Independent UK based research firm Verdantix has recently released a report indicating that British firm’s expenditure on climate change and sustainability initiatives dropped by 3% during 2009 as a result of the global economic slowdown CIG has learned.
The report however forecasts that the climate and sustainability market will see growth of 14% annually to reach $8.4 billion in 2013.
CIG believes that Verdantix based the report on the spending of more than 450 UK businesses with revenues of over $1 billion from 2008 to 2013, taking into consideration UK economic growth figures, energy and carbon prices and regulatory decisions.
Whilst much of businesses spending so far had been voluntary, the likelihood of a mandatory government plan aimed at cutting corporate energy use beginning in April could see an increase in climate spending although a recent report indicated the most British firms were as yet unprepared for the scheme.
"We are still in a transitional phase. Lots of companies are investing in pilot projects. They are waiting for clearer signals from customers, regulators and investors to put their foot on the pedal and that will be more like 2012 or 2013," CIG believes the director of Verdantix was recently quoted as saying.
