The journey to net zero is set to accelerate in 2022 as new research from Time Finance reveals that business leaders are planning to implement strategies to reduce their carbon footprint and improve their green credentials over the next 6 months.
The survey which explored business efforts to go green found that firms in the South of the UK are leading the charge, with 100% already having plans in place to reduce their carbon footprint - from partnering with sustainable suppliers to investing in electric vehicles and other eco-friendly machinery cited as the main areas for driving change. Northern firms, on the other hand, appear to be off to a slower start with just half of business leaders in this region putting their plans into place.
Whilst 100% of East-Midlands based businesses and one in five North West firms told Time Finance that the cost of implementing green initiatives is deterring them from taking steps to improve their sustainability, business owners in the Southern and Welsh regions of the UK said that they did not see affordability as a barrier to change.
Ed Rimmer, CEO at Time Finance, commented: “Our impact on the environment dominated the headlines following COP26 and the pressure is on British businesses to act now. It’s fantastic to see those already taking steps to reduce their carbon footprint.
“That said, there appears to be a considerable difference between northern and southern businesses and the progress they are making with their efforts to go green. As a national funder, we want to ensure that every business regardless of location, breaks down those barriers and can bring their investment plans to life. Our findings indicate that for particularly those in the North working capital, encouragement and confidence to invest in more sustainable practices is needed.”
In the survey Southern firms joined those in the Northern regions to call on the Government for more support. 45% believe there should be more guidance available on what measures can be taken to improve their carbon footprint and what systems can be put in place to track their impact on the environment. 22% noted that there should be a skills training and investment programme to support a green economy.
Ed continued: “Interestingly, both the North and South report and recognise there to be a gap in knowledge, guidance and skills training available. To me, it is clear that moving closer to net zero is about incremental change. Business owners overcome a variety of challenges every day and for this very reason, they simply can’t give all of their time and resources to just one (albeit pressing) issue. That said, the pressure to address climate change still remains. If SMEs are to act now, they need more support.”
Time Finance specialise in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. UK Businesses can take advantage of an extensive portfolio comprising: Asset Finance, Invoice Finance, Commercial Loans, Property Finance and Vehicle Finance. As the market continues to improve, Time Finance are confident that the business is well positioned to take advantage of the opportunities that should arise over the coming months and beyond.