UK expects greater focus on sustainability to deliver growth
Following research conducted by HSBC UK, the company reports that UK firms expect to see over the next year a growth in sales as a result of a greater focus on sustainability.
“It’s extremely encouraging to see such a positive set of results following an unprecedented year faced by businesses across the country. The report tells us that firms genuinely want to build back better and have sustainability and the move to a net zero economy right at the top of their priority lists as they look to adapt their operations to the ‘new normal’,” commented Rob King, HSBC UK Head of Sustainable Finance.
The latest HSBC Navigator report - surveying over 10,000 businesses in 39 markets - found that 78% of UK firms (1,000 of the 10,000 surveyed) expected sales to grow in the next year due to an increased focus on sustainability.
“We see consumers having increasing expectations when it comes to sustainability and the companies they engage with and this greater focus on sustainability by businesses will help them to build their reputations and make better connections to their customers. But there is still work to do. The Government announced its Green Industrial Revolution plan last month and our research suggests that firms will need further support and incentives as they strive to reach these lofty goals,” added King.
Other UK finding from the report included:
- 75% of UK businesses now having metrics in place to measure environmental sustainability, up 13% compared to 2019 (62%)
- 28% are measuring energy usage, 21% carbon emissions, and 20% packaging materials and waste
- 73% of british businesses plan to introduce net zero emissions goals into their own operations and supply chains
- 86% of UK businesses believe there are multiple opportunities to improve environmental and ethical sustainability
- 42% believe government incentives will help with becoming more sustainable in the future, while 31% believe workforce engagement or initiatives will help, and 29% green financing
“Our research shows that businesses believe that sustainable practices will have a positive impact not only on their reputation but also their performance and profitability. With the right support and incentives UK businesses can deliver on their targets and achieve their sustainability ambitions, making a difference to their employees, customers and the global society,” concluded King.
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