British companies are lagging far behind their European neighbours in low-carbon investment after contributing only 3% of the continent’s €124bn (£104.2bn) green spending last year.
A report has revealed that German-listed companies invested 11 times more in low-carbon investments such as electric vehicles, renewable energy and smart energy grids than UK firms.
London-listed companies spent €4bn on green research and technologies compared with €44.4bn from German groups, including the carmaker Volkswagen, which invested more than a third of Europe’s total low-carbon spending in 2019.
The report, from the climate disclosure organisation CDP, said Germany, Spain and Italy topped the company league table for low-carbon investment last year while the UK finished sixth, below France and Denmark.
The report, which was co-authored by the global management consulting firm Oliver Wyman, reflected well on countries that are home to major manufacturers and utilities that have made heavy investments in electric vehicles and renewable energy projects in the last year.