U.S. firms to double sustainability spending in four years
A recent study by analyst firm Verdantix predicts sustainable investments by businesses in the United States will reach $60 billion by 2014.
As executives increase their environmental awareness and stress the importance and business benefits of green practices, the report sees a spending growth of 11 percent on sustainability initiatives in 2010. That growth is then expected to accelerate to 16 percent in 2011 and 24 percent in 2012.
Verdantix developed its predictions based on the more than 1,200 sustainability initiatives already in place. Among types of projects covered in the prediction are energy efficiency, carbon management, cleantech innovation and sustainable operations.
One of the main deterrents from investing in green technology is the initial cost of new equipment. However, sustainable products are often less expensive and can immediately reduce costs for a company. Investing in a practical item, such as an energy-saving computer, an efficient light system or a mercury-free
business projector, can offer a company better quality while reducing energy costs.
Utility and automobile companies are expected to be the most rapidly growing sectors, increasing their sustainability spending by 24 percent between 2009 and 2014. Banking and retail companies will grow at a slower rate of 14 percent.
