Business Execs Plan to Boost Clean-Tech Investments Next Year
Shrugging off concerns about the global recession, business executives plan to boost spending on renewable energy and clean technology next year, according to a new survey by the auditor and consultant Ernst & Young.
Corporate spending on alternative sources of energy, energy efficient technologies and other innovations to lighten environmental impacts has risen to roughly 5 percent of annual revenues, the report says. Most executives participating in the study said their firms will have spent at least $10 million in clean-tech investments by next year, and more than 75 percent predicted that their spending levels will grow in 2010 and over the next five years.
The central findings show "multibillion-dollar companies have few qualms about buying clean-tech products from or otherwise partnering with nascent companies," Ernst & Young officials conclude.
PHOTO CREDIT: SCOTT JACOBS