The UK has set out in law the target of achieving Net Zero by 2050. To achieve this, the country’s annual emission rates will need to be cut by over 260 MtCO2e (Metric tonnes of carbon dioxide equivalent). This is from 2019 levels to less than 90 MtCO2e in 2050 (Committee on Climate Change, 2019a).
Business and industry account for 25 per cent of UK territorial emissions (source: BEIS), with just under half of these emissions from SMEs.
In 2019, a YouGov study of over 9000 consumers found that they were 67% more likely to choose a product or service from a business that is taking action on climate change and the environment. In 2020, a Nielsen study also found 66% of all consumers are willing to pay more for sustainable brands. This figure is even higher for millennials (73%) and Gen Z (72%).
There is a significant and growing level of interest in sustainability, and it is becoming a more important factor when customers decide where to spend their money.
February 14, 2023
