A Carbon Trust investigation reveals that three times as many top UK decision makers believe Germany is better prepared than Britain to take advantage of the £3.2 trillion global environmental market.
CEO of the Carbon Trust, Tom Delay described the consequences of inaction as _“too horrific to consider”.
He said the country could see “anaemic growth, a jobless recovery and the risk of a return to the economics of boom and bust”.
“We cannot afford to carry on as we did before,” Delay said.
The Carbon Trust survey of decision makers in top UK businesses found that while 92% believe green growth represents an opportunity for their business, only a third are actually investing money in the research and development of green products and services.
Of those surveyed, 34% believe Germany is best prepared to benefit from green growth, whereas the UK is lagging far behind - with only one in eight citing the UK as the most prepared nation.
The Carbon Trust research suggests that “leadership” is vital to any company seeking to take advantage of growth in the green economy. A third said that having a “sustainable” business plan can actually increase profits.
According to the Trust, the environmental and low carbon market is worth over £112bn a year in the UK and employs over 900,000 people. It is forecast to grow by 25% over the next four years.