Businesses raise concerns over the cost of net zero amid energy crisis
Nine in ten businesses are concerned about costs of funding the transition to net zero amid a spike in energy prices, revealed the latest research from Npower Business Solutions (NBS).
The company’s report – Business Energy Tracker – revealed nearly half of UK businesses believe the current crisis will harm progress towards reaching climate goals, such as reaching net zero carbon emissions by 2050.
More than half revealed that energy efficiency and energy management would be their most important investment priority over the coming 12 months, as businesses look to cut down their energy use.
Two-thirds of respondents still consider net zero to be an achievable goal with businesses in favour of sustainability measures.
Anthony Ainsworth, chief operating officer at NBS, said the government needed to provide more clarity and more support for businesses if the UK was to reach its environmental targets.
He said: “While businesses are navigating multiple pressures and increased costs, we are also being warned that the next ten years must be a ‘decade of delivery’ when it comes to climate change and hitting our net zero emissions target by 2050.”
“This research shows that businesses back net zero, and they recognise the environmental, commercial and reputational benefits it can bring, However, the current pressures mean that confidence is starting to wane. If the government wants to keep the support of businesses to help them achieve their net zero targets, then they need to intervene now with policies to support them.”
The company asked 200 large organisations about the impact of the energy crunch on their confidence to invest in decarbonisation and other measures, as well as how they are managing energy risk.