Global Impact Study Findings 2024: How Can We Advance Climate Action on Boards?
Kantar, the world’s leading marketing data and analytics company, together with the Climate Governance Initiative, a global network of non-executive directors in over 70 countries, delivered a unique view into the state of climate action in boardrooms. How can we advance climate action on boards? published in April 2024, reveals that globally, 86% of board directors regard climate transformation as a business opportunity. 9 in 10 say that the climate challenge requires new forms of leadership from boardrooms.
90% believe it is the board's responsibility to influence the organisation's on climate
86% see climate change as an opportunity for business
57% who are highly engaged with their local Chapter said that their actions in the boardroom have been assisted by the Chapter
Based on survey responses and in-depth interviews with members of the Initiative’s network in 20 countries, the research reveals that 90% of board directors believe the board is responsible for driving the climate agenda in their organisations. Positively, the vast majority (93%) feel that they are in a position to influence their organisation’s direction on climate. The majority are also personally motivated to act, with 84% saying they are either somewhat or highly engaged with the subject.
Despite this positive outlook, concrete progress lags behind ambition. Globally, just 40% of boards are currently doing some kind of climate-related reporting and over half of board directors have no plans to publish a transition plan (56%). The biggest barriers to action for board directors are lack of prioritisation, driven by a focus on short-term thinking. This is closely followed by knowledge gaps and a lack of financial incentive.
However, positive momentum is expected to accelerate. The number of boards doing climate-related reporting is expected to rise substantially from 40% to 72% in the next year. While 57% of respondents said that the climate is central to their business strategy today, 77% believe that it will transform their business model over time. Board directors are already making progress addressing climate change through business strategy, policy and reporting.
Findings from respondents on how their boards currently approach climate action:
