Climate change will have material impacts for corporations, particularly in Asia where physical and transition risks are significant. Accordingly, Asian companies have acknowledged the importance of sustainability and are now making commitments to reach net-zero carbon emissions within set timeframes.

But how are these commitments affecting their business strategies and changing their operations? And which policies could support an acceleration of their climate action?

To answer these questions, the Asia Business Council surveyed its members ahead of the COP27 conference. For the first time in 2022, a separate section was added to the Council’s Annual Survey with climate-related questions.

The survey results highlight the main drivers of Council members’ climate action and the strategies they prioritize for reaching net zero carbon emissions. It also reveals the key challenges they see for decarbonization and, crucially, the government policies that would help accelerate their climate action.

This year’s survey indicated an uncertain outlook for Asian businesses. Economies across the region are enjoying a return to business as usual and recovering from the effects of the COVID-19 pandemic. Yet the invasion of Ukraine has set off a chain of events that roiled global markets and left the world with no clear path …