Firms Will Enhance UK Sustanability Market To £1bn
UK spending on sustainable business consulting will reach $1bn (£627m) this year, according to new research by analyst Verdantix.
The report, which was published earlier this month, entitled UK Sustainable Business Consulting Spend 2010-2013, suggests the green consultancy market will experience a boom over the next three years, expanding 60 per cent to be worth $1.6bn by 2013.
Verdantix said demand for green consultancy services was being driven by a combination of upcoming climate change legislation and a growing desire among blue-chip firms to use their sustainability strategy as a commercial differentiator.
Smart grids and carbon management are seen as the fastest-growing consultancy areas, with the Carbon Reduction Commitment scheme also a major driver of demand.
Clean tech research and development, sustainable product and service development and electric vehicles and infrastructure were also highlighted as areas that are likely to drive increased spending on consultancy services over the next few years.
Understandably, oil and gas, retail and utilities companies are leading the charge, accounting for 43 per cent of the market and expenditure of $192m, $156m and $98m respectively in 2010.
The report said that larger firms in the oil and gas sector now commanded green consultancy budgets worth up to $13m, while major retailers such as Asda and Tesco were said to be willing to shell out up to $2m a year on green consultancy giants.
The report will make welcome reading for leading consultancy firms such as PwC, Deloitte, Ernst & Young and Accenture, which have all invested heavily in recent years to develop sustainability consulting services.
The latest study echoes the findings of another report from Verdantix released last week, which predicted US corporate spending on green goods and services will double by 2014 to reach $60bn.
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