Veolia study shows companies are adopting more ambitious sustainability goals

A new Veolia North America survey of 245 large U.S. companies shows that more than half will have ambitious goals addressing net zero carbon, zero waste to landfill, zero liquid discharge and targeted increases in water efficiency, reuse and waste recycling by 2025. The survey shows reductions in greenhouse gas emissions are the top sustainability priority for most firms, but it is clear that priorities to address water and waste reductions are catching up.

While the commitments being made by firms are encouraging, the data in the new Veolia survey shows that the majority of companies have yet to identify specifically what the exact steps are to achieve their most ambitious medium- and long-term commitments. 

Here are some highlights of the survey, which was conducted over the past year:

• Sixty percent of firms identified specific projects and initiatives to achieve their short-term sustainability goals (less than five years), while 37 percent had not.
• Forty percent of firms reported that reducing operational costs is a very important driver for pursuing sustainability goals.
• While investments included in the landmark U.S. Inflation Reduction Act have gone far in providing firms with the financial support they need to convert to sustainable practices, it will not be enough to meet all their needs. Based on an analysis by the International Energy Agency and Boston Consulting Group, the overall transition to sustainable energy across U.S. industries will require at least $18 trillion in additional capital by 2030.

“This survey provides many important insights on how firms across America are responding to the growing concern around climate change, and why they are looking to reduce their impact on carbon emissions, waste streams and water use,” says Veolia North America President and CEO Fred Van Heems. “A large number of companies are genuinely committed to achieving sustainability objectives, yet they are not sure how to begin, which is keeping many of them from moving forward. The good news is there are solutions available to get them on track and help them sustain momentum.”

The survey findings point to the need for more urgency in clearing the way for industries to adopt more sustainable practices as soon as possible, says Charles Iceland, director of Freshwater Initiatives for the World Resources Institute, an environmental think tank based in the U.S.

“It’s clear from this survey that for large companies that are genuinely committed to operating on a more sustainable basis, more resources and data are needed to help them determine where their greatest needs are so they can take effective action,” Iceland says.

The survey found that a majority of companies are committing to sustainability goals primarily because of reporting requirements, regulatory compliance, cost savings and brand reputation. Of the firms surveyed, roughly one-third said the environmental risks to their operations were not a very important driver.