More Irish businesses are recognising the opportunity presented by sustainability initiatives, with the potential to increase revenues and win customers, a PTSB survey has found.
The research highlighted energy efficiency, climate technology, circular economy, renewable energy and organic food production as areas of particular interest to Irish companies
Some 78 per cent of businesses said the sustainability market was a major growth opportunity to win more customers and increase revenues. The majority – 92 per cent, said their customers are interested in sustainable products and services, while 74 per cent say they have supported customers in making more sustainable choices, or plan to do so.
Almost three quarters have looked at more sustainable goods and services, or plan to engage with their suppliers on the matter. Impact lending, where businesses are offered loans based on a positive environmental or social impact, is of interest to 80 per cent of Irish companies.
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“Our Reflecting Business research shows that more and more Irish businesses are identifying the commercial opportunities that sustainability can bring. Customers are changing their buying habits to become more sustainable and businesses are increasingly seeing the benefits of reflecting this shift, enhancing both their own offering and how they source their supplies,” said Leontia Fannin, PTSB’s chief sustainability and corporate affairs officer.
“By embracing sustainability, businesses are changing their behaviours, not just for the environmental and societal benefits this can bring, but for the cost efficiencies and commercial benefits too.”
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The PTSB report also found companies were still optimistic, albeit cautious, about their future, despite economic headwinds and global uncertainty. While 45 per cent of businesses said they expected to grow over the coming 12 months, 53 per cent expect things to remain stable and only 2 per cent are predicting a decline. Almost two thirds businesses said the economic situation would stay the same, with 24 per cent expecting to see an improvement and only 8 per cent adopting a pessimistic view.
However, 36 per cent said the rising cost of goods was an issue, and 35 per cent said there were concerns over global economic turbulence.
More businesses were planning to invest in their companies over the coming year, with 80 per cent saying it was likely they would do so.
The report was published to coincide with the launch of PTSB’s sustainability strategy, which focuses on channelling investment and directing impact towards areas that enhance societal wellbeing.
