The Green Industry

 

Avid Partners accountants have worked closely with a number of organisations in the Green Sector ranging from green tourism companies to recycling organisations to renewable energy providers. Companies operating in this sector encounter challenges that are unique to their industry as well as standard issues effecting any business. There are a number of factors driving global demand for new products, services, technologies and solutions in the Green Economy. These include:

  • The high cost of energy
  • The finite supply of traditional raw materials and clean water
  • Increased environmental regulation
  • The setting of international emissions reduction targets
  • The increasing demand from consumers for sustainable goods.

 

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The Emerging Green Sector

Companies world-wide are becoming increasingly aware of the financial savings and competitive advantages that arise from adopting an environmentally sustainable and resource efficient approach to their business. These advantages include lower costs for materials, energy, water, and waste management, and enhanced corporate profile in the community. A large number of Irish companies are producing or developing innovative products which are finding markets in the domestic and international Green Economy. Many of these companies are already successfully exporting their green goods and services overseas and employ over 6,000 people in the process.

 

Industry Stats

According to a study from Forfás the market for environmental goods and services (EGS) will experience strong growth in the coming years.

  • The value of this sector to Ireland is growing and is currently estimated at €3.6 billion.
  • A new report from the Group on Green Enterprise Opportunities says that the emerging green economic sector has the potential to create 80,000 jobs as part of the Government’s strategy for economic renewal (reported by RTÉ Business).
  • The report recommends focusing on establishing high-tech companies in the areas of energy efficiency, renewable energies, green finance and water.
  • While many other sectors have struggled during the recession, it is estimated that in the five years to 2015, the market for green goods and services will have grown globally at an average growth rate of nearly 4% per annum.
  • Ireland has significant strengths and advantages that it can leverage to exploit business opportunities in sectors such as renewable energy, smart grids, waste and water management, sustainable food, tourism, energy efficient products and services, and others.

 

Contact Us

Contact Avid Partners accountants today on 01 4286900 to see how we can assist you as your accountants. Email us at advice@avidpartners.ie. Download our article on your area, book a place on our next industry seminar or make an appointment today to chat about your business with one of our expert Avid Partner staff.

Solutions Include:

Scenarios:

No. The set up, financing and running of the company will be the same as any other. The same decisions need to be made regarding issues of limited liability, funding sources, regulatory requirements, taxes, etc. If it is a green business there may be other financial supports available through Enterprise Ireland or other green funds that can be explored pre-launch to determine if it meets specific green criteria's. After that the normal best practices in accounting, business operations, marketing and growth strategies will apply. Exports may be more of a viable option going forward if the business is successful as many European markets are green sensitive and new export markets may emerge in the future for your green product or service.
There are green opportunities in almost every sector. Creative thinking and innovative technologies are the key drivers of new ways of doing business in a greener way. The headline industries where you will most likely see stories on the news include the energy sector, the food industry, mining industries, car manufacturing and natural resources (water, fisheries, etc). Many entrepreneurs however are seeing opportunities in many other industries from a green perspective and the originators in many cases reap the early rewards for their innovations while other companies attempt to catch up with their inventions. The energy and waste disposal sectors were some of the first to be tapped by green entrepreneurs but now many are looking to other mainstream sectors for their green endeavours (water, car manufacturing, organic, renewables, transport, retail).
That used to be the way things where but times are definitely changing. In many industries it is actually becoming a competitive advance to be a green company not just in terms of financial savings but also from a corporate and differentiation stand points. Many of the worlds leading business figures are now pursing green ventures as they believe that this is the future of business. Leading examples include the Tesla Car (the innovative car design since the Delorean) and Bill Gates has also begun an investment campaign in green companies in recent years. Irish examples of companies leading their fields through green innovations include Mainstream, Green Star, Glen Dimplex, Bord Na Mona, Clearstream and even multinational like Diageo now have significant green interest in their business operations.
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