Sustainability is a business focus for 2020
Two thirds of small and medium-sized businesses in Yorkshire want to improve their environmental sustainability, according to Lloyds Bank Commercial Banking’s Business Barometer.
39% of respondents said becoming more environmentally sustainable is important to them. While 70% say they have already taken steps to make their businesses greener in the past 12 months.
Motivating factors in environmental sustainability varied. A fifth of firms stated the primary driver for going green was long-term cost savings. With a further 21% saying their focus was the result of corporate social responsibility obligations.
However public focus on transitioning to a low carbon economy intensifies, 18% of businesses claimed they are motivated mainly by pressure from customers.
Kelly Green, regional director for Yorkshire and the Humber at Lloyds Bank Commercial Banking, said: “With environmental sustainability high on the agenda for firms of every size, Yorkshire businesses understand there is often a financial benefit to making their operations greener.
“As ever, before making significant investments, businesses should consider all the available funding options to decide which is most appropriate for them. When it comes to going green there are options such as government grants and asset finance solutions that help spread the cost of an investment over its lifetime, and initiatives like our Clean Growth Finance Initiative, which offers discounted lending for green purposes.
“Regardless of motivation, we can be confident the impetus to introduce green measures isn’t going anywhere. Becoming more sustainable is a gradual process the UK business community must navigate together.”