Net zero: a must-have for business

With the climate emergency escalating, embracing sustainability is fast becoming a must-have for businesses. Aside from the environmental benefits, the business case is as loud as ever.

Look at where investors are placing their bets. According to Bloomberg UK, assets in ESG (environmental, social, and governance) investments are set to hit $50 trillion by 2025, from a current level of $35 trillion – an increase of over 40%.

Cutting carbon emissions and getting to net zero is a key component of the transition. Net zero means balancing the greenhouse gases (GHGs) put into the atmosphere with those taken out.

But as a business, where do you start?

assets in ESG (environmental, social, and governance) investments are set to hit $50 trillion by 2025

Work out your footprint

Your first step is to measure your current carbon footprint. A carbon footprint is measured in categories called “scopes”. Scope 1 covers GHG emissions that your company makes directly, such as burning gas for heating. Scope 2 cover emissions made by services you purchase, such as electricity through the grid. Scope 3 covers emissions created in your supply chain.

Online carbon calculators can do the often complex calculations for you.

Make a plan and start with the easy wins

When you know your footprint, you can plan how you’re going to reduce it. Set yourself specific targets. Scope 3 emissions are the hardest to tackle, so focus on Scope 1 and 2 at first. You should be able to score some quick wins, and create space to focus solely on Scope 3 later. Scope 3 emissions are important as they’re typically the biggest contributor to an organisation’s carbon footprint.

The SBTi (The Science Based Targets Initiative) have launched a Net-Zero Standard, showing what a credible net zero target looks like. Measuring your progress along the way will keep you on track and give you direction.

Engage your people

It’s important to get your staff onboard. Employees will help drive the change. Share your targets and progress with your team to help motivate them.

It’s also important to celebrate any success you experience on the way. Share your journey with your customers and show off the incredible work you’re doing with a sustainability page on your website.

Offsetting

It probably won’t be possible to eliminate all of your GHG emissions. Once you’ve improved everything you can, you can choose to offset your remaining emissions. Offset can include funding projects that help absorb carbon dioxide from the atmosphere, such as mangrove plantations.

Get the support you need

Net zero is as much an opportunity as a challenge. Embrace it early and you’ll future-proof your business. Ignore it and you risk irrelevance.

There’s a wide variety of support out there. The University of Brighton is the lead delivery hub of Clean Growth UK, which offers SMEs support to decarbonize and develop low carbon innovations. Clean Growth UK offers a free net zero accelerator service called Net Zero 360, with workshops, a carbon calculator, and the opportunity to work with a university on innovation projects to reduce your footprint.

Find out more at www.clean-growth.uk