NEWS UPDATE SMALL BUSINESS REPORT
Small firms eager to go green but lack critical support
A survey of over 2,000 small business owners has revealed a strong desire to improve sustainability, but also significant barriers preventing meaningful action. The research, conducted by Oxford Brookes Business School on behalf of Small Business Britain and BT, paints a picture of entrepreneurs who recognise the economic and environmental benefits of going greener, but are hampered by a lack of support and resources. The survey found that while four
in five small business owners want to boost their sustainability, nearly two-thirds (64%) say they require greater external support to make green improvements. Lack of finance was cited as the primary hurdle by almost half (41%) of respondents, while a third (34%) felt recent economic pressures like the cost-of-living crisis restricted their ability to reduce emissions. Despite these challenges, the report identified a growing awareness of sustainability as a potential growth opportunity, with almost one in four small business owners seeing it as a chance to expand. However, the
authors noted a “significant gap in sustainability knowledge and application” among smaller firms, suggesting a pressing need for practical guidance and support. The findings call for a multi-pronged
approach to empowering small businesses in their sustainability journeys. Researchers identified a “leadership vacuum” in this area, with small firms looking to both the public and private sectors for more proactive strategies and enhanced support structures. This includes financial aid (preferred by 65% in the form of grants), dedicated training and mentoring programs, and better alignment between government policies and small businesses’ sustainability needs.
The report underscores the
importance of climate adaptation planning, setting greenhouse gas emissions reduction targets, and formulating credible transition plans. By providing a foundation for informed decision-making and scientific action, it offers advice on the steps to help businesses start their net zero journey. Described as a starting point
A roadmap to net zero for manufacturers
A new climate change report providing a roadmap for businesses to effectively mitigate their impact on the environment has been produced by BEAMA. The report, titled ‘Climate Change: A Guide for Manufacturing Businesses on the Journey to Net Zero’, offers a comprehensive analysis of the intricate web of factors shaping the impact of climate change on manufacturing businesses. It highlights the urgent need to limit global temperature increases, the downstream market pressures driving change, and the imperative for sustainability.
EIBI | JUNE 2024
for businesses to take action, the report encourages companies to ask themselves not whether to act, but rather how swiftly and effectively they will adapt to the changing climate landscape. The report’s key findings and
recommendations include: ● The importance of setting science- based emissions reduction targets and developing credible transition plans ● The need for climate adaptation planning to mitigate the risks associated with climate change ● The role of circular economy principles in reducing waste and emissions ● The importance of engaging stakeholders and communicating climate action plans to employees, customers, and investors
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