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New analysis has as we speak revealed that 87% of UK SMEs are unaware of their enterprise’s whole carbon emissions, regardless of good intentions – with virtually half of UK SMEs recognising you will need to decrease their emissions within the close to future.
These stark statistics comply with NatWest’s publication of the ‘Springboard to Sustainability’ report, which detailed that, with the suitable assist the UK’s six million SMEs can contribute to as much as 50% of the UK’s Internet Zero decarbonisation targets by 2030 price an estimated £160 billion in income.
To assist handle this important hole between intent and data, the financial institution has launched the NatWest Carbon Tracker app which offers SMEs with an estimate of their carbon footprint. The app, developed in partnership with carbon monitoring professional Cogo, shall be piloted with eligible SMEs within the manufacturing and transport sectors to permit these SMEs to trial the app, with no payment being payable to be used, earlier than NatWest appears to be like to roll the Carbon Tracker out to eligible SMEs extra extensively. This can assist to handle the necessity outlined by virtually half of SMEs who said they’d discover an emissions tracker device useful.
On downloading the app and linking it to their enterprise accounts, SMEs will be capable to evaluate their transactions and estimated carbon footprint, see their estimated emissions over time, and examine them month-on-month. The app additionally suggests ways in which SMEs could possibly scale back carbon emissions and study extra concerning the assist obtainable to assist them go and develop greener. These solutions embrace switching to electrical automobiles and transferring to renewable vitality and different modifications that would scale back emissions and will save SMEs cash on their vitality payments.
The SME pilot follows the profitable rollout of the carbon footprint monitoring characteristic to retail clients final yr in partnership with carbon monitoring professional Cogo to assist them perceive the environmental influence of their spending and to present tips about how they will minimize their carbon footprint. Greater than 150,000 retail clients have used the carbon tracker since launch in November 2021.
The NatWest Carbon tracker is the most recent product innovation launched by the financial institution, empowering SMEs to play their half in assembly the crucial local weather problem dealing with the UK. In February, NatWest launched Inexperienced Loans and Inexperienced Asset Finance propositions for qualifying SMEs, with no association payment, which can permit companies to spend money on sustainable vitality, transport, buildings and agriculture.
This follows the partnership launched in 2021 with inexperienced vitality supplier Octopus Power to assist companies transition to greener transport by providing NatWest clients electrical car (EV) chargers at discounted charges and entry to Octopus Power’s public charging community.
Andrew Harrison, Head of Enterprise Banking, NatWest Group mentioned: “Because the UK’s largest financial institution for enterprise, we all know many SMEs are uncertain about the place to begin on their sustainability journey, and lots of don’t have the time or sources wanted to know their environmental influence.
“Nevertheless, with the suitable assist, our analysis exhibits that by 2030, it would make monetary sense for as much as 70% of UK companies to scale back emissions.
“Alternatives exist throughout all sectors of the economic system, however the Transport and Industrial sectors present essentially the most pressing and speedy optimistic enterprise instances.
“At NatWest, we need to prepared the ground in serving to companies throughout the UK to deal with local weather change and to develop greener. A free and fast view of their carbon footprint might help companies transfer in the suitable course to chop emissions, acquire a aggressive edge, develop and future proof their enterprise because the UK works in direction of making a 50% discount in emissions by 2030.”
Emma Kisby, UK and Europe CEO at Cogo mentioned: “SMEs are completely important to the UK economic system. Making up half of turnover within the non-public sector, they’re a key participant in addressing the local weather problem.
“As a small enterprise ourselves, we all know the challenges and alternatives confronted in the case of making significant change on this space. It may be daunting and sophisticated. SMEs want fast and simple options that may assist them perceive their carbon emissions, while additionally highlighting the modifications that may make a cloth distinction to lowering their emissions.
“The launch of the SME pilot programme marks an vital extension of our already profitable partnership with NatWest, with our carbon monitoring now obtainable to eight million of its clients.
“This exhibits the facility of collective motion and the magic that may occur when large gamers within the monetary trade associate with sustainability specialists. Larger trade collaboration will assist us to ship the size and tempo of change that’s wanted for our planet.”
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