Efficiency & Environment, Top Stories

‘UK businesses unprepared for net zero’

A survey indicates that only 35% of smaller firms fully comprehend the net zero target, in contrast to 56% of larger enterprises

Dimitris Mavrokefalidis
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Thursday 10 August 2023
Image: Barry Barnes/Shutterstock

Nearly 35% of smaller firms in the UK possess a clear comprehension of the net zero objective, in contrast to 56% of their larger counterparts.

That’s one of the findings of a recent survey conducted by the British Chambers of Commerce (BCC) and Lloyds Bank.

The survey, which encompassed more than 1,000 businesses, shed light on the varying levels of awareness based on the size of the company.

While the survey reveals a knowledge gap, it also offers encouraging insights.

Despite a partial understanding of the net zero target, many firms are already adopting eco-friendly practices and technologies.

For instance, over two-thirds of small and medium-sized enterprises (SMEs) have embraced energy-efficient LED lighting.

Moreover, more than a third are investing in environmentally friendly vehicles, and nearly half are implementing recycling and waste reduction measures.

Paul Gordon, Managing Director, Relationship Management at Lloyds Bank said:  “SMEs are the lifeblood of the UK economy and will play a critical role in our sustainable transition.
“Despite a challenging external environment and cost, time and resource pressures, our research with the BCC shows that businesses are taking steps towards net zero, particularly where the commercial benefits are clearer – for example, reducing energy consumption to lower costs.
“This report highlights the need for clarity from the government on the support available and reinforces the need to remove the barriers for investment such as a greater electric vehicle (EV) charging infrastructure, giving SMEs the confidence to invest.”

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