In a world grappling with economic challenges, there’s a pressing need for sustainable innovation. The global community is approaching crucial net-zero deadlines, demanding unprecedented investments in climate technologies. This convergence of economic hardship and environmental urgency has made sustainable innovation a focal point in global government policies.
Introducing our fifth annual International Innovation Barometer report – a pivotal moment where innovation and sustainability become inseparable. Built on our analysis of global R&D trends from the past four editions, the International Innovation Barometer 2024 reflects insights from a survey of 1,053 key decision-makers, including R&D and innovation directors, Chief Financial Officers, Chief Executive Officers, and business owners across 17 countries spanning Europe, North America, and Asia.
Key findings from this year’s Barometer include:
- Innovation is essential for businesses: 99% of surveyed companies are actively innovating, with 97% having dedicated innovation budgets and 89% maintaining specialised innovation teams.
- On average, businesses allocate a substantial 6.4% of their revenue to innovation, with 55% investing between 6% and 10%.
- While only 23% rank sustainability as a top-three organisational priority, a noteworthy 78% have earmarked up to 20% of their annual budget for sustainability, with nearly 33% allocating between 11% and 20%.
- Approximately 33% identify challenges in the form of insufficient R&D tax incentives and a lack of supportive government policies hindering their progress.
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