UK Tech Analyst Urges Businesses to Appoint Chief Sustainability Technology Officers
TechMarketView, a tech analyst and advisory firm, has provided a preview of its upcoming 2024 Sustainability Technology Activity Index, which highlights key trends shaping the sustainability landscape. The Index, which analyses market movements across 1,450 global software and IT service providers and tech users, reveals that sustainability is poised to drive a new wave of innovation at the crossroads of business operations, technology, and environmental stewardship.
Sustainability’s Growing Role in Core Business Activities
The Index shows that sustainability is increasingly becoming integral to core business operations. Analysis of Q1 2024 data reveals that 20.5% of global sustainability activities involve ESG reporting, driven largely by tightening regulatory requirements. However, sustainability’s influence extends beyond compliance. Nearly half (46%) of all sustainability initiatives are now embedded in essential business functions like strategy and planning, industrial process innovation, and supply chain optimization. Despite this progress, TechMarketView’s data indicates that there is still room for improvement in fully integrating sustainability into business processes.
The Rise of the Chief Sustainability Technology Officer
TechMarketView predicts that the next evolution in corporate sustainability will be the emergence of a new executive role: the Chief Sustainability Technology Officer (CSTO). This position would ensure that sustainability is seamlessly integrated into both the strategic and technological aspects of a business, bridging the gap between environmental goals and technological implementation.
Craig Wentworth, Principal Analyst at TechMarketView, emphasized the importance of this new role: “While many companies have already appointed Chief Sustainability Officers, the growing integration of sustainability into business strategies means there is a critical need for Chief Sustainability Technology Officers. These roles will ensure that sustainability considerations are cohesively woven into all aspects of business operations and technology. At the very least, CSOs and CTOs should collaborate closely to fulfill these responsibilities effectively.”
As sustainability continues to become a central element of business strategy, TechMarketView’s insights underscore the need for companies to adapt their leadership structures, ensuring that technology and sustainability are strategically aligned for long-term success.
