LONDON — Leading retailers and manufacturers see sustainability as a driver of innovation that can help build growth and profitability, according to research from KPMG International and food industry association CIES. The survey also showed that sustainability is integrated into the core business; is driven more by business need than by formal requirements; has a neutral or positive impact on the bottom line; and plays a crucial role in recruitment and retention.
The economic downturn is likely to have an impact on companies’ commitment to sustainability, according to the research, based on a poll of nearly 200 delegates attending the three-day CIES World Food Business Summit held in Munich, Germany. Nearly half of those questioned (48%) felt sustainability was an important driver of innovation. A majority (56%) stated that sustainability was now a core element of business strategy. More than one-third of companies (35%) identified “stakeholder demand” over other pressures such as legal requirements, voluntary codes, taxes and carbon costs.
“This confirms that the adoption of sustainable business strategies is not primarily driven by formal requirements, but rather by the imperative of business need,” said Neil Austin, global chairman, consumer markets, KPMG in the U.K.
