UK Businesses Need to Double Low Carbon Spending
Thursday 27th February 2020
UK Businesses need to double low carbon spending to be on track with the EU’s target of reaching net zero by 2050.
That’s the suggestion from a new report published by global management consulting firm Oliver Wyman, which say European companies reported a total of €124 billion (£104bn) in new low carbon investments last year, making up just 12% of their capital expenditure (CAPEX) spending on average.
The study notes this needs to more than double to 25% per year to be aligned with the 2050 goal.
The report reveals 882 stock-listed European companies reported €59 billion (£49.5bn) of new low carbon capital investments and €65 billion (54.5bn) in new research and development spend last year, with this largely spread across investment in electric vehicle technologies, renewable energy, grid infrastructure and demand-side response programs for intelligent energy use.
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