In data: UK government instability, costs are barriers to net zero
22-5-2024
IN DATA: UK GOVERNMENT INSTABILITY, COSTS ARE BARRIERS TO NET ZERO
New research by the UK national standards body, BSI,
indicates that progress towards net zero could be jeopardised, as nine in ten
UK businesses are calling for greater government support to help meet their
decarbonisation targets, and half of them cite cost as a significant barrier.
BSI
published its fourth annual Net Zero barometer, based on a survey of over 1,000
senior decision-makers from UK businesses of all sizes and across all sectors,
including apparel.
The report found that a majority (83%) of
businesses are committed to achieving the UK’s legally binding net zero
emissions target. Despite this commitment, 92% of respondents indicated that
barriers remain, and a stubborn fifth remain wholly uncommitted to achieving
net zero by 2050.
BSI believes this suggested minimal progress
since BSI’s first barometer in 2021, when 18% of businesses
had not made a commitment to net zero.
The research highlighted that businesses
feel both their organisations and industries have a responsibility to help the
country achieve net zero emissions. However, they also emphasised the need for
increased government support to manage the costs of this transition.
Notably, 96% of respondents are urging the
next government to provide more support, including financial incentives, to
facilitate this effort.
Political uncertainty was identified as
another key challenge, with 38% of respondents stating that their ability to
decarbonise was hampered by uncertainty over the government’s green
commitments. Additionally, 35% expressed concerns about the uncertainty
surrounding future government actions.
According to the report, a significant 92%
of respondents want political parties to show a strong pre-election commitment
to the UK’s net zero goals through targeted policy measures.
Key figures from the report
- 51% of retail businesses cited
cost as a barrier to net zero action.
- 36% of retail businesses
reported a lack of available financing to invest in green technology.
- 33% found it difficult to source
suppliers with net zero credentials.
- 66% of businesses have made
progress on emissions reduction measures within their organisations.
- 59% have made progress within
their organisations on emissions reductions.
Apparel
industry leans into ‘net zero’ conversations
Other keywords that made a part of this
conversation were ’emissions’, followed by ‘climate’ which were used 299 and
221 times respectively in 2023.
Apparel companies are increasingly leaning
towards meeting net-zero carbon emissions targets. Recently in May, Levi Strauss received approval from the Science Based Targets
Initiative (SBTi) on its net zero targets for 2050. Jeffrey Hogue,
LS&Co.’s chief sustainability officer, said the official validation by SBTi
gives it a clear target to work toward across Levi Strauss’ operations.
To achieve net-zero carbon emissions,
apparel companies need to consider the emissions generated throughout the
product lifecycle. SBTi plays a crucial role in this regard, helping companies
set credible emissions reduction targets. It provides companies with a
clearly-defined path to reduce emissions in line with the Paris Agreement
goals.
SBTi shared that more than 5,000 businesses
around the world are already working with the organisation.
By Just Style
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