Bedfordshire Chamber of Commerce
Net zero and the business community
Net zero means achieving a balance between producing and removing Greenhouse Gas (GHG) emissions within a system. Achieving net zero requires signifi cant reductions in GHG emissions, of which the most prevalent is carbon dioxide. At present, the amount of GHGs in the atmosphere is increasing global
average temperatures, causing climate change; 2020 was the hottest year on record. T is has and will continue to negatively impact economies. Climate change increases the likelihood of extreme weather phenomena, such as storms and heatwaves. T is disrupts and damages business operations, and causes supply
chain shortages, impeding the manufacturing of goods and ultimately leading to increased costs. For example, experts recognise that storms such as Ciara in 2020, are exacerbated by increased global average temperatures. Storm Ciara impacted many UK businesses, and cost approximately £1.8bn in damages across a number of countries. T is demonstrates how failing to tackle climate change presents a
signifi cant risk to our local business communities. Consequently, the UK Government has set a legally binding target to reach net zero carbon emissions by 2050. A green recovery will contribute to meeting those targets, provide reduced business risk from future climate change impacts, and will provide opportunity to increase competitive advantage. T us, it is important for businesses and policy makers to capitalise on the benefi ts of the net zero transition.
Justin Richardson CEO
Bedfordshire Chamber of Commerce
What does net zero mean for business? Government and private sector investment in low- carbon innovation, technology and practices, for transitioning to net zero by 2050, could improve GDP by 2 to 3% between 2020 and 2050, supporting around 300,000 jobs. This, along with the high predicted growth in the low-carbon technology sector, will provide business certainty and new business opportunities. This economic growth will continue to build upon regional strengths and opportunities in manufacturing, transport, electric vehicles, waste recovery and recycling. Environmental performance will increasingly be
a key factor in selecting supply chains, procurement, implementing strategy, attracting investment and new customers. Consequently, local business should consider how to meet the commercial and environmental requirements of new opportunities, in order to maintain and improve future competitiveness.
Competitive advantage Reducing businesses’ environmental impact increases competitiveness through reduced cost, increased sales, investment and differentiation, improved process effi ciencies and preservation of resources, and enhanced reputation. Stakeholder expectations towards environmental
activity (such as investors and customers) continue to demand increased action, transparency and compliance on environmental matters. As such, sales could be lost to more environmentally proactive competitors. In Bedfordshire, many businesses are planning to take, or are taking, action on energy,
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ALL THINGS BUSINESS
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