More than half the world’s companies say they will achieve net zero within five years.

That’s according to a study by ABB, which looked into the energy habits of almost 2,300 companies in 13 countries.

Despite optimism around net zero targets, only 40% of these businesses are planning to make energy efficiency improvements this year.

Cost was touted the main barrier by half the respondents, with 37% putting this down to a lack of time devoted to it.

Although the majority were not looking to improve energy efficiency, overall, 23% of these businesses’ yearly operating costs were spent on energy usage.

Rising energy costs were perceived to be a threat to profitability by 90% of companies, however, movement was slow on actually doing something to combat this.

Tarak Mehta, President of ABB Motion, commented: “It is vital to help stakeholders across industry understand that net zero need not mean net cost.

“Both suppliers and governments have a role to play in promoting the message that adopting energy efficient technology offers a fast return on investment while cutting carbon emissions. The bottom line is that energy efficiency is good for business and good for the environment.”