Almost three quarters of companies are to step up efforts to improve their energy efficiency over the next two years as part of cost-cutting initiatives, according to a major new study from the Economist Intelligence Unit.
The survey of 538 senior executives found that 73 per cent will make energy efficiency a high or moderate priority over the next two years as they seek to lower their cost base.
However, two thirds said that climate change will fall down the corporate agenda overall as firms focus on battling the recession.
Robin Bew, editorial director of the Economist Intelligence Unit, said that while many firms would inevitably switch to "survival mode" and shift focus away from costly climate change initiatives, the survey also showed that support for greener business models had become entrenched in many firms.
The survey, which was commissioned by the Carbon Trust, KPMG, SAP and Shell, found that more than half of firms have established some form of climate strategy, while almost two thirds of companies have undertaken some efforts to enhance energy efficiency in the past two years.
Moreover, a significant minority of 40 per cent say their firms have developed new environmentally focused products or services in the past two years, with 30 per cent claiming further development of such products remains a "high priority".
Bew said while there were fears that "concerns about the economy will weaken any possible progress" at the UN climate change talks in Copenhagen later this year, the results of the survey provided evidence that the business community was broadly in favour of progress being achieved.
More than half of respondents said they favoured more environmental regulation, providing there is a level playing field, while the report noted that there are now more firms lobbying for tighter green laws than those opposing them.
There was also support for a tightening of cap-and-trade regimes, with about two thirds of those respondents operating under such schemes indicating that a carbon price of up to €50 (£44) would have a significant effect on their energy use, with a price somewhere between €30 and €50 per tonne of CO2 seen as the " sweet spot" for driving change.
EU emissions trading scheme will deliver no real change without tighter caps, say leading charities 01 Apr 2009
White House downplays memo suggesting concerns over EPA's endangerment finding 13 May 2009
Environmental Audit Committee argues government should act to drive up lowly carbon price 08 Feb 2010Waxman-Markey bill secures narrow House victory and prepares for battle in the Senate 29 Jun 2009
Carbon markets have been hijacked by speculators and should be replaced with direct taxation, says Friends of the Earth 05 Nov 2009
With small scale geo-engineering projects already underway, MPs have warned governments must begin work on the necessary regulatory framework 19 Mar 2010
Wide-ranging project aiming to produce low-cost, algae-based biofuel 19 Mar 2010
New £4.5m research programme to ask if people will want electric cars 19 Mar 2010
More news
As a journalist, I spend a fair amount of time defending the much maligned media industry to friends and family.... 18 Mar 2010
Andrew Williams casts his eye over some of the most popular green driving aids on the market 16 Mar 2010
From hydropower hot spots to record-breaking Texan winds, we run down the top stories from the past week 12 Mar 2010 More in-depth
Post your comment
Send an email to the Business Green editor at feedback@businessgreen.com
