HIGH CAPITAL COSTS are a main barrier for Philippine-based businesses “to take sufficient action on climate change,” even as partial results of a survey among 72 respondents showed that more than half were “very concerned” about this phenomenon’s impact.
Partial results of the 2011 Climate Change and Sustainability Survey — as of March 23 — conducted by London-based professional service firm PricewaterhouseCoopers (PwC) were discussed by Dan Hamza-Goodacre, climate change and sustainability advisor of PwC Financial Advisors, Inc., before some 180 participants in the Business Climate Action Summit at the Hotel InterContinental Manila last March 29.
The survey started last March 1 and is scheduled to end today.
Specifically, the results showed that 67% of respondents were “very concerned” with the impact of climate change and 27% were “somewhat concerned,” while 67% believed this phenomenon would affect their organization “to a great extent” and 33% said it would do so “to some extent.”
When asked: “What are the key barriers for your organization to take sufficient action on climate change,” high capital costs got 42% of responses when it comes to mitigation and 36% as regards adaptation, while lack of government policies and fiscal incentives got 16% for mitigation and 27% for adaptation.
The other barriers considered, which garnered much less responses, were low return on investments, return on investments “too remote,” lack of internal buy-in, impact of mitigation costs on competitiveness, lack of knowledge/capacity, lack of demand for related goods/services, insufficient expertise on how to take action, and uncertainty in the future environment.
The ProPinoy Project is a Global Community Center for all things Pinoy, to connect Filipinos at home and abroad by creating a space for ideas, trends and analyses about the Philippines and the global Pinoy community to inspire informed discussion and transformative action.