March 07, 2022
Article
The UK has committed to making all its greenhouse gas emissions net zero by 2050, meaning emissions must be balanced by schemes to offset the equivalent amount of greenhouse gases from the atmosphere.
A survey carried out by Somerset Chamber of Commerce found that only half of respondents had started working towards net-zero. 28% of firms said hitting net-zero targets was not a priority, and 10 percent of businesses cited cost savings as a reason for being more green as opposed to any other factor.
Alistair Tudor, Somerset Chamber of Commerce’s Operations Manager, said: “Businesses can often find that there are significant positive effects from working towards net zero. These can include cost and efficiency savings, support for recruitment efforts or company profile and the ability to be competitive in tender processes.
Sophie then gave examples of sustainability actions being taken by larger businesses which are having a knock on impact on much smaller organisations. An example was provided of Tesco, who are requesting proof from their supply chain around their sustainability strategies including requests to switch to renewable energy suppliers and submit net zero plans. Businesses need to be taking action now to be ready for these types of requests as they will start to grow in frequency.
“Banks are already asking their business clients what they are doing in the area of decarbonisation. I wouldn’t be surprised if in the future there are lower lending rates being offered to businesses with better carbon neutrality. It’s not happened yet, but I think it is a definite possibility” she said.
“If the UK is going to achieve its plans to become net-zero by 2050, it’s clear businesses need more support.” We are here to support businesses in starting on this journey.