Only half of UK mid-market businesses have net zero strategy
Following the release of the UK Government’s Net Zero Strategy published yesterday, research from the last two rounds of Grant Thornton UK LLP’s Business Outlook Tracker* shows that only half (51%) the UK mid-market businesses surveyed have a net zero strategy in place, with over third (36%) saying they have not calculated their carbon emissions for the last year.
The research further shows that mid-market business leaders will likely welcome the detail that the overarching government strategy provides but will need further clarity about how exactly it will impact them.
Mid-sized businesses are particularly looking for clear guidance around international environmental and sustainability reporting standards, something that over a third (35%) of the UK mid-market business leaders who responded said they hope to see as an outcome from the UN Climate Change Conference (COP26) next week.
The research also explores the mid-market’s attitude to an economy-wide carbon tax. It found that the mid-market believes additional taxes on the use of carbon would be an effective strategy to focus businesses attention. Three quarters of respondents said the introduction of a carbon tax would encourage their business to focus on reducing carbon emissions (75%) and help the UK achieve its net zero targets (76%).