Nearly 80 per cent of UK firms are now prioritising sustainability in a bid to acquire new businesses, research from HSBC exclusively shared with City AM reveals.
The bank’s annual capital expenditure (CAPEX) indicated that of 670 firms surveyed, almost two-fifths increasingly value environmental elements to their businesses.
The shift has also led to 88 per cent saying it improved their reputation with customers, while there has been a spike in respondents viewing environmental issues as an area for growth, from 32 per cent last year, to 51 per cent in 2022.
The number of firms who do not see it as important to their business also halved, from two-fifths in 2021 to just 21 per cent this year.
Head of Sustainability at HSBC UK, Robert King, said the survey results “clearly demonstrate the value that a commitment to sustainable practices can bring to businesses”.
HSBC’s survey comes after new research in a report by Bankers for Net Zero (B4NZ), urging bankers and policymakers to take sustainability decisions sooner, or risk higher costs and less opportunities.
The bank launched new green financial products and also partnered with Climate Action for Associations collective (CAFA), to produce guides for SMEs wanting to become more sustainable.
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