As recently as March, the UK Government released figures showing that the UK had successfully reached the halfway point in terms of achieving net zero, slashing emissions 53% compared to pre-1990 levels. In doing so, they became the first major economy to achieve a decrease in emissions of 50% or more.
However, this news comes at a time when the Government is under fire for appearing to default on several environmental commitments. Holyrood became the first to admit to a moving of the goalposts, scrapping previous, ambitious plans to achieve a 75% reduction in emissions by 2030.
Westminster has continued to stress that they are committed to decarbonisation, but this comes in the wake of several U-turns including pushing back the ban on new petrol and diesel vehicles five years, and delays phasing out gas boilers.
There is no escaping the fact that the energy transition is a costly process, but scientists, economists and industry all agree that it is a short-term necessary pain for long-term gain. Carried out in a measured, properly planned way, the energy transition ultimately offers lower costs for end users, as well as cleaner energy and a major step towards achieving net zero. However, the lack of clarity and ongoing changes to what appeared to be set in stone policy doesn’t help anyone, least of all businesses that are already dealing with many other uncertainties.
While the Government may be wavering on commitment to clear carbon reduction pathways, the wider economy remains convinced that is the correct course of action, not just to protect the planet, but to deliver the best economic environment for ongoing growth and new opportunities for businesses.
It may now be the case that Government legislation won’t deliver the acute drive for decarbonisation that many expected, but in truth it shouldn’t have to. Consumers, investors, supply chain partners and potential recruits believe in it, and it is up to individual organisations to deliver on those expectations if they want to maintain their market position and competitive advantage.
Current or future legislative requirements aside, sustainability is a core part of your brand and how key audiences perceive you. There is clear evidence that the customers you want to sell to, organisations you want to work alongside and investors you are looking to secure financing from, are taking sustainability increasingly seriously.
- 60% of the UK public wants to increase net zero efforts
- 77% of consumers are concerned about climate change
- 66% of consumers factor sustainability into purchasing decisions
- 72% of investors factor ESG performance into investment decisions
- Public sector organisations including the NHS require a Carbon Reduction Strategy to be in place from suppliers
Putting a Net Zero Strategy in Place
With a lack of clarity on what any legislative requirements for net zero and carbon reduction might look like, it is important that carbon reduction plans are robustly designed and can clearly demonstrate progress to the key audiences that value them. By doing the work properly from the start, your organisation can be sure that they are unlocking the benefits of decarbonisation now. This includes: improved reputation, as well as in many cases, reduced costs and improved operations, futureproofing yourself by ensuring that you will be aligned with any future legislative requirements.
Science-based targets is the best way to achieve this, ensuring that your strategy is aligned with the most ambitious target of the Paris Climate Agreement: to keep global temperature increases below 1.5C. By doing so, you can clearly demonstrate to key audiences that not only is your organisation committed to better sustainability, but that you have a strategy in place that will deliver meaningful, impactful improvement over time.
While the benefits of mitigating climate change are clear, unless more punitive legislation is introduced in the future, the primary benefit of better sustainability is reputational. To capitalise on this, it is important that improvements can be quantified, measured and tracked over time. Consequently, vital data can then be shared and used to build your brand as a more responsible, ethical organisation.
Powerstar’s technologies are an ideal solution in this regard. Not only do they deliver improved sustainability, as well as reduced energy costs and better power resilience, but the comprehensive, real-time tracking and reporting they offer means that improvements can be measured and communicated effectively.
Find out more about how Powerstar works alongside clients to improve sustainability over time, as well as providing the knowledge and insight to understand, compile and communicate the improvements they have achieved.