Amazon and other major companies from Walmart to Apple face growing consumer, investor, and regulatory demands to reduce carbon emissions.
Companies have much more control over their suppliers than many other areas of indirect emissions, says Andrew Winston, author of several sustainability-related business strategy books. Eight in ten small and medium-sized business owners say reducing emissions is a high priority, yet 63% also say they don't have the right skills, and 43% say they lack the funds, according to a survey from the non-profit SME Climate Hub. In a survey from Intuit QuickBooks, two-thirds of small business owners said they were taking steps to reduce their environmental impact, such as recycling and using renewable materials.
"If you look at the process of data collection and recordkeeping alone to comply with these requirements, it will take up significant resources," Patel said.Amid ongoing fears of recession, higher interest rates cutting into sources of capital, signs of weaker consumer demand, and labor market challenges, small businesses have focused more on employees and their bottom line than sustainability.