New study: Businesses struggle with sustainability goals despite high stakes and tech investments

As temperatures rise around the globe, the consequences of climate change are increasingly affecting every aspect of our lives - from limiting resources and environmental destruction to mental health issues and the spread of infectious diseases.

It's no surprise that sustainability is now one of the most pressing challenges for businesses. The good news is that many organizations are progressing toward a green future. But more work is needed, according to a new study.

The 2024 Global Sustainability Barometer - the second annual study conducted by Ecosystm in collaboration with Kyndryl and commissioned by Microsoft - found that 84% of organizations place high strategic importance on achieving sustainability goals, but only 21% use technology to reduce their environmental footprint and shape their overall sustainability strategy.

Similarly, the 2024 Kyndryl Readiness Report shows that 90% of organizations focus on sustainability in their tech updates, but 54% struggle to meet their sustainability and ESG goals.

Faith Taylor, Chief Corporate Citizenship and Sustainability Officer at Kyndryl, said that by embedding sustainability into a company's business strategy, processes and systems, organizations can enhance the value of their people and technology to meet internal objectives and create a positive impact. "Both the Global Sustainability Barometer and the Kyndryl Readiness Report not only highlight climate challenges but also provide an easy-to-understand roadmap for businesses to advance their sustainability journeys," said Taylor.

The Global Sustainability Barometer study, which evaluates organizational strategy and technology adoption, offers insights into how businesses can harness technology and artificial intelligence (AI) to navigate the intricate landscape of sustainability.

Here are five key takeaways from the 2024 Global Sustainability Barometer study: