The number of East Midlands businesses pursuing a strategy for Green Growth – achieving economic growth without negatively impacting the environment – has increased over the last year, according to new research to be presented at the East Midlands Sustainability Summit at the University of Derby on 12th September.
The joint study conducted by East Midlands Chamber and Derby Business School found the number of businesses across the region that have made income from environmentally friendly goods and services increased 7% over the last year to 43%. Three quarters of large businesses and half of small and medium-sized businesses aim to achieve green growth, against four in ten micro firms.
The Green Growth research findings are among a number of areas that will be addressed at the East Midlands Sustainability Summit, presented by East Midlands Chamber in partnership with the University of Derby. With the aim of addressing ‘climate fatigue’, the summit will bring together industry specialists, academics and the region’s business community to explore how to change working practices to tackle climate change.
Headline findings from Green Growth Trends in the East Midlands 2024 research
- Three quarters of large businesses (75%) report they pursue Green Growth
- Half of small businesses (50%) are pursuing Green Growth, while 39% of micro and 53% of medium-sized companies adopt the strategy
- More than 45% of East Midlands businesses have invested in decarbonisation initiatives over the past 12 months, an increase of 6% on 2023
- Seven out of ten large companies invest in decarbonisation
- One in three businesses have never engaged in nature-based solutions over the last 12 months
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “The findings from the Green Growth study undertaken by the Chamber in collaboration with the University of Derby are helpful in highlighting not just what businesses have already achieved in their journey toward Net Zero but also the bumps in the road ahead.
“With this research clearly indicating how the size of a business correlates with their preparedness for climate change, the need to get businesses together to unpick these challenges is really underlined. The wide range of speakers on the day will spark insightful discussions that will be of great benefit to the East Midlands business community.”
Derby Business School Associate Professor of Strategy and Sustainability Dr Polina Baranova said: “We’re seeing encouraging indications of Green Growth in the East Midlands. Nationally and in this region, there’s been quite a bit of political uncertainty about the level of support a business can get toward its Green Growth journey, so with that in mind, it’s good to see that businesses in the East Midlands are investing in Green Growth to be more sustainable.
“While figures like three quarters of large businesses adopting Green Growth in the East Midlands can only be a good sign, we need to go further on this journey. It’s notable that the number drops the smaller a business is, with only one in four micro-sized businesses pursuing Green Growth.
“The East Midlands Sustainability Summit is a fantastic opportunity to explore these challenges with the business community and I look forward to sharing my insight into how the difficulties can be overcome.”
