Despite the challenges created by COVID-19, 65% of cleantech businesses are expecting to continue to grow in 2020.
As part of a new survey completed by executive search firm Hyperion, around 65% of companies are planning to recruit new staff members over the next six months. Of the 45 CEOs and founders in the cleantech industry interviewed for the survey, just 5% said they were expecting to reduce their number of employees in 2020.
The majority of businesses did state that investor confidence is likely to be impacted by COVID-19, with 84% believing it has been reduced overall. But the sector appears to remain confident that the longer-term investment case for cleantech is still positive.
Of those surveyed, 85% stated they are ‘very confident’ that the economic recovery post-COVID will be led by a green revolution that will utilise cleantech, renewables and e-mobility as drivers of growth.
The call for such technologies to be at the heart of the recovery process has been echoed throughout the energy and environmental sectors, with groups like the Energy and Climate Intelligence Unit highlighting that tens of thousands of jobs could be created through a green recovery.
Globally, pursuing a sustainable recovery from COVID-19 could both save 3 million jobs and create a further 3 million in the energy and related sectors, the International Energy Agency announced in June.
However many have been disappointed by the government’s lack of focus and investment, with just £5 billion announced for infrastructure thus far.
Hyperion CEO David Hunt said he will never fail to be “inspired by the optimism and positivity from the individuals leading our cleantech industry”.
“In spite of the challenges and losses in revenue this year, it’s hugely encouraging to see how CEOs and founders are continuing to drive forward their businesses, adapting plans and pushing ahead with building their teams. I have no doubt that the cleantech sector is ready, willing and able to lead the economic recovery”.
The survey will likely be welcomed by many in the energy sector, as companies work to mitigate the impact of COVID-19 and the economic downturn. Already, job cuts have been seen at utilities such as Centrica has announced 5000 job cuts and OVO has announced 2600 redundancies.
