Efficiency gains
Organisations in the industrial sector had a laser-like focus on energy efficiency, and both operational professionals and business leaders suggested that their key strategies include investing in new technology, better maintenance and using data insights to improve energy efficiency. Yet this study revealed that this sector has also been more impacted by the COVID-19 pandemic than others, with business leaders citing it as both a key sustainability barrier and driver.
In manufacturing processes there are many opportunities to save energy, waste and water; there isn’t a single fix. Castrol is collaborating across the supply chain, working with manufacturers and other partners to find energy-saving and waste-reduction opportunities, and helping customers to achieve their sustainability goals.— Rebecca Yates, VP Advanced Mobility & Industrial Products
What are the top three barriers in preventing focus on sustainability in the industrial sector?
According to operational professionals:
- The lifespan of key technology (e.g. carbon reliant tech that won’t need replacing for a long time) (52%)
- Lack of sustainable technology at a commercially viable cost (48%)
- Lack of clear business strategy for delivering sustainability (47%)
According to business leaders:
- Focus on short term performance due to COVID-19 pandemic (42%)
- Focus on short term financial performance by investors (37%)
- Lack of support for sustainability from my business’s wider leadership team (36%)
You can find more details on the transition to a sustainable economy from the industrial sector in the insights section of the report.