Eight in 10 businesses plan to maintain or increase their investment in sustainability initiatives over the next two years, a study has found. Research among 1,400 bosses found that renewable energy projects, tree planting and restoring wetlands are the projects they are most likely to fund.
A quarter (26%) would invest in environmental education, while just over 32% would put funding into rainforest conservation and carbon removal projects.
It also emerged sustainability is a core business strategy for 76% of the businesses polled, which each has less than 1,000 employees.
But when it comes to their own current green business practices, 37% only started measuring their business’ carbon footprint in the last year. And just six in 10 have set environmental and sustainability targets.
The research, commissioned by Ecologi, has been used to create its second annual ‘Climate Commitments’ report to highlight the barriers, drivers and benefits of taking climate action and how the Government can help businesses accelerate their environmental efforts.
Dimitri Theocharis, CEO of the climate action platform, said: “This report shows how much will there is to invest in climate action, both at home and abroad. When it comes to investing in climate projects, there is such a wide variety to choose from, so it is important to carry out the proper due diligence to ensure you are funding the highest quality, most impactful projects.”
Financial constraints (32%), lack of government support (25%) and not finding the time (25%) are among the top barriers organisations face.
Despite these challenges, 49% have increased their rates of recycling, and 35% have educated employees on best practices from a climate perspective.
When asked about their views on carbon offsetting, only 8% felt it is not helpful in tackling climate change. Whereas 21% think it’s an effective way for businesses to contribute to global climate action and 17% said it plays an important role when used as part of a wider strategy.
Among the things driving businesses to prioritise green initiatives are a perceived boost in brand reputation (29%) and attracting more customers (25%).
While 17% think they’d be able to hire and retain high quality staff if their green credentials are up to scratch, according to the OnePoll data.
To achieve these goals, 81% plan to increase or maintain current levels of investment in sustainability initiatives over the next two years.
Dimitri Theocharis added: “We continually review projects on the market against our regionalisation strategy to ensure we only support projects that are having the most positive impact in the right places taking into account co-benefits such as protecting biodiversity and supporting local communities.”
