East Midlands Green Growth triples in 9 years, says new study

Added by Love Business East Midlands | 26 November 2024

UPDATED: 26 November 2024

Green Growth activity – environmentally sustainable economic growth - from businesses in the East Midlands is three times higher than it was in 2015, according to joint research published by East Midlands Chamber and the University of Derby.

 Green Growth Trends research published this week by the two organisations tracks and analyses awareness and engagement with green growth, decarbonisation, and the uptake of nature-based solutions (NBS), based on responses from businesses in the Chamber’s Quarterly Economic Survey.

Findings for 2024 reveal a 7% increase from 2023 in East Midlands businesses achieving turnover from the supply of green goods and services, while more than 45% businesses in the region invested in decarbonisation initiatives over the past 12 months, an increase of 6% since 2023.

The research highlights significant difference in Green Growth activity based on the size of a business.  Three quarters of large businesses in the East Midlands pursue Green Growth activities but only half of small businesses do, while for micro businesses the figure drops to four out of ten.

Key findings from Green Growth Trends in the East Midlands 2024

• 7% more businesses derive turnover from the supply of Green Growth goods and services than in 2023 
• 43% of businesses trade in environmentally friendly goods and services 
• Three quarters of large businesses pursue Green Growth, half of small and four out of ten (39%) micro businesses 
• More than 45% businesses invested in decarbonisation initiatives over the past 12 months, up 6% since 2023
• Seven out of ten large companies invest in decarbonisation 
• Just over 30% of businesses have never engaged in nature-based solutions over the last 12 months 
• Three in ten businesses have no turnover for green goods and services, 10% lower than in 2023

East Midlands Chamber Director of Policy and Insight Richard Blackmore said:

“With COP29 just behind us, the publishing of this report is timely and gives assurance, on one hand that East Midlands businesses are prioritising playing their part in the journey toward Net Zero, while also highlighting how much further they still need to go.

“Smaller businesses tend to be behind larger businesses, according to the findings of this research, where fewer staff and more limited resources may create a greater challenge, but it’s important that firms keep going with that mission toward becoming more sustainable and reducing their carbon footprint.” 

Derby Business School Associate Professor of Strategy and Sustainability Dr Polina Baranova said:

“Seeing a 7% lift in East Midlands businesses benefiting financially by actively pursuing Green Growth is really encouraging, especially as there’s limited support nationally for businesses on their Green Growth journey.

“Larger businesses are well on their way, but micro businesses are lagging behind with just four out of ten embracing Green Growth.  It’s important that businesses resist ‘climate fatigue’ and don’t pull back from their effort to embrace and gain from Green Growth.

“With 10% fewer businesses engaged in Green Growth than in 2023, the need to keep Green Growth high up the list of priorities is clearly underlined.”

To view the full Green Growth Trends in the East Midlands report for 2024 click here.

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