Risk management
The UK’s ‘Together for our Planet’ initiative aimed to engage businesses, civil society groups, schools and people in the run up to the summit.
Similarly, in September, Andrew Griffith, the UK’s net-zero business champion, wrote to FTSE100 companies, encouraging them to set net-zero targets and join the Race to Zero campaign. “With around 70 days until the UK-hosted COP26 climate summit, I’ve written to CEOs with a clear message that now is the time to get on board,” he said, explaining that the UK’s largest businesses “have a responsibility to show leadership on climate.”
“Collaboration between government and business has and will continue to be important in building new thinking and spurring action. COP26 is the next exciting opportunity to collaborate and we are delighted to support the UK government with the conference.”
Sea change 68% GSK 64%
British Chambers of Commerce and SUEZ
22
Despite these attempts to encourage change, and the successes so far, it’s clear that businesses are still lagging behind – but why?
The percentage of global electricity GSK generates using renewables.
UK businesses that have no environmental sustainability policy.
It seems there is still a lack of understanding in terms of both the urgency of the climate crisis and what ‘sustainability’ means. Research published in September, by the British Chambers of Commerce and water and wastewater management company SUEZ, found that 64% of UK businesses surveyed have no environmental sustainability policy, while 82% think ‘environmental sustainability’ comprises only recycling and reuse of materials. “With just two months until the UK hosts COP26 the time is ripe for a sea change in approach to make environmental and social policies a core part of UK business strategy,” explained John Scanlon, CEO of SUEZ. Scanlon argues that “businesses are looking to government for a supportive regulatory framework” and that “there is a clear need for top- down support”.
The same month, that sentiment was echoed by a letter to Boris Johnson signed by around 100 UK businesses across a range of sectors, including BT, Unilever, Tesco, the National Grid and Heathrow Airport. “A successful summit that achieves the UK presidency’s goals requires strong UK leadership combining effective diplomacy with credible outcomes, including international solidarity with countries lacking the resources to tackle these challenges alone,” the letter said. “The countdown to COP26 gives you a limited window to show such leadership.” Lund agrees that businesses are only one piece of the puzzle, and that collaboration is vital: “No government or business can deliver climate targets alone. We must work closely to develop ambitious and achievable targets, backed by supportive commercial and industrial policy.” Lund cites the Lowering Emissions by Accelerating Forest (LEAF) coalition as a key example of “an exciting approach between business and government”. GSK joined the initiative in April, which aims to raise $1bn to become one of the largest public-private efforts to help protect tropical forests.
Lund also notes that “what is really important is the ‘right’ partnerships being developed, not necessarily the number of partnerships. And these partnerships can take many forms, whether that’s with government, within a business sector or across multiple industries.”
“Businesses must continue working with governments to find policies and strategies that support [them] in achieving sustainability goals,” she adds. “Governments need to understand the science, develop the insights and work with business to back action. In doing so, governments can help minimise unintended consequences. At GSK we know we cannot deliver goals by ourselves and are working across our value chain to take action. Governments are a vital part of this.” All the same, Lund is keen to stress that “aligned goals and transparency” are necessary in order for these partnerships to be successful, and that collaboration should be relevant and have clear aims. Nevertheless, she believes that we will see increased collaboration between business and government moving forward. “I would expect that the number of partnerships will continue to grow, as recognition of the need to act across business and governments continues to build, and as established partnerships demonstrate that more can be achieved collectively than working alone.” And as Lund adds, COP26 is a clear example of what can be achieved: “Collaboration between government and business has and will continue to be important in building new thinking and spurring action. COP26 is the next exciting opportunity to collaborate and we are delighted to support the UK government with the conference.” ●
Finance Director Europe /
www.ns-businesshub.com
Philip King/
Shutterstock.com
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