Report: 18 new green shipping corridor initiatives emerged worldwide in last year alone
About 18 new green shipping corridor initiatives emerged worldwide in the last year alone – ...
EIB survey: 27% of European firms see transition to net-zero economy as opportunity in coming 5 years
The Investment Survey 2024 – conducted by the European Investment Bank (EIB) – showed that 27% EU firms view the transition to a net-zero economy, as an opportunity over the next five years.
The survey, released today at the World Bank-IMF Annual Meetings in Washington, showed that 61% of EU firms have invested in tackling climate change, compared to 56% in 2023 and 53% in 2022.
The survey painted a picture of leadership of EU businesses in the green transition and the reinforcement of their supply chains in the face of heightened geopolitical risks and supply-chain disruptions.
Many firms in Europe are satisfied with their investment levels over the past three years and are committed to tackling climate change and embracing digital technologies, the survey noted.
It covered a total of around 12,000 companies in all EU countries as well as a comparison sample in the United States.
While the share of EU companies expecting to increase rather than decrease investment has halved to a net balance of 7% in 2024, compared with last year, businesses in Europe continue to outpace their US counterparts and lead in investments to slash emissions that cause climate change or cope with the impact of severe weather.
“The commitment of EU firms to the green and digital transitions illustrates the potential of the European economy,” said EIB President Nadia Calviño. “The survey confirms that public-private partnership is at the heart of strategic investments to sustain the competitiveness, security and autonomy of the EU in global markets.”
Around 90% of EU and US firms have taken measures to reduce greenhouse gas emissions. Key strategies adopted include investment in waste reduction and recycling and energy efficiency. EU companies are more likely than US ones to have enacted sustainable transport options, opted for renewable-energy generation and set emissions-reduction targets. One in three EU companies –34%– sees the green transition as a business risk compared with 42% in the US.
In the EU, 37% of total investments by businesses are directed towards intangible assets such as research, skills and know-how, highlighting a strategic focus on innovation and digital solutions.74% of EU businesses reported using digital technologies, marking a 4% increase from last year. Meanwhile, the US continues to lead at 81%.
Looking ahead to the next three years, however, many European companies are prioritizing replacement investments over capacity expansion, with only 26% of EU firms planning to expand operations in the next three years compared with 47% of US firms.
“The focus of EU companies on innovation is welcome and must be supported”, added EIB President Nadia Calviño. “That is why the EIB Group is working on new Action Plan to reinforce the integration of Europe´s Capital Markets and thereby channel private savings into productive investment in Europe”.
The business environment remains a concern for firms in the European Union and the United States, with lack of skilled labor and uncertainty about the future as one of the key concerns in both regions. Business investment is still hindered by high energy costs, which pose significant obstacles for 46% of EU businesses.
The majority (60%) of EU exporters report that they still have to comply with different standards and consumer protection rules from one Member State to the next, highlighting that market fragmentation persists.
“European firms are making strides in addressing both climate change and the digital transformation,” said EIB Chief Economist Debora Revoltella. “But boosting EU investment requires a less fragmented EU single market.”
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