Brief summary:

A survey of 300 media and entertainment professionals worldwide found that the biggest barrier to implementing sustainability on sets and locations is a general lack of awareness about the benefits of sustainability. Although studios are making increasing efforts to monitor and reduce environmental impact, there is still a need to change Hollywood's internal culture and perception of sustainable practices. New initiatives such as Biden's Green Energy Tax Credit are slowly penetrating Hollywood, while programmes in states such as California and New York offer financial incentives. A potential policy change by the Securities and Exchange Commission could provide the impetus the industry needs to change its internal culture. While some major studios are already adopting environmentally conscious practices, it's only a matter of time before these efforts are reflected on corporate balance sheets.

Variety reports with a special report: A survey of 300 media and entertainment professionals worldwide by Altman Solon, a global strategy consulting firm, has uncovered the biggest obstacles to implementing sustainability on sets and locations. Environmental KPIs were monitored, including greenhouse gases, air quality and water consumption. An overview of relevant regulatory activities at federal, state and international level was also presented, such as Biden's "Green Energy Tax Credit".

Although green technology is improving, sustainable and environmentally conscious film and TV productions are more achievable than ever. Yet the results of the survey show that the industry is largely unaware of it. Nearly 70 % of the 300+ production executives in North America, Europe and Asia cited general lack of knowledge about the benefits of sustainability as the biggest barrier to making it a priority on sets.

The results of the company's third annual Emerging Media Technologies Survey show that while studios are making increasing efforts to monitor the environmental impact of a production and reduce emissions, there is still a great need to change Hollywood's internal culture and perception of sustainable practices and technologies.

More than half of respondents said that sustainability is simply not considered in production, while 56 % said that high upfront costs and a lack of financial incentives also contribute to volatile attitudes towards sustainable practices.

A growing public perception of the importance of sustainability business practices, as well as corporate evasions such as greenwashing, have already led parts of the industry to monitor and reduce their environmental impact. According to Altman Solon, 67 % of respondents already track energy consumption as a key performance indicator, with 50 % tracking both the type of energy used and the amount of water consumed.

In terms of incentives, new initiatives such as Biden's Green Energy Tax Credit are just beginning to penetrate Hollywood, while programmes in states such as California and New York also offer financial benefits.

However, Altman Solon points out that a potential policy change by the Securities and Exchange Commission, which will require all listed companies to report direct and indirect emissions, could be the push the industry needs to change its internal culture.

Similar sweeping changes due to new laws and regulations have taken place in the past - mandates such as the EU's General Data Protection Regulation and the California Consumer Privacy Act have changed the entertainment industry's approach to data collection and privacy, as Altman Solon notes.

About 75 % of survey respondents are already aware of and preparing for the upcoming SEC rules, showing that the broader acceptance of sustainability in Hollywood is already in motion.

The fact that several major studios are demonstrating environmentally conscious practices is also a promising sign. NBCUniversal's Sustainable Production Programme has led to zero-waste sets and the hiring of 'sustainability production assistants' for shows and films, while Sony's Road to Zero plan is helping the company achieve net zero emissions by 2050.

Altman Solon concludes that it is only a matter of time before these efforts are reflected in companies' balance sheets. "Today, there is a general perception that sustainability-focused activities do not have a lasting impact on a company's bottom line, but that could change in the coming years," the report states. "To address barriers to sustainable efforts, we recommend that [media and entertainment] companies organise and mobilise resources, invest in operations and capabilities to conduct audits/assessments and expand their compliance efforts."

Source: Variety