77% of UK SMEs either do not have or are unsure of their strategies to decrease their carbon emissions, survey reveals

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23rd June 2022 16:41 - Chemicals

77% of UK SMEs either do not have or are unsure of their strategies to decrease their carbon emissions: A survey into business leaders’ favoured approaches to reducing their carbon emissions has found that almost eight in 10 are not aware of or do not have a strategy. Furthermore, around half of those surveyed said they didn’t know what the term ‘net-zero’ meant.
The study, by YouGov for Lloyds Bank, polled of over 1,000 SME businesses in the UK at the start of 2022 and aimed to illicit their approaches to reducing carbon emissions and net-zero. The survey found that just over three-quarters (76%) do not have comprehensive strategies to tackling the issue – with many stating they lacked the in-house capabilities and funds to put in place such strategies.
When asked about whether they knew about their own carbon footprint, just 12% said they had calculated their carbon footprint. In addition, a third said their lack of knowledge meant they could not gain a better understanding of the problem, with a quarter saying they didn’t have the funds or the time to improve their knowledge.
The issue of how to reduce carbon emissions is further exemplified with over 75% of participants saying they do not have ambitious enough targets to reach net-zero. Many stated a lack of finance, time, and understanding as the main reasons for not having an ambitious enough target.
In addition, there are over five and a half million SMEs in the UK, meaning over four million SMEs not have net-zero targets which are not challenging enough.
Adam Rainey, commercial director of business banking for Lloyds Bank, said: "While our nation’s small businesses recognise the importance of tackling climate change, there are real issues with understanding how to get there – including calculating carbon emissions and even the meaning of net-zero. Fortunately, there’s a whole host of support available to help businesses make their first steps in becoming greener."

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