Just 16 per cent of businesses will increase spending on sustainability in 2024.
This is according to a recent Retail Sentiment Report released by the National Retail Association, which noted that implementing sustainable practices could bring significant upfront costs for businesses.
This comes as retailers across Australia field growing business costs, including wage rises, alongside hampered consumer spending and confidence, putting pressure on business margins.
According to National Retail, business owners are looking for cost saving measures in their transition to reduce carbon emissions by 2030.
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EcoVadis is a purpose-driven company whose mission is to provide the world's most trusted business sustainability ratings. Businesses of all sizes rely on EcoVadis’ expert intelligence and evidence-based ratings to manage risk and compliance, drive decarbonization, and improve the sustainability performance of their business and value chain. Its AI-powered risk mapping, actionable scorecards, benchmarks, carbon action tools, and insights guide a resilience and improvement journey for environmental, social and ethical practices across 200 industry categories and 175 countries.
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