Climate is a core driver of business reinvention: PwC survey

The results of PwC’s new annual global survey of 4,702 CEOs is out, just in time for Davos.

'2024 is shaping up as the year of business model reinvention. Many businesses are radically transforming how they create, deliver and capture value to remain relevant in a constantly changing world.'

What's one of the main drivers for that reinvention?

Climate change.

'Nearly one-third expect climate change to alter the way they create, deliver and capture value over the next three years—compared to less than one-quarter, who said as much regarding the past five years.'

However,

'CEOs should treat environmental sustainability less as a disruption in need of mitigation and more as a growth opportunity for the business and their investors.'

The alternative?

'45% of global CEOs think their organisation will no longer be economically viable in 10 years’ time, if it continues on its current course.'

Here are some selected suggestions:

1. Envision the future ecosystem in which you intend to operate. Beyond understanding which types of companies will perform what roles, you have to develop a clear view on how value pools are going to shift.

2. Upskill or reskill the workforce as an important part of ensuring a just transition to a net-zero economy.

3. Invest in nature- based climate solutions. PwC estimates that 55% of global GDP— equivalent to about US$58 trillion—is moderately or highly dependent on nature.

The report concludes that:

'As we enter an age of continuous reinvention, CEOs have unparalleled opportunities to reshape their organisations, and themselves, to thrive on disruption, and transform aspirations into realities'.

The full report also includes recommendations for addressing 'the AI opportunity' and can be found here here.

You can find our Climate Change courses for upskilling your Board here.

All-staff climate change courses can be found here.