Study: Rising energy costs and instability threaten business competitiveness and profitability

ABB has released the results of its 2023 Energy Insights Survey Report, which polled 2,300 executives from both small and large companies from a variety of sectors. The survey highlights the concerns most companies have about rising energy prices, the threat of energy instability, and strategies to set and meet sustainability goals.

Some key takeaways from the survey include:

• 92% of executives believe turbulence in the energy sector will impact profitability and competitiveness
• Due to rising energy costs, 42% of respondents plan to decrease spending on recruitment efforts, with 38% planning to spend less on salaries and overtime
• 58% of respondents said higher energy costs could delay achieving sustainability and carbon reduction targets by one to five years