New research into UK CFOs finds 53% believe sustainability is very important to their role and 44% see the Finance department as the most important business function in driving sustainability.
For larger companies, 37% of CFOs (Chief Financial Officer) say facilitating the transition to net zero is one of their key priorities over the next twelve months, compared to the country average of 26%.
Commissioned by energy procurement company Open Energy Market, the research also reveals 33% of CFOs say sustainability is one of the most important aspects of their remit.
However, the current practicalities of realising these goals can limit progress, according to the research as the CFOs surveyed identified an increase in overhead costs (27%), managing financial risk (24%) and complexity of renewable tech (21%) as the main barriers to signing off sustainability investments.
It’s encouraging to see the strong commitment of CFOs to prioritise the transition and make a difference.
The survey, which aims to highlight the perspectives, opportunities and challenges facing 150 CFOs in driving sustainability initiatives across the UK, found that 85% of CFOs believe achieving net zero is important to business growth.
While 48% of CFOs say there is room to improve the alignment between procurement and sustainability teams.
Commenting on the research, Chris Maclean, Chief Executive Officer, Open Energy Market, said: “It’s encouraging to see the strong commitment of CFOs to prioritise the transition and make a difference.
“If we’re to make these ambitions accessible to all organisations, a huge amount needs to be done to ensure that sustainability project proposals are based on accurate insights, robust modelling and a deep understanding of market volatility.”
