Survey reveals that 80 per cent businesses with a net zero strategy are confident they will meet their goals
Less than a third of UK businesses have a strategy for reaching net zero and 42 per cent of companies are feeling “overwhelmed” by the steps needed to achieve the goal, research from YouGov on behalf of Veolia has found.
According to the survey of over 1,000 senior business decisionmakers, 29 per cent said UK businesses have a strategy for achieving carbon net zero.
This figure was slightly higher among larger UK companies with over 250 employees, where 52 per cent have a net zero strategy, while 61 per cent of larger firms also felt their reputation would be negatively impacted if they failed to achieve their net zero goals, the report found.
Environmental concern was the biggest driver for businesses with a net zero strategy, with 72 per cent saying it was a key reason behind their carbon targets, while reputation came in second with 60 per cent.
Veolia noted that 80 per cent of firms that had committed to a net zero strategy were confident they would achieve their goals.
The study also showed that investment and government legislation were the most popular types of support businesses with net zero strategies would like to see to reach their carbon goals, picked by 40 per cent and 39 per cent of respondents respectively.
Just 12 per cent said they did not need any external support to achieve their net zero goals. Meanwhile, 56 per cent of UK companies with a net zero strategy have set a budget to achieve their targets, while 40 per cent of companies surveyed are also currently employing third parties for carbon offsetting practices.
Gavin Graveson, senior executive vice president of Veolia Northern Europe Zone, said: “Just over forty percent of UK businesses may feel overwhelmed by the steps they need to take to reach carbon neutrality, but every step businesses take makes a difference to our planet, protecting it for future generations.
“We need to see more industries commit to a robust strategy to reduce their environmental impact, whether that be through use of electric vehicles, cleaner energy supplies or reduced packaging.”
He continued: “In the wake of COP26, we need to work together, share expertise, innovate and research new sustainable solutions so carbon net zero can become a reality, rather than a goal.”
This article first appeared on BusinessGreen’s sister site Investment Week.