Half of those surveyed revealed that they plan to dedicate more effort and resources into a sustainable strategy in light of COP27 and the reality of our battle with climate change.
Time Finance’s new data indicates that half of all SMEs in the UK are expected to allocate resources to sustainability initiatives in 2023 as the Government’s 2050 Net Zero plan puts pressure on businesses to reduce their carbon footprint.
The findings of the survey indicate that only 50% of businesses are taking the necessary steps to reach their sustainability goals by investing in green initiatives, triggered by COP27 and its unequivocal call to action on climate change.
Time Finance has published its information before an expected announcement from the Department for Business, Energy, and Industrial Strategy (BEIS) which shows the conclusions of its Net Zero Review and the result should give companies more explicit direction on their journey to net zero.
Despite the ambitious goals of businesses in terms of sustainability, Time Finance’s survey also revealed that more than 40% of those surveyed believe cost will be a hindrance when it comes to investing in green solutions.
Ed Rimmer, CEO at Time Finance, said: “The role of alternative finance is to understand and facilitate the growth ambitions of businesses, to work with them to ensure they have access to the most beneficial forms of finance to enable investment. We can clearly see that businesses have a strong commitment to the sustainability agenda, made all the more pressing following COP27. What we need to do now is ensure that businesses have access to the finance they need to bring these plans to life.”
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