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"Green innovation" has become a phrase so ubiquitous that it's become "a byword for how the world plans to solve the climate crisis," in the words of Quartz.
It's time, however, for businesses to start paying more attention to sustainability, according to a survey of 800 companies around the world.
The survey, conducted by research firm Ayming, found that 78% of companies have increased their budgets for sustainability in the past year, with a third putting the figure at between 11% and 20%, reports the Guardian.
"The indication is that far from being seen as an optional extra, sustainable innovation is increasingly being considered a commercial lever for growth," says Ayming's CEO.
The biggest reason companies are putting more money into sustainability is to save costs, with 47% saying that's their biggest motivation.
But the survey also found that the upfront cost of green innovation is too high41% say it's too highand that governments aren't helping as much as they should.
"The only way to truly catalyse a new wave of innovation that is specifically focused on overcoming climate challenges is through clear regulation incentives for innovation, and effective platforms for sharing knowledge and resources, while ensuring fair competition and access to markets," says Ayming
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