Post by account_disabled on Feb 19, 2024 23:58:05 GMT -5
A survey of 1,000 UK businesses has revealed that more than three quarters of businesses plan to increase their sustainability focus in 2021, as part of their plans to recover financially from COVID-19. According to information from edie , the survey was conducted by HSBC UK for its latest Navigator report, which tracks business transformation trends across all major sectors. Representatives of 1,000 UK companies and a further 9,000 companies from 38 other countries were interviewed. What were the responses? Of British businesses surveyed, less than a quarter said they were still worried about surviving day to day as a result of the financial implications of the pandemic and lockdown restrictions. The majority (57%) said they are making progress in their adaptation, and the remaining 19% described themselves as “thriving in the new normal.” The good news is that most companies in the last two categories are planning a green recovery rather than a race to the bottom on environmental standards. Companies generally expect to return to pre-COVID-19 profitability levels by 2022, with increased attention to sustainability seen as a key driver.
Reasons cited range from reducing energy costs through energy efficiency, to better consumer engagement, media coverage and investor relations. Some recent research has highlighted a disconnect between sustainability Europe Cell Phone Number List ambitions and actions. For example, a survey of companies with net-zero targets at the South Pole found that only one in ten have interim science-based emissions reduction targets. Additionally, the Competition and Markets Authority (CMA) now sees greenwashing as an important issue and is consulting on new mandates for businesses to prevent sustainability-related misinformation. However, the companies interviewed by HSBC seem willing to live up to the challenge. 75% said they have metrics to measure their environmental footprint, compared to 62% last year. And about three-quarters of companies have set zero goals or plan to do so in the next 12 months. The report tells us that businesses really want to build back better and that sustainability as well as the move to a net zero economy is high on their priority lists as they look to adapt their operations to the 'new normal'.
We see that consumers have increasing expectations when it comes to sustainability and the companies they engage with, and this increased focus on sustainability by companies will help them build their reputations and make better connections with their customers. customers. But there is still work to do. Rob King, head of sustainable finance at HSBC UK. Policy support King's last point refers more to the Government than the private sector. Of UK respondents to the HSBC survey, almost three-fifths said they do not believe the government offers incentives to help them become more sustainable. Among the particular gaps identified are green finance and workforce recruitment to create a skills pipeline for the net-zero economy. On this last point, the government recently launched a Green Jobs Task Force. The Task Force's short-term priority will be to ensure the UK has the 'immediate' skills for a green recovery, such as those needed in the offshore wind and retrofit sectors. The launch came after extensive campaigning by green groups and after a series of media exposés covering poor progress towards the overall target of two million green jobs in the UK by 2030. Before the pandemic, Government figures revealed that UK green economy turnover represented just 1% of national non-financial turnover. Similar research into official employment figures revealed that while national jobs in the renewable energy sector increased year-on-year in 2018 and 2019, they ultimately fell by around a third from 2014 levels.