Big UK businesses are forecast to spend nearly £7 billion on energy, environment and sustainability over the next three years, according to a report by independent analysts Verdantix. It predicts sustainable business spending this year will grow 20 times faster than the UK economy.
But the jump in spending is driven by a desire to save on energy bills rather than climate change ambitions, claims the author of the report.
Susan Clarke at Verdantix said: “Energy cost savings and more efficient use of natural resources now underpin sustainability investments – not philanthropic commitments to fight climate change.”
A quarter of this year’s total business spend on sustainability could come from emissions intensive sectors, with a potential £1.1billion splashed out by oil and gas, transport and utilities.
The Verdantix study looked at spending by 421 firms in the UK with revenues greater than £750 million.