A survey of businesses has found that nine out of 10 don’t fully understand what the Government’s target of making the UK Net Zero by 2050 means for them.
The research also showed that many (one in five) believe the introduction of green technology will decrease the productivity of their company.
It has led to the British Chambers of Commerce (BCC) joining forces with Lloyds Bank to raise awareness about the push towards net zero and provide extra support.
The research was carried out by the BCC and involved 1,000 firms, of which 96 per cent are SMEs. It also showed a substantial divide between firms with more than 50 employees and those with fewer than 50 in terms of understanding and progress.
A total of 56 per cent of the bigger businesses have a ‘complete’ or ‘some understanding’ of the Net Zero target, compared to just 35 per cent of the smaller ones.
And almost twice as many firms with more than 50 employees (36 per cent) have developed a plan for reaching Net Zero compared to those with fewer than 50 (19 per cent).
Those one in five businesses (21 per cent) who think that green technology will decrease productivity, cite extra costs and time required to adopt green technology as being the main concerns.
The research also showed that:
- More than two thirds of SMEs (69%) have installed LED lighting
- More than a third (34%) are investing in greener vehicles
- Just under a third (30%) are using solar panels
- Almost half (46%) are using recycling and waste management strategies
- Over a quarter (28%) use renewable energy providers or tariffs
Paul Gordon, Managing Director, Relationship Management Business & Commercial Banking at Lloyds Bank said: “SMEs account for 99 per cent of UK business, three-fifths of employment, and half of the total turnover of the UK’s private sector. Their significance to the UK economy is not in any doubt.
“The research from BCC reaffirms the challenges businesses face on their journey to Net Zero, but it’s pleasing to see that firms are already focusing on quick wins such as installing LED lighting and utilising recycling and waste management strategies.
“However, the research also showed that smaller firms don’t always have access to the resources that larger firms have and may need more support.”
