Close to four fifths (78%) of Irish businesses view sustainability as a ‘major growth opportunity’ for the coming years, a new study by PTSB has found.
According to the Reflecting Business report, 92% of Irish businesses say that their customers are ‘interested’ in sustainable products and services, while around three quarters (74%) say that they have supported their customers in making more sustainable choices, or plan to do so.
Elsewhere, 73% of firms say that they have engaged with suppliers to source more sustainable goods and services, or plan to do so, while four fifths (80%) are interested in ‘impact lending’, loans tied to environmental or social benefits.
‘Commercial case for sustainability’
“The commercial case for sustainability is growing. Businesses have identified the importance that existing and potential customers are placing on sustainability, and they are reacting accordingly,” commented Sean Farrell, PTSB’s head of business banking.
“Our Reflecting Business research confirms that Irish businesses recognise the competitive and strategic advantage of embedding sustainability into their operations. This reflects our own experience, with 23% of our new SME lending in 2024 to businesses that have an environmental or social impact. Businesses who invest in sustainability are also investing in their growth potential by lowering their energy usage, transport costs and by reducing waste.”
PTSB’s study also found that in spite of global economic uncertainty and rising costs, 98% of Irish businesses surveyed expect to either grow or maintain their current level over the next year, with 64% expecting Ireland’s economic situation to ‘remain the same’ over the year.
Some 36% of respondents cite the increasing cost of goods as an issue, while 35% cite global economic turbulence as having an impact on their business.
Sustainability strategy launch
The launch of the Reflecting Business report coincided with the launch of PTSB’s new Sustainability Strategy, covering the period 2025-2027.
As part of its strategy, the bank has committed to financing SMEs that are committed to environmental or social benefits, expanding sustainable offerings for personal customers, enhancing financial literacy, reducing carbon emissions, and deepening its involvement in the community.
“Our strategy will make us even more effective at focusing on areas where we can deliver real impact, supporting our customers through the green transition, strengthening social inclusion, and embedding sustainability across every aspect of our business,” commented Leontia Fannin, PTSB’s chief sustainability and corporate affairs officer. Read more here.
