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Tech firms boost sustainability budgets, with most going on IT

Technology companies are earmarking bigger budgets for sustainability issues and most of it is spent on IT issues. That is according to a new How Sustainable is the Technology Sector? report from top thought leadership company, iResearch Services, which surveyed 550 technology business executives in 11 countries.

Most technology companies surveyed (36%) earmarked between $500,000 and $1 million on ESG projects in the 2021 financial year, but in the current financial year, the majority of companies (31%) have budgeted either $500,000 to $1 million or $2 to $5 million on sustainability.

Germany is leading in the current financial year among the countries surveyed, but it is set to be surpassed by the UK in the 2023 financial year, with a substantial increase in the average investment planned.

Across all levels of responsibility for a three year average, the lion’s share of investment is allocated to IT departments (37%) and infrastructure/sustainability technology (29.6%). Staff training takes up a quarter of the budget (25.9%) and others (7%).

Gurpreet Purewal, vice president of sales at iResearch Services, said: ‘Green IT encompasses the manufacturing, use, management and disposal of equipment. It is generally acknowledged that between two and three percent of greenhouse gas emissions globally are produced by information technology issues, so it is an important factor in sustainability, particularly in tech companies that rely so heavily on IT.’

Looking at budgets across middle management roles, heads of sustainability and core programme leads and managers are expecting to spend more on sustainability in 2023.

iResearch Services offers a range of thought leadership services and industry insights. Its clients include some of the top names in technology, sustainability, financial services, healthcare and other sectors.

For more information about the How Sustainable is Tech? survey, please visit www.iresearchservices


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