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Small UK companies ill-prepared for net zero, business leaders warn

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Financial Times or enjoy below

🗞️ Driving the news: The British Chambers of Commerce (BCC) and Lloyds Bank have conducted a survey revealing that only one in 10 small businesses in the UK understand what the 2050 net zero target means for them
• Business leaders are calling on ministers to give clear guidance to these companies and are urging large corporations to drive change in their supply chains

🔭 The context: The UK's legally binding target to achieve net zero carbon emissions by 2050 was introduced in 2019
• However, awareness is low, especially among small businesses, with 60% of those surveyed saying they have no intention or don't know how to reach net zero

🌎 Why does it matter for the planet: The lack of understanding and potential reluctance to invest in green technologies among small businesses could hinder the country's progress toward decarbonization

⏭️ What's next: The government and large institutions need to provide consistent and actionable guidance to small companies, including improving infrastructure like EV charging points and addressing supply chain issues
• They must also work on dispelling fears and misconceptions, such as the belief by 21% of companies that green technology would decrease productivity

💬 One quote: “All the businesses we spoke to understand the devastating impact climate change is having on our planet, and that sitting this out is not an option. But many smaller firms feel lost in a fog of conflicting information and are reluctant to invest in new technologies when they fear betting on the wrong horse.” (Shevaun Haviland, director-general of the BCC)

📈 One stat: Only 8% of over 1,000 companies surveyed said they "comprehensively understood" the implications of the net zero target for their business, while 34% said they were investing in greener vehicle

Click for more news covering the latest on net zero

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