Construction’s energy crisis

Rising energy bills are impacting all businesses

Over 70% of construction companies have made changes to counter rising energy bills with 15% of these describing the change as ‘radical’ according to Ayming’s fourth International Innovation Barometer.

The global survey of senior executives and R&D Directors also revealed that, as a reaction to these rising costs, firms are increasingly motivated to invest in sustainability because there are significant cost benefits with over half (55%) of firms are looking for energy efficiency savings while 26% are looking for alternative energy sources – which can be a new supplier or renewables.

Over a third of survey respondents said they are looking for alternative materials – such as those not derived from fossil fuels while 39% are sourcing materials more locally and 32% looking at their logistics.

“Companies weren’t previously motivated to change at this scale due to the large upfront costs. Reducing your energy consumption can be really expensive, but the crisis has flipped that on its head,” said Njy Rios, Director: Innovation Incentives at Ayming UK.

“Now, the cost of doing nothing outweighs the cost of investment. In that way, the energy crisis is a natural catalyst for green action and sustainable innovation.”

To view the full report, click here.