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SMEs Could Lead The Way To Net-Zero
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A new report on the power of SMEs suggests that SMEs could drive the transition to net-zero. With SMEs contributing almost half of UK turnover and employing 43% of the private sector workforce, SMEs represent a crucial player in the transition to net-zero. It is estimated that SMEs could generate around 130,000 jobs and produce 30,000 new businesses. The transition to net-zero is predicted to deliver a further £140 billion in gross value added to the UK economy by 2030.
NatWest has announced its intention to provide £100 billion of Climate and Sustainable Funding and Financing (CSFF) by the end of 2025. The CSFF will target helping businesses transition to a net-zero economy.
This injection of investment will act as a significant boost to the Prime Minister’s plans for a Green Revolution.
The report is expected to send shockwaves through UK SMEs as it highlights the considerable potential for economic growth and business potential associated with the transition. Indeed, this news acts as a counterweight to the firm belief throughout SMEs that climate action is an opportunity for business growth. The report stated that only 10% of SMEs had considered climate action a source of future growth.
Whilst the touchpaper remains to be lit when it comes to SME attitudes to climate action, this report has the potential to ignite the touchpaper and set in motion the transition to a net-zero economy.
Indeed, the report identifies that SMEs have two distinct opportunities to create value for their business during the transition.
Firstly, by driving the value of their business through reducing their emissions. The UK emits 1.1% of the world’s emissions, with SMEs responsible for almost half of that.
Secondly, by unlocking growth through more comprehensive climate action
The report highlights six key areas where SMEs need support to achieve a successful transition:
- Funding Access – Ensuring that the societal benefit of delivering climate action is reflected in support, initiatives, and investments.
- Awareness – Dissemination of information and support that highlights the opportunity climate action presents.
- Knowledge – Provide education to illustrate why reducing emissions is business friendly and highlight ways to do so.
- Skills and Capabilities – Support the development of new skills to help deliver the transition. This may include the provision of employee training.
- Market Access – Improved financial security and certainty of the benefits of climate action.
- Navigation – Provision of support to help SMEs navigate the transition to Net-Zero.
At BP, we are committed to helping SMEs on the road to the Net-Zero goal. Our industry specialists can help you navigate the ins and outs of renewable energy, helping you save money on your bills and contribute to the reduction of Carbon Emissions. If you want to learn more about how we can save you money and help you start your journey to Net-Zero, then get in contact today.