People around the world are demanding more progress on sustainability and social efforts and are looking to businesses to step up, according to a new study by Oracle and Pamela Rucker, CIO Advisor, Instructor for Harvard Professional Development. The “No Planet B” study surveyed more than 11,000 consumers and business leaders across 15 countries and found that people are fed up with the lack of progress society is making towards sustainability and social initiatives, want businesses to turn talk into act ion, and believe technology can help businesses succeed where people have failed.

The events of the past two years have put a spotlight on sustainability and social efforts with people worldwide fed up with the lack of progress and calling for businesses to step up. Below are some key findings:

  • 93 per cent of global respondents believe sustainability and social factors are more important than ever and 80 per cent said the events over the past two years have caused them to change their actions. In India, 97 per cent of people believe sustainability and social factors are more important than ever and 95 per cent said the events over the past two years have caused them to change their actions.
  • 94 per cent believe society has not made enough progress. 42 per cent attribute the lack of progress to people being too busy with other priorities, 39 per cent believe it is the result of more emphasis on short-term profits over long-term benefits, and 37 per cent believe people are too lazy or selfish to help save the planet. In comparison, 96 per cent of respondents from India believe society has not made enough progress. 42 per cent attribute the lack of progress to people being too busy with other priorities, 44 per cent believe it is the result of more emphasis on short-term profits over long-term benefits, and 43 per cent believe people are too lazy or selfish to help save the planet.
  • 45 per cent globally and 54 per cent in India believe businesses can make more meaningful changes to sustainability and social factors than individuals or governments alone
  • 78 per cent globally and 82 per cent in India are frustrated and fed up with the lack of progress by businesses to-date, and 89 per cent globally and 93 per cent in India believe it’s not enough for businesses to say they’re prioritising environmental, social, and governance (ESG) – they need to see action and proof.
  • 84 per cent globally and 96 per cent in India believe businesses would make more progress towards sustainability and social goals with the help of AI. 61 per cent globally while 83 per cent in India even believe bots will succeed where humans have failed.

Business leaders know sustainability efforts are critical to corporate success and even trust bots over humans alone to drive sustainability and social efforts:

  • 92 per cent believe sustainability and ESG programs are critical to the success of their organisations. Executives identified the top three benefits as strengthening the brand (40 per cent);increasing productivity (39 per cent); and attracting new customers (38 per cent) whereas in India 96 per cent believe sustainability and ESG programs are critical to the success of their organisations. Executives in India identified the top three benefits as strengthening the brand (52 per cent); increasing productivity (53 per cent); and attracting new customers (47 per cent).
  • Almost all business leaders (91 per cent globally and 98 per cent in India) are facing major obstacles when implementing sustainability and ESG initiatives. The biggest challenges include obtaining ESG metrics from partners and third parties (35 per cent globally and 51 per cent in India); a lack of data (33 per cent globally and 39 per cent in India); and time-consuming manual reporting processes (32 per cent globally and 46 per cent in India).
  • 96 per cent of business leaders admit human bias and emotion often distract from the end goal and 89 per cent believe organisations that use technology to help drive sustainable business practices will be the ones to succeed in the long run. In India, 97 per cent of business leaders admit human bias and emotion often distract from the end goal, and 98 per cent believe organisations that use technology to help drive sustainable business practices will be the ones that succeed in the long run.
  • 93 per cent of business leaders would trust a bot over a human to make sustainability and social decisions. They believe bots are better at collecting different types of data without error (43 per cent); making rational, unbiased decisions (42 per cent); and predicting future outcomes based on metrics/past performance (41 per cent). 98 per cent of business leaders in India would trust a bot over a human to make sustainability and social decisions. They believe bots are better at collecting different types of data without error (53 per cent); making rational, unbiased decisions (56 per cent); and predicting future outcomes based on metrics/past performance (50 per cent).
  • Business leaders believe people are still essential to the success of sustainability and social initiatives and believe people are better at implementing changes based on feedback from stakeholders (globally 48 per cent and 60 per cent in India); educating others on the information needed to make decisions (globally 46 per cent and 60 per cent in India); and making context-informed strategic decisions (globally 42 per cent and 47 per cent in India).

Businesses need to prioritise sustainability and social issues and rethink how they use technology to make an impact or risk facing major consequences.

  • 94 per cent of people want to make progress on sustainability and social factors to establish healthier ways of living (50 per cent); save the planet for future generations (49 per cent); and help create more equality around the world (46 per cent). In this parameter, 98 per cent of people in India want to make progress on sustainability and social factors to establish healthier ways of living (55 per cent); save the planet for future generations (54 per cent) and help create more equality around the world (54 per cent).
  • Globally, 70 per cent and 85 per cent of people in India would be willing to cancel their relationship with a brand that does not take sustainability and social initiatives seriously, and globally 69 per cent and 84 per cent in India would even leave their current company to work for a brand that places a greater focus on these efforts.
  • If organisations can clearly demonstrate the progress they are making on environmental and social issues, people would be more willing to pay a premium for their products and services (87 per cent); invest in them (83 per cent); and work for them (83 per cent). In India, if organisations can clearly demonstrate the progress they are making on environmental and social issues, people would be more willing to pay a premium for their products and services (97 per cent); invest in their companies (93 per cent); and work for them (94 per cent).
  • Business leaders understand the importance and urgency – 94 per cent globally and 96 per cent in India believe sustainability and societal metrics should be used to inform traditional business metrics, and 91 per cent globally and 96 per cent in India want to increase their investment in sustainability.

Commenting on the study, Pamela Rucker, CIO Advisor and Instructor, Harvard Professional Development, said, “The events of the past two years have put sustainability and social initiatives under the microscope and people are demanding material change. While there are challenges to tackling these issues, businesses have an immense opportunity to change the world for the better. The results show that people are more likely to do business with and work for organisations that act responsibly toward our society and the environment. This is an opportune moment. While thinking has evolved, technology has as well, and it can play a key role in overcoming many of the obstacles that have held progress back.”

Meanwhile, Juergen Lindner, senior vice president and CMO, Global Marketing SaaS, Oracle, said, “It’s never been more critical for businesses to invest in sustainability and ESG initiatives, as people don’t just want to hear about it – they’re looking for decisive action and are demanding more transparency and tangible results. Business leaders understand the importance, yet often have the erroneous assumption that they need to prioritise either profits or sustainability. The truth is this is not a zero-sum game. The technology that can eliminate all the obstacles to ESG efforts is now available, and organisations that get this right can not only support their communities and the environment, but also realise significant revenue gains, cost savings, and other benefits that impact the bottom line.”

Additionally, Kaushik Mitra, senior director, Cloud ERP, Oracle India, said, “Today sustainability is not just a topic for boardroom discussion, but a critical brand differentiator. Our data indicate that customers are considering the social and environmental impact of their choices. As companies face rising demands from consumers, governments, and their own boards, a clear sustainability vision combined with some real creativity—and enabled by innovative technologies, including AI and machine learning, can both make an environmental difference and enhance a company’s brand reputation.”

Also, Will Symons, Asia Pacific Sustainability and Climate Lead, Deloitte, said, “Given Asia Pacific’s large share of the global population and emissions, climate vulnerabilities, and technological and financial strengths, the global fight against climate change will be won or lost in Asia Pacific. It’s imperative that we take action on climate change and businesses have a narrowing window to lead the way. It is great to see organisations like Oracle helping businesses to step up and prioritise sustainability. The study results show people want businesses to prioritize progress on sustainability and are willing to reward those who lead. To do this organisations must re-think how they use technology to shift from ambition to action on sustainability commitments while ensuring transparency and accountability to all stakeholders.”