Two thirds (65 per cent) of north west SMEs want to improve their environmental sustainability.
That’s according to Lloyds Bank Commercial Banking’s Business Barometer, which found 48 per cent said becoming more environmentally sustainable was important to them.
One-fifth of north west firms said they are primarily driven by the potential to make long-term cost savings, while, as public focus on transitioning to a low carbon economy rises, 28 per cent said they are motivated mainly by pressure from customers.
Some 68 per cent said they have taken steps to make their businesses greener in the past 12 months, the barometer found.
More than a quarter - 28 per cent - of north west SMEs have used suppliers that provide environmentally-friendly services or products in the past year, while 27 per cent said they have purchased energy efficient equipment or machinery.
Martyn Kendrick, regional director for the north west at Lloyds Bank Commercial Banking, said: “With environmental sustainability high on the agenda for firms of every size – whether that means they’re doing what they can to reduce energy consumption or cut waste – north west businesses understand there is often a financial benefit to making their operations greener.
“Regardless of motivation, we can be confident the impetus to introduce green measures isn’t going anywhere.
“Becoming more sustainable is a gradual process the UK business community must navigate together.”
More than a third - 36 per cent - of north west SMEs said they plan to use cash reserves to become more sustainable while 17 per cent said they will rely on government grants.
However, 12 per cent said they had not made their businesses more environmentally sustainable in the past year due to the cost implications.
Mr Kendrick added: “As ever, before making significant investments, businesses should consider all the available funding options to decide which is most appropriate for them.
“When it comes to going green there are options such as government grants and asset finance solutions that help spread the cost of an investment over its lifetime, and initiatives like our Clean Growth Finance Initiative, which offers discounted lending for green purposes.”
