Decarbonisation led by business, but there are roadblocks to progress

A study of Asia Pacific business leaders has found that industry leaders are proactively spearheading innovation in sustainability through investment in technologies, asset development, and distribution infrastructure at an accelerated speed.

However the study, from data and sustainability business Hexagon, found many were being held back in moving to net zero emissions by adopting new or emerging technologies, access to capital investments, compliance with future regulatory policy and talent availability.

At the same time Hexagon’s Decarbonisation Confidence Index Research report, found there was a variation of sentiment across markets in APAC.

The three areas where confidence was consistently lacking related to market regulation, new technologies, and access to talent.

Senior Vice President, Asia-Pacific at Hexagon’s Asset Lifecycle Intelligence division Fabio Yada said: “We recognize that decarbonisation is a complex process with many factors involved.

“It takes time and won’t happen overnight; however, there is clear momentum behind the sustainability transformation, and this report highlights the desire by Asia-Pacific companies to accelerate their decarbonisation efforts.”

Industry Professor at the University of Technology Sydney (UTS) Tim Harcourt (pictured) said the pace of transition toward the green economy had picked up since the ‘trifecta of tragedy’ in the bushfires, floods and COVID-19 in Australia.

Harcourt said: “As a result, we have seen a boom in renewable energy, green steel, green building and architecture, and renewable transport.

“Plus the potential of green hydrogen ‘exporting sunshine’. Australian exporters are keen to put the green in the green and gold.”

Hexagon conducted qualitative and quantitative research as part of its findings, engaging with 112 senior leaders across six markets – Australia and New Zealand, Indonesia, Japan, Malaysia, Singapore, and South Korea.

Picture: UNSW/Tim Harcourt