The financial firestorm that hit the world over a year ago will leave one positive outcome in its wake, with experts predicting that it may pave the way to a more sustainable future for the world, according to an international survey commissioned by global technology powerhouse Siemens (NYSE: SI).
In findings released by Siemens during the APEC CEO Summit in Singapore today, more than half of the 270 leading practitioners polled said the economic crisis may stimulate progress towards sustainable development, with 86% anticipating an increased investment in green technologies. Three-quarters also pointed out that the crisis will lead to new paradigms of managing both the environment and the economy.
The survey conducted by global research firm GlobeScan Incorporated is of particular relevance to this year’s APEC CEO Summit as it examines the policy issues surrounding sustainability in the context of the global economic crisis, one of the central themes of this year’s event. Three-quarters of survey participants reside in APEC economies, and interviewees included experts from the government, private sector, academia and non-profit organisations.
Other possible upshots of the economic crisis, according to interviewees, include the adoption of more environmentally sustainable lifestyles, the start of better cooperation among national governments to create binding international agreements, and an impetus for governments to reform fiscal policies to recognize environmental impacts.
When asked for their ideas for fixing the world’s economy, 22% of the experts suggested solutions that centred on new approaches to development, including sustainable development and the "triple bottom line," which takes into account ecological, social and financial performance. Respondents also recommended overhauling energy systems, including switching to renewable and low-carbon sources and improving energy efficiency, while some called for better regulation of the financial markets and banks.
Other survey highlights:
- A strong majority of experts think that improved energy efficiency and a switch to renewable energy sources are important in fostering a "green industrial revolution."
- Seven in ten experts believe that a green industrial revolution will improve people’s living conditions in general and create renewable energy jobs.
- Nine in ten experts feel that the current public stimulus programs should be more focused on activities that foster a more environmentally sustainable future.
- Just over half of all experts said that in the foreseeable future economic growth will be possible without harming the environment.
- Sustainability experts are split as to whether a paradigm shift toward a more sustainable way of living will take place in the next five years. Opinions range from very optimistic to very pessimistic.
- Experts predict that the United States and China will supplant Germany as leaders in green technology over the next ten years.
The full survey findings of the "Economic Crisis and Sustainable Development" report are available at the link below.
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