Jan. 28, 2008 -- Nearly nine in ten large companies say climate change doesn't rate among their top priorities, taking a back seat to traditional business concerns such as competition, operational costs, innovation and technology, and the quest for new products and services. The Independent reports the results of a new Accenture survey showing that just 5% of big businesses consider global warming a top priority, and only 11% peg it at second or third place.

"Climate change is not going to get nearly the same degree of attention here as it would have achieved if the economic outlook were brighter," says Mark Spelman, global head of strategy at Accenture. "Whenever there are underlying economic concerns, people will focus on them." (Find out what executives perceive as the top five threats to business success here.)

Adds Matthew Farrow, head of environment for the Confederation of British Industry: "The core financials need to be right, but business also needs to understand how climate change will affect the marketplace and realise those business opportunities."

The report notes that "businesses...are reluctant to make big investments in climate change-related initiatives until the scope of future regulation becomes clearer," finding that large companies would prefer to let government take the lead. While 67% say they agree that business has a role in tackling climate change, only 40% feel they are in a position to fill it. Four out of five respondents said they expect government to take the lead role in addressing global warming.

Many market watchers point out that business would pay more attention to global warming with a stronger carbon market to make it worth their financial while. "These disappointing findings highlight the fact that carbon pricing mechanisms are not yet strong enough for businesses to incorporate climate change risks and opportunities into traditional business strategy," according to Mark Kenber, policy director at the Climate Group.

The findings of the Accenture survey were revealed last week at the meeting of the World Economic Forum in Davos, Switzerland, where climate change maintained a prominent place on the agenda.