Close to two thirds (64%) of UK companies say that the recent cost-of-living crisis is either having ‘no impact’ or a ‘positive’ impact on their sustainability commitments, a new report from Ecologi has found.
Ecologi’s Climate Commitments 2024 report, which surveyed 1,400 business owners in the UK, across 28 professional sectors, found that just 29% of companies state that the economic downturn is having a ‘negative impact’ on their business.
Three quarters (76%) said that becoming more environmentally sustainable is a ‘core business strategy’ for their organisation this year, while 81% are planning on either ‘increasing’ or ‘maintaining’ their investment in sustainability initiatives.
‘A core part of their strategy’
‘There were three clear themes that emerged this year,’ Ecologi said in its report. ‘Despite the continuing economic downturn, businesses are still making sustainability a core part of their strategy and reaping the benefits.
‘Whilst more and more businesses are starting their net-zero journey the majority are not on course to hit their targets by 2050. Key barriers around investment, time and tools still remain as well as a lack of government support to accelerate the transition to the net zero economy.’
In terms of the business practices that UK firms are adopting, half (49%) of respondents cited increased recycling, while 48% noted that they had sought to reduce energy consumption, and 37% are now using ‘greener’ suppliers.
Just under two thirds (63%) of firms have set sustainability targets, and those that have are reporting ‘multiple business benefits’, the study found, including improved brand reputation (34%), reduced costs (31%), increased productivity and/or innovation (30%), attracting more eco-conscious customers (28%), employee loyalty and/or motivation (28%), competitive advantage (22%) and increased revenue and/or market share (22%).
Net-zero targets
The study also found that an increasing number of firms are starting their net-zero journey, however they are not currently on course to hit their targets.
Some 72% of businesses have consistently measured their carbon footprint over the past few years (35%) or in the last year (37%), indicating momentum in taking the first step toward net-zero, the study found.
Around a third have calculated their carbon footprint (30%), set emissions reduction targets (35%), achieved emissions reductions (30%), and funded climate action (35%), but less than a third (27%) were on track to achieve net-zero by 2050 or sooner.
You can read the full report here.
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