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From the Lab to the Field: Green Technology & What It Means for You

28th May 2021
Brought to you by
myfirmsapp

Myriad Associates helps businesses maximise tax reliefs.

Share this content

Around 90% of the world’s fish stocks have been depleted and are on the brink of collapse. Each year 7 million people die prematurely because of poor air quality, and eight million pieces of rubbish land in the sea every day.

With just 100 companies responsible for over 70% of global emissions, one of the biggest contributors to these horrific statistics is industrial and commercial businesses, like yours.  

So, what can be done about it?

Prioritising green technology will make it possible for businesses to repair some of the damage they’ve done and preserve the Earth's natural resources.

Here’s how…

Green Technology: What is it & where did it come from?

Green tech refers to a type of technology that is considered environmentally friendly based on its production process or its supply chain.” – Investopedia

Green technology, or green tech, is the use of technology and science to create products that are environmentally friendly. The goal of green technology is to protect the environment, repair the damage we’ve caused and conserve the Earth’s resources.

Where did green tech come from?

Despite what you might think, green technology isn’t a new thing. During the first industrial revolution, manufacturers were altering their manufacturing processes to reduce the negative impact coal smoke and waste by-products were having on the quality of air and the general environment.

But these days, rather than finding ways to reduce “smoke nuisance’’, manufacturers are investing in green tech to build and implement environmentally friendly initiatives like greywater systems, hydroponics, renewable energy, irrigation solutions, drainage and green-walls.  

Like Starbucks, for example…

What happened when Starbucks invested in green tech

Back in 2004, Starbucks discovered that 70% of their harmful greenhouse gas emissions came from the electricity they used to power their 32,000 stores worldwide. As a result of this shocking discovery, they decided to source all their power from renewable energy resources.

So, they bought and developed a 140,000-acre solar farm and invested in several wind projects to power their stores. They’re also developing an eco-friendly supply chain that minimises waste and have partnered up with NextGen Consortium to fund the development of compostable and recyclable cups.

Why you should invest in green tech

First and foremost, investing in green tech to reduce your carbon footprint is your duty as a socially responsible corporation. If companies don’t invest in or develop new ways to reduce emissions and their impact on the environment:

Energy will become a burden on economic productivity, particulate pollution will continue to cut short millions of human lives, and global warming will worsen.” - Forbes

Aside from corporate social responsibility, investing in green technology is also good for business.

Going green can save your business money, help streamline operations, and show customers that you’re responsible and forward-thinking.” – Fundbox

Increasingly, as the environment is becoming a topic on everyone’s agenda, investors are now shortlisting their prospective investments by only including those that use or invest or develop green tech.

Plus, with 73% of millennials willing to pay more for sustainable goods, customers are now going out of their way to only use companies that are eco-conscious.

And, going green can drastically cut costs too. With smart windows lowering energy bills, motion-sensing faucets reducing water bills and paperless systems eliminating waste, you have the potential to save money as well as reducing your carbon footprint.

What can you do, as a company, to go green?  

So, what can you do, as a company, to support the green tech movement towards becoming a better, cleaner world?

Well, you could adopt green technology infrastructures to recycle waste, purify water, create clean energy, and conserve natural resources. Or, you could take it a step further and develop new, innovative ways to go cleaner and greener…

Green technology R&D

The news is filled with companies like IBM who are designing intelligent systems, smart buildings and grids and LG Group who are conducting R&D for eco-products that are recycled, reclaimed and more energy efficient. So, it’s clear that there are plenty of companies out there who are investing time, effort, resources and money into green tech R&D.

But, it’s one thing for the big industry giants to spend time, resources and money accelerating green technology development, but for smaller companies, it can be a challenge.

R&D tax credits for green tech

Government-funded R&D spurs new industries creates jobs and helps us tackle our greatest challenges. Decades ago, that challenge was the space race; today, it is climate change.” – Energy.gov

To encourage R&D across all sectors, the government-funded R&D tax incentives are a perfect way for you, as a business, to be at the cutting edge of green tech. The R&D tax credit scheme gives you the opportunity to claim up to 35.5% of your R&D spend and R&D grants can provide you with essential funding for your innovative project. These R&D schemes can help you develop green tech that can help save the planet, attract more customers, increase investment potential and cut costs. 

How Myriad Associates can help you receive R&D tax relief for your green tech project

Myriad Associates are specialist R&D tax consultants that have been in the R&D tax and innovative grant industry for over a decade. They’ve built up strong relationships with HMRC, are experts at claiming R&D tax credits and have applied for and won thousands of pounds in innovative grant funding for all types of R&D projects. With a 100% success rate for R&D tax claims and a right-first-time approach, get in touch to see how the R&D tax team can help you invest in green technology.

Call us on 0207 118 6045 or contact us here for help, advice or guidance on all things R&D.