the next five years, Italian companies are feeling pressure from consumers, governments and competitors to become more sustainable and half of respondents also believe they have a role to play in achieving the United Nations Sustainable Development Goals (SDGs). Actions in the climate field, the health and wellness and clean energy and accessible to all are the most relevant objectives to which companies believe they can make the greatest contribution.
This is what emerges from the latest edition of HSBC Navigator, a survey on international trade which involved over 200 companies in Italy. The survey measures companies' expectations for the near and medium-term future, probing areas such as business prospects, international trade, protectionism and geopolitics, sustainability, well-being and the use of technology by companies.
According to the survey, there are a number of reasons to support the implementation of sustainable practices at company level, the first three are the respect of regulatory standards (29%), the improvement of transparency and traceability (24%) and a reputational advantage (22%).
In the next five years, the main sustainability challenge that Italian companies estimate they will have to face is the lack of skills, including lack of support/advice (28%) and lack of understanding/knowledge (25%). Interestingly in Italy the percentage of companies according to which the lack of support/advice represents a challenge is the highest among European countries (28% compared to 22%), as well as being higher than the global average (23%). This theme is followed by work/extra time and the economic-financial aspect (both at 24%).
The survey also shows that among the priorities of Italian companies in terms of investment are the promoting the health, well-being and safety of employees (32%), improving energy efficiency and providing clean energy (30%), the reduction of waste production through prevention, reduction, recycling and reuse practices e technology, innovation and infrastructure (both at 29%).
Marco Alfredo Pallazzi, Head of Commercial Banking Italy, commented: “Sustainability has become a business, ethical and environmental imperative. These aspects are indissoluble and day after day we realize that it is increasingly urgent to take actions to mitigate our impact on climate change and ensure better working conditions for everyone. Businesses around the world have begun to deeply understand this global emergency and are reconsidering their priorities and business models. We are on the right track, but we think that the Italian scenario photographed by our survey represents only the beginning of a wider change. For example, half of Italian companies feel involved in the implementation of the United Nations Sustainable Development Goals (SDGs) but only 15% of those interviewed say they can play a significant role. These are lower percentages than those observed at global and European level. The private sector has great potential to support governments and institutions in making major changes and we hope it will leverage this potential”.
