DUBAI - The 28th Conference of the Parties (COP28) witnessed an exceptional presence of CEOs and business leaders, solidifying the conference's comprehensive approach to climate action. Throughout the event, decision-makers from diverse industries convened, paving the way for the development of more sustainable and eco-friendly industries, products, and services.

The pressing global challenge of climate change is reshaping businesses, prompting them to reevaluate their practices for greater sustainability. Companies are adjusting their production methods and reconfiguring their offerings to meet the demands of a growing consumer base that values environmentally friendly products and services.

For some business leaders, the evolving preferences of environmentally conscious consumers present an opportunity to explore new markets and introduce innovative offerings.

Global consultancy Kearney announced the results of a report surveying C-suite business leaders that revealed global unanimity among businesses when it comes to most critical topics such as regulation and emissions reduction. 'Climate risk management and business resilience' emerged as a top-three driver of sustainability actions globally, with 42% of C-suite leaders considering it a priority.

A report by Capgemini Research Institute revealed that after interviewing over 2,000 senior executives from more than 700 leading organisations across 13 countries, found that more executives today see a clear business case for sustainability. More also say that the benefits of sustainability outweigh the costs and view sustainability more positively than as simply a financial obligation.

Furthermore, the report indicated that 57% of executives shared that their organisation is in the process of redesigning its business/operating model to be more sustainable – up from 37% in 2022.

A joint study from McKinsey and NielsenIQ examined sales growth for products that claim to be environmentally and socially responsible and the total US consumer spending. The results underscored the importance of providing environmentally and socially responsible products. This aligns with comprehensive commitments and strategies related to environmental, social, and governance standards.