Funding constraints top barrier to improving energy efficiency in business, finds Cork Chamber surve

Funding constraints are the top barrier to improving energy efficiency in business, according to the findings of Cork Chamber’s Q4 2024 Economic Trends survey. Sponsored by PTSB, the survey measured business sentiment in Q4 2024, as well as the outlook for businesses as 2025 begins. Cork Chamber members were also asked about their experience of improving energy efficiency in their businesses and the challenges they face in doing so.  

Energy Efficiency a Growing Priority despite Funding Constraints
This edition of the Economic Trends survey explored attitudes towards energy efficiency in business and asked respondents about their experience of improving efficiency to date. Almost 70% of businesses surveyed had already implemented energy efficiency measures, including upgrades of equipment/facilities, usage of renewable energy, and changes to waste management practices. Of those who had invested in energy efficiency recently, 70% reported a notable benefit.

Cork Chamber President, Rob Horgan, commented, “With Cork designated an EU mission city for climate neutrality to 2030, businesses in Cork City and County have an important role to play in promoting sustainable practices and it is encouraging to see a high level of interest in improving energy efficiency among Cork Chamber’s members.

67% of respondents stated that they were likely to implement energy efficiency measures in 2025. However, a number of challenges were also identified, with funding constraints emerging as the top barrier to increasing energy efficiency.

Mr Horgan continued, “It is critical that sufficient resources are made available to support Cork businesses in their climate neutrality journey. With a new government set to be formed soon, supporting our climate goals should be to the fore in planning for the next five-year government term and beyond.”

Anna Buckley, Business Banking Manager at PTSB, commented on the survey’s findings: “At PTSB, we are committed to supporting and enabling businesses to navigate the transition to a low-carbon economy. With energy efficiency a clear priority for many businesses, we can provide support and access to lower cost loans to facilitate growth, and enable this investment in energy efficiency and sustainability.

Business Confidence High as 2025 Begins
Building on the increasing levels of confidence recorded over 2024, 96% of respondents reported feeling confident about their business in Q4 2024. A majority of businesses - 77% - also expressed confidence in the Irish economy as 2024 drew to a close.

Mr Horgan welcomed the survey’s findings: “The results of the Q4 Economic Trends survey paint a positive picture of the business landscape as we enter 2025, with high levels of confidence evident across the business community.

“In their responses to the survey, Cork Chamber’s members highlighted a number of challenges, however. Specialist skills shortages are an ongoing concern for many firms as they struggle to fill vacancies, while housing supply remains a pressing concern too. The findings also revealed a notable increase in geopolitical concerns among businesses in the last quarter.

Despite these challenges, 36% of respondents reported an increase in employee numbers in Q4 2024, up from 25% in Q3. 52% of those surveyed projected an increase in employee numbers in 2025.

Mr Horgan continued, “Addressing persistent challenges, such as housing supply and skills shortages, must be prioritised this year to enable businesses to capitalise fully on positive economic sentiment and realise their plans for growth.”

Ms Buckley commented, “The results of the Q4 2024 Economic Trends survey provide a valuable insight into business sentiment as 2025 begins, with high levels of confidence and optimism evident. We look forward to working with businesses this year to achieve their goals and support economic growth.”
For the full results of the Q4 Economic Trends, visit https://www.corkchamber.ie/quarterly-economic-trends/