Large companies are set to increase spending on environment, health and safety (HSE) initiatives in 2014, according to a poll of senior practitioners
Research firm Verdantix surveyed 250 heads of HSE at companies with annual turnovers of more than $250 million and which operate in countries, including Germany, China, Russia, the UK and the US, as well as the Middle East.
More than 60% confirmed their firm would be spending more on environment management initiatives in 2014 than in 2013. Half of those reporting that their firm will invest more in their HSE budget revealed that the increase will be at least 10% up on last year’s figures, with spending expected on software, environmental reporting, auditing and product sustainability. More than half of respondents said they plan to increase investment in HSE software this year.
Spending on pollution control, permitting, waste, water and reducing greenhouse gases was also predicted to rise.
“Compared with spend on energy management and sustainability, the HSE market looks much more attractive,” said David Metcalfe, CEO at Verdantix.
The research also revealed that 43% of HSE budgets are, on average, earmarked for consultation, implementation and support services. Risk management was cited as the key driver for rising budgets, with more than half of respondents confirming that financial, regulatory and operational risks had the most influence on additional money being allocated.
