- According to research obtained by Price Bailey, 2024 saw the lowest level of investment in the green and clean tech sectors in the last four years.
- Findings come as leaders around the globe attend the annual World Economic Forum, with 'Safeguarding the Planet' one of this year's key themes.
- Price Bailey Tax specialist, Gemma Thake, highlights the benefits of employing environmentally friendly business activities.
CAMBRIDGE, England, Jan. 27, 2025 /PRNewswire/ -- Last year, the UK saw the lowest levels of investment in British Green and Clean Tech since 2020, according to Price Bailey, a Top 30 accountancy practice.
The findings come as news of a breach of the 1.5C warming limit is revealed, marking 2024 as the hottest year in human history.
The data obtained by Price Bailey through market insights platform Beauhurst, shows an investment peak of £2.4bn in 2022, a 39% increase from the year before (2021). Investments then drop by 20% in 2023 before falling again in 2024 by 44% to £1.1bn.
The Green and Clean Tech industry defines those companies and technologies employing green innovation practices. Companies within this sector work towards mitigating negative environmental changes, such as global warming.
Visit the Price Bailey website to read more about the research.
Tax benefits of sustainable business
When the UK Government legislated a net zero emission target by 2050, the UK became the first major economy to pass a net zero emission law. The move marked a shift, thrusting environmental considerations into the mainstream business model and forecast. With this has come the introduction of additional environmental taxes.
Gemma Thake, Tax Partner at Price Bailey, highlights the benefits of employing environmentally friendly activities in business: "There are tax reliefs and schemes available for organisations who operate in more environmentally friendly ways, positively encouraging organisations to assign the time and resource into developing these activities."
"When it comes to energy-intensive businesses, for example, there are significant reductions on the main tax rates of the Climate Change Levy if you enter into a climate change agreement with the Environment Agency."
"Businesses can also claim enhanced capital allowances when purchasing energy efficient or low or zero-carbon technology, which ultimately reduces the amount of tax you pay. The tax savings of claiming such relief can be significant and worth investigating, among many others."
Contact Price Bailey here.
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