Local businesses 'should reap sustainability benefits'

Friday 21 December 2018

As businesses around the world are looking increasingly to sustainability to unlock new financial benefits, local companies should capitalise on sustainable practices, a Jersey banking head has said.

The comments came from HSBC’s Head of Commercial Banking in the Channel Islands in response to a recent survey by survey, which found that nearly a third (31%) of companies globally plan to make sustainability-related changes to their supply chains over the next three years.

According to the survey, cost efficiencies (84%), improved revenues and financial performance (84%) were the main motivations for those making ethical or environmentally sustainable changes to their supply chains.

Warwick Long commented: “Businesses around the world are exploring and investing in ways to stay competitive for the future, with the most forward thinking already taking action. These findings should resonate with businesses in Guernsey and Jersey - jurisdictions that are at the forefront of the global transparency agenda, that offer world-class environments for impact investment and philanthropic activity and that benefit from global connectivity and have real potential to tap into international sustainable practices.

“As such, businesses in the islands have a fantastic opportunity to be part of this movement to become more sustainable which, as our survey shows, is not only beneficial for the environment and for society, but for the bottom line too.”