Why an Effective Net Zero Strategy is Vital to Engaging with Key Audiences
The importance of achieving net zero to the UK public remains extremely high, and there is a growing need for businesses to embrace sustainability and demonstrate clear progress to continue to engage effectively with key audiences.
As well as now being enshrined in law for the UK to achieve net zero as a country, for an individual business, better sustainability presents a number of opportunities. It also prevents reputational or legislative issues further down the line by failing to do so.
Ultimately, while better sustainability can present cost-saving opportunities and helps protect the environment, it is also crucial for continued, positive engagement with customers, investors and supply chain partners.
Support for Net Zero
A report on public awareness of climate change and net zero showed conclusive support for the need to address sustainability. 83% of respondents indicated that climate change was a concern to them, while 78% supported the UK’s net zero target. When asked about technological changes, energy efficiency measures saw the greatest level of support at 66%.
We see similar levels of support when it comes to key audiences for businesses. A survey by Ernst and Young found that 73% of global institutional investors spent considerable time evaluating climate change factors when allocating funds. Amongst consumers, 49% prioritised environmental factors into their buying decisions, with over a quarter indicating it would become their most important purchase criteria within the next three years. Another study saw 84% of respondents state that a brand’s sustainability practices influence their purchase decisions.
Supply Chain Pressure
Many of your most important supply chain partners are already well aware of the growing public appetite for clear net zero ambition. This is particularly clear for any business that forms part of the supply chain for major grocery retailers, that have entered into something of an ongoing sustainability arms race in an effort to set themselves apart from their competitors. A major part as they reduce their own carbon footprint is to address those of their supply chain partners, a campaign first launched by Tesco but now with competitors looking to follow. Put simply, if you want to continue to work with these major retailers, having an effective net zero strategy in place is critical to ongoing good relations.
The same applies for many manufacturers, as tackling Scope 3 emissions becomes an increasingly important part of maintaining their Climate Change Agreement, and the valuable discount on their Climate Change Levy that comes with it. In just the past two weeks, Aston Martin, Intel, Mars and Apple have made statements that they will target the emissions of their supply chain as they look to continue progress towards net zero.
Tackling your organisation’s sustainability is a complex task, while actually achieving net zero requires a comprehensive review of your operations, supply chain and future planning. Achieving it requires effective guidance from specialists that are able to produce a practical and complete plan for your business to achieve it.
Find out how Powerstar can support your net zero ambitions and reduce emissions associated with your energy use
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