British companies plan to up spending on climate change
In spite of the recent economic downturn, more than 75 per cent of corporate executives in the UK plan to boost spending on climate change initiatives in the next 3 years.
In a recent survey by Ernst & Young 300 executives from 16 countries each with a revenue of over $1bn were polled to gain a clear idea of how much emphasis the corporate world plans to put on the climate in the near future.
77 per cent of those questioned said they would increase spending in this area, making the UKs spending plans in this area slightly higher than the global figure of 70 per cent.
Nearly half of those asked said they planned to spend between 0.5% and 5% of their revenue on preventing climate change which is equivalent to $5m to $50m a year for a billion dollar business.
UK director of climate change and sustainability services at Ernst & Young, Mr Doug Johnston, stated: "With all the uncertainty following Copenhagen, many business commentators were expecting the momentum in climate change investments to slow.
"Our research has shown something very different. Other market drivers such as equity analysts' growing interest in climate change performance and consumer demands, are all requiring further clarity in climate change related business plans and disclosures."
In terms of the specific actions which companies planned to take, 80 per cent said that they wish to focus upon energy efficiency while 75 per cent said they will focus upon environmentally friendly products and services.
In the global survey 94 per cent of those asked said that national policies are 'important' or 'very important' in shaping their climate change strategies, which is markedly higher than the 81 per cent who recognised the value of international or worldwide policies.
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