New research reveals today that 87% of UK SMEs are not aware of their business’s total carbon emissions, despite good intentions – almost half of UK SMEs acknowledge that it is important to reduce their emissions in the near future.
These staggering figures follow the publication of NatWest’s ‘Springboard to Sustainability’ report, which details that with the right support, six million UK SMEs could contribute up to 50% of the UK’s net zero decarbonization targets by 2030 at an estimated cost of িয়ন 160 billion. Revenue
To help bridge this important gap between intent and knowledge, the bank has launched the NatWest Carbon Tracker app which gives SMEs an estimate of their carbon footprint. The app, developed in partnership with carbon tracking expert Kogo, will be piloted with eligible SMEs before launching NatWest Carbon Tracker, before launching NatWest Carbon Tracker, to allow those SMEs to try the app. To more widely qualified SMEs. This will help solve the needs described by about half of the SMEs who said they would find an emissions tracker tool helpful.
By downloading the app and linking it to their business accounts, SMEs will be able to review their transactions and estimated carbon footprint, see their estimated emissions over time, and compare them month by month. The app also offers ways that SMEs can reduce their carbon emissions and learn more about the help available to help them grow greener. These suggestions include switching to electric vehicles and moving to renewable energy and other changes that could reduce emissions and save SMEs money on their energy bills.
The SME pilot followed a successful rollout of carbon footprint tracking features for retail customers last year in partnership with carbon tracking expert Kogo to help them understand the environmental impact of spending and provide advice on how they can cut their carbon footprint. Since its launch in November 2021, more than 150,000 retail customers have used Carbon Tracker.
NatWest Carbon Tracker is the latest product innovation introduced by the bank, enabling SMEs to play their part in tackling the climate challenges facing the UK. In February, NatWest launched green loans and green asset finance proposals to qualify for SMEs, without any system fees, which would allow businesses to invest in sustainable energy, transportation, buildings and agriculture.
It follows a partnership with green energy provider Octopus Energy, launched in 2021, to provide NatWest customers with discounted electric vehicle (EV) chargers and help businesses transform into green transport through access to Octopus Energy’s public charging network.
Andrew Harrison, Head of Business Banking, NatWest Group, said: “As the UK’s largest bank for business, we know many SMEs are uncertain about where to start their sustainability journey and many do not have the time or resources to understand them. Environmental impact.
“However, with the right support, our research shows that by 2030, it will make up to 70% of UK businesses feel financed to reduce emissions.
“Opportunities exist across all sectors of the economy, but the transport and industrial sectors provide the most urgent and immediately positive business.
“At NatWest, we want to lead the way in tackling climate change and helping businesses across the UK grow green. A free and fast approach to their carbon footprint could help businesses reduce emissions, achieve competitive growth, grow their businesses and prove themselves in the future as the UK works to reduce emissions by 50% by 2030. “
Emma Kisby, CEO of UK and Kogor Europe, said: “SMEs are vital to the UK economy. By making up half of the turnover in the private sector, they are key players in tackling the climate challenge.
“As a small business, we know the challenges and opportunities to make meaningful changes in this area. It can be difficult and complex. SMEs need a quick and easy solution that will help them understand their carbon emissions, as well as highlight the changes that make them emissions.” Reducing can bring a material difference.
“The launch of the SME Pilot Program marks a significant expansion of our already successful partnership with NatWest, our carbon tracking is now available to its 8 million customers.
“It shows the power and magic of combined action that can happen when the big players in the financial industry partner with sustainability experts. Greater industrial cooperation will help provide the scale and speed of change needed for our planet. “