A new report from the United Nations (UN) has suggested that businesses are not doing all that they can to address climate change issues and meet sustainability challenges.

In what is the largest global chief executive (CEO) study on sustainability, UN Global Compact and management consultancy firm Accenture has revealed that 67 per cent of chief executives believe that business is not doing enough when it comes to addressing the issues relating to carbon efficiency.

However, CEOs still remain committed to making their organisations more sustainable and has called on more incentives which reward sustainability in order to unlock the potential held within the private sector.

Over half of the CEOs surveyed said financial restraints are the leading barrier to advancing sustainable practices, while 40 per cent noted that the current financial climate is proving difficult to effectively bring solutions to their business.

This is despite some 93 per cent of respondents saying that environmental, social and governance issues are important for their business future. Furthermore, 84 per cent of businesses said that they should lead the way when it comes to addressing sustainability challenges.

Other findings revealed that 78 per cent of businesses see sustainability as a route to growth and innovation, while 79 per cent say it will provide a competitive advantage for their particular industry.

Georg Kell, executive director of the UN Global Compact said there is a challenge at hand to unlock the full potential of sustainability to transform markets and societies globally.

“With thousands of companies, from market leaders to small enterprises, committed to responsible business practices, we can see that there is enormous momentum. Now, we need policymakers, investors and consumers to send the right signals to spur the next level of corporate sustainability action, innovation and collaboration,” he added.

Businesses should look into the possibility of installing solar panels on their property to cut down on their energy bills and help reduce reliance on fossil fuels.

Saving money on costly utility charges could see the extra cash ploughed in to extra areas of the business to encourage growth.