Has the energy crisis boosted sustainable spending?

Article posted

24th Jul 2023

Read time

3-6 min read


Mollie Pinnington

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As the world continues to grapple with the energy crisis, sustainable spending has become increasingly important for UK businesses. This is due to the fact that the availability of resources has been impacted, leading to an increase in costs associated with production and operations. The need for solutions that can reduce environmental impact and lower operating costs has driven businesses to look into more sustainable practices.

Many UK companies have begun to think more strategically about their spending, considering the environmental impact of their products and services. Sustainability has become one of the main concerns for most UK businesses, 73% of businesses globally have said that this is their current focus when it comes to the growth of the company.

Businesses have recognised the need to reduce their environmental impact and are utilising sustainable spending to do so. In some sectors, companies are planning on increasing their sustainability spending by up to 50%, showing a strong commitment to long-term sustainability goals. This increase in investment is expected to bring significant returns for businesses.

Many businesses have begun to set sustainability objectives. The UK government wants businesses across the UK to have reached net zero by 2030, therefore this sets a clear aim for most businesses. It has been reported that more than half of the businesses with sustainability plans have a positive outlook when it comes to achieving these goals over the next decade. With economic and energy issues now settling it is becoming easier for businesses to elevate investments in energy efficiency.

Although the cost of living crisis has now started to lift it has majorly impacted and slowed down sustainability efforts for large businesses and SMEs. Energy costs really affected businesses with manufacturers experiencing a 100% increase in electricity bills in 2022. The rising pressures of energy costs has most likely pushed a lot of business owners to prioritise sustainability.

Some business owners were forced to take drastic measures to offset rising energy costs last year. Such as avoiding production, reducing opening hours and even job cuts and closures unfortunately for many companies.

How can your business ensure they have a sustainability plan? 

Businesses should ensure they have a sustainability plan in place that will help them reduce their environmental impact and maximise long-term profits. To start, businesses should focus on understanding their current energy use and sources of emissions. This can be done by gathering information on energy use, resource consumption, waste generation and other areas where there is potential for improvement.

Businesses should then use the information gathered to make necessary changes where they can. By investing in energy-efficient equipment and technologies, businesses can reduce their energy consumption while also reducing their operating costs. This could include investing in LED lighting, more efficient air conditioning systems, or even renewable energy sources such as solar.

By utilising Resolve Net Zero, businesses can create a tailored strategy to reduce their environmental impact and realise the long-term financial benefits of sustainable spending. As more businesses continue to invest in sustainability initiatives, they will be able to set themselves apart from their competition while also making a positive contribution to a greener future.

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