Businesses failing to set net zero strategies
Many firms are not taking action to reduce emissions
British businesses large and small are failing to instigate net zero strategies despite the push on decarbonising the economy.
A survey by the British Business Bank found that smaller companies are responsible for about half of emissions produced by businesses and more than three in four (76%) are yet to implement a comprehensive decarbonisation strategy.
Separate research shows that of companies listed on FTSE 100 Index, 45 have no net-zero target at all and just 23 have a scientifically approved plan.
The study by ESG investment research and asset manager Arabesque found that 28 FTSE companies are on course to contribute to a global temperature rise of 2.7 degrees Celsius or above by 2050. Scientists believe such a rise would lead to a worst-case climate scenario.
Just 3% of smaller businesses surveyed by the British Business Bank say they have measured their carbon footprint in the past five years and subsequently set an emissions reduction target.