UK contributes only 3% of European 'green' spending
By Caoimhe Toman
Date: Tuesday 25 Feb 2020
(Sharecast News) - British companies are contributing only 3% of the Continent's €124bn of green spending and lag behind European companies when it comes to low-carbon investment.
In a report by the CPD, it was revealed that German-listed companies invested 11 times more in low-carbon investments than their UK peers.
London-listed companies spent €4bn on green research and technologies in 2019 compared with €44.4bn from German groups.
In the report, the UK was 6th in the league table for low-carbon investment last year, behind Germany, Spain, Italy, France and Denmark.
UK companies did not fare as well in the investment rankings as a lot of the green infrastructure spending is outsourced to foreign companies.
The report also warned that, on average, 12% of companies' annual spend went to low-carbon technologies, but that share will need to rise to 25% to help create a Europe meet its goal of turning carbon-neutral.
Steven Tebbe, the managing director of CDP in Europe, said Europe's economy needs to cut its emissions at the rate of nearly 8%, which requires "a fundamental transformation of our economic business model".
He said: "The investment decisions taken by European companies and their owners will make or break whether we are successful - and they need to double down."
"Across many types of investment, the business case for transitioning businesses on to a low-carbon pathway is clear and the opportunities vast."
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