Home Business Matter Majority of UK SMEs do not know their enterprise carbon emissions

Majority of UK SMEs do not know their enterprise carbon emissions

Majority of UK SMEs do not know their enterprise carbon emissions

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New analysis has at this time revealed that 87% of UK SMEs are unaware of their enterprise’s whole carbon emissions, regardless of good intentions – with nearly half  of UK SMEs recognising you will need to decrease their emissions within the close to future.

These stark statistics comply with NatWest’s publication of the ‘Springboard to Sustainability’ report, which detailed that, with the proper assist the UK’s six million SMEs can contribute to as much as 50% of the UK’s Web Zero decarbonisation objectives by 2030 value an estimated £160 billion in income.

To assist tackle this important hole between intent and data, the financial institution has launched the NatWest Carbon Tracker app which offers SMEs with an estimate of their carbon footprint. The app, developed in partnership with carbon monitoring knowledgeable Cogo, will likely be piloted with eligible SMEs within the manufacturing and transport sectors to permit these SMEs to trial the app, with no charge being payable to be used, earlier than NatWest appears to be like to roll the Carbon Tracker out to eligible SMEs extra extensively. It will assist to handle the necessity outlined by nearly half of SMEs who acknowledged they’d discover an emissions tracker software useful.

On downloading the app and linking it to their enterprise accounts, SMEs will have the ability to overview their transactions and estimated carbon footprint, see their estimated emissions over time, and examine them month-on-month. The app additionally suggests ways in which SMEs could possibly scale back carbon emissions and be taught extra concerning the assist accessible to assist them go and develop greener. These solutions embrace switching to electrical autos and transferring to renewable vitality and different modifications that might scale back emissions and will save SMEs cash on their vitality payments.

The SME pilot follows the profitable rollout of the carbon footprint monitoring characteristic to retail clients final 12 months in partnership with carbon monitoring knowledgeable Cogo to assist them perceive the environmental influence of their spending and to provide tips about how they’ll minimize their carbon footprint. Greater than 150,000 retail clients have used the carbon tracker since launch in November 2021.

The NatWest Carbon tracker is the newest product innovation launched by the financial institution, empowering SMEs to play their half in assembly the important local weather problem going through the UK. In February, NatWest launched Green Loans and Green Asset Finance propositions for qualifying SMEs, with no association charge, which can permit companies to put money into sustainable vitality, transport, buildings and agriculture.

This follows the partnership launched in 2021 with inexperienced vitality supplier Octopus Vitality to assist companies transition to greener transport by providing NatWest clients electrical automobile (EV) chargers at discounted charges and entry to Octopus Vitality’s public charging community.

Andrew Harrison, Head of Enterprise Banking, NatWest Group stated: “Because the UK’s greatest financial institution for enterprise, we all know many SMEs are uncertain about the place to begin on their sustainability journey, and plenty of don’t have the time or assets wanted to grasp their environmental influence.

“Nonetheless, with the proper assist, our analysis reveals that by 2030, it can make monetary sense for as much as 70% of UK companies to scale back emissions.

“Alternatives exist throughout all sectors of the economic system, however the Transport and Industrial sectors present probably the most pressing and instant constructive enterprise circumstances.

“At NatWest, we wish to cleared the path in serving to companies throughout the UK to deal with local weather change and to develop greener. A free and fast view of their carbon footprint can assist companies transfer in the proper path to chop emissions, acquire a aggressive edge, develop and future proof their enterprise because the UK works in the direction of making a 50% discount in emissions by 2030.”

Emma Kisby, UK and Europe CEO at Cogo stated: “SMEs are completely important to the UK economic system. Making up half of turnover within the non-public sector, they’re a key participant in addressing the local weather problem.

“As a small enterprise ourselves, we all know the challenges and alternatives confronted with regards to making significant change on this space. It may be daunting and complicated. SMEs want fast and simple options that may assist them perceive their carbon emissions, while additionally highlighting the modifications that may make a fabric distinction to decreasing their emissions.

“The launch of the SME pilot programme marks an essential extension of our already profitable partnership with NatWest, with our carbon monitoring now accessible to eight million of its clients.

“This reveals the ability of collective motion and the magic that may occur when large gamers within the monetary trade companion with sustainability specialists. Higher trade collaboration will assist us to ship the size and tempo of change that’s wanted for our planet.”

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