Tuesday, 28 February 2017
Last updated 11 hours ago
Nov 9 2009 | 9:01am ET
According to a survey of 300 executives by Ernst & Young, the world’s biggest companies are poised to increase spending cleantech solutions.
Cleantech Matters, Ernst and Young’s third annual report on the cleantech sector, found the vast majority of respondents project their companies will spend at least $10 million on cleantech investments by 2010, with 22% predicting cleantech spending of at least $100 million. More than three-quarters of the respondents expect their annual cleantech spending to rise over the next five years.
The report surveyed executives worldwide from corporations with revenues in excess of $1 billion (two-thirds of the respondents were from corporations with turnover in excess of $5 billion).
The report highlights the critical role corporations will play in shaping the industry’s next stage of development as it looks to find ways to bridge the chasm between the laboratory and the marketplace.
The findings offer further evidence that the world’s largest corporations are speeding up their adoption of cleantech products and services to create a competitive advantage through resource efficiency and sustainable growth. Their investments are targeting cost efficiencies, new revenue streams and internal objectives for sustainability and climate change.
Two-thirds of respondents indicated that cleantech has become a corporation-wide initiative championed by senior management, and 85% reported significantly or moderately accelerating the pace of their company’s strategic response to climate change compared with two years ago.
Moreover, suggests the report, the economic downturn has done little to blunt corporations’ appetites for clean technologies – in fact, the survey shows it may have had the opposite effect. Nearly 55% of respondents indicated that recovering from the current crisis will speed the implementation of their company’s cleantech strategy.
Interested in cleantech investing?
Visit our sister publication:
Clean Tech Brief