By Anna Jordan on Small Business – Advice and Ideas for UK Small Businesses and SMEs
Small businesses aren’t getting enough support to help the UK reach net zero, according to a new report.
It highlights that 99 per cent of British businesses are unlikely to be ready for the increase in carbon reduction policy and regulation, with the government focusing on large companies and the highest carbon emissions thus far.
Neglecting small businesses puts 52 per cent of the government’s turnover at risk and excludes a quarter of the workforce, meaning that the UK won’t meet its targets. The warning comes from Bankers for NetZero, a body made up of several banks aiming to identify initiatives before COP26 in Glasgow this November.
The UK has a legally binding target of net zero emissions by 2050. Official estimates in March show that emissions fell to 49 per cent below 1990 levels last year. This is partly down to reduced car traffic and industrial activity.
In order to help small businesses, Bankers for NetZero says that they need support using all of the following methods.
Financial incentives
This could mean:
Lowering the cost of capital by offering ‘green’ financial products and services, rewarding firms that invest in decarbonising operations