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By 2050, the UK must achieve its target of Net Zero carbon emissions. It’s an achievement that will depend on every one of us making an effort. Big businesses, small businesses, public sector, charities and more.
Here, we explore some of the reasons why it’s important not to delay embarking on your Net Zero Pathway, what might be holding some businesses back and what you can do to take the first steps.
The 2050 target might seem like a long way off, but it’s only 25 years away.
Look back to 25 years ago and we were all partying our way into a new millennium, trying not to think about the predicted bug that was expected to bring chaos to all things digital.
In the grand scheme of things – especially in the timeline of this precious planet that we’re striving to protect – 25 years is not a long time. To ease us towards Net Zero, the government has set out interim milestones that should ensure that we’re tracking in the right direction.
UK – Net Zero key milestones
2019 – The Government passes legislation committing the UK to a 100% reduction in greenhouse gas (GHG) emissions by 2050, measured from a 1990 baseline.
2030 – GHG emissions to reduce by 68% against the baseline.
2035 – GHG emissions to have reduced by 81% against the baseline (this new interim target was announced by the Prime Minister at COP29).
2050 – Net Zero to be achieved.
Have you not yet started tracking towards Net Zero?
If that’s the case, then you’re certainly not alone.
Statistics indicate that 34% of businesses have yet to set a Net Zero target (1). It’s perhaps not a surprising statistic. For many small and medium-sized enterprises (SMEs) – and for some large organisations, too – it’s a daunting task. Resources, costs, a lack of understanding of what’s required and what they can do, are proving to be barriers that many have yet to overcome.
Even for the 66% who have set targets, 24% say they are aiming to achieve Net Zero in the period 2025-2029, which points to a possible lack of understanding of what Net Zero entails. To be able to track your progress towards Net Zero, you need to understand your starting point, the changes you can make, and how to track and report your progress. For organisations without the luxury of sustainability professionals within their ranks, it can be a complex and onerous task.
The reality is, however, that pressure is going to build on businesses – even the smallest – to take action.
Three reasons to step up a gear on your Net Zero Pathway.
1, Customer demand – Organisations that have already mapped out their own Net Zero pathway, particularly those that have set out ambitious plans that include Scope 3, require their supply chain to follow suit.
According to research, in the last 12 months 46% of UK businesses have been asked by customers, or in tender applications, to provide information.1 It means that businesses who have been putting it off are going to start feeling the squeeze. Scroll down to see our case study about one such customer.
2, Banking and financing sensitivity – Financial institutions are growing increasingly sensitive about who they lend money to, and sustainability is high on their priority list. Businesses that are unable to provide evidence that they’re making progress in this area might find they’re out of luck if they’re looking to borrow money or attract investment.
3, Recruiting new talent – 75% of graduates say, “they would be more likely to apply to a company with strong sustainable practices”, while 52% say “they have looked at a company’s sustainability plan or corporate social responsibility policy when looking for a job.” (2)
That’s a message that the new generation of workers coming through takes sustainability seriously and expect their employers to do the same.
It’s clear that having a strategy for achieving Net Zero is must-have for all businesses.
Case Study
Take this example of a cheese manufacturer we were talking to about Net Zero. They’re a small business who didn’t think there was any hurry for them to do anything and they were putting it off. After all, what difference to the overall picture of GHG emissions will a small business make?
Quite a lot actually. 43-53% of UK greenhouse gas emissions are generated by SMEs. (3)
Several months after our conversation, the initially reticent small cheese manufacturer came back to us. A supermarket, accounting for 60% of the cheese manufacturer’s sales, had requested to know their plans for achieving Net Zero. The supermarket had set out its own plans to achieve Net Zero by 2035 and required its supply chain to do the same.
If the cheese manufacturer hadn’t come up with a plan for Net Zero, they would have lost 60% of their business, almost overnight.
As well as making your business more attractive to customers, financial institutions and graduates, Net Zero can bring other benefits to:
Ready to get started on your Net Zero Pathway?
At Consultus, we work with businesses of all sizes to realise these benefits and more by:
Are you ready to take a step onto your Net Zero Pathway? Contact us today to find out more!
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