Billion-pound spending on sustainable business is driven by cost cutting

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 […]

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By Vicky Ellis

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.