ENVIRONMENT

Chamber network supports COP26

The issue of climate change has rapidly risen towards the top of many key business leaders’ priority lists.

Whether it is promoting a more sustainable office environment, or meeting consumers’ increasingly prevalent demands for ethical production by decarbonising their supply chains, the cultural shift is gaining pace and shows no signs of slowing.

ENVIRONMENT

Climate challenge is your business

The Covid-19 pandemic has brought about an upheaval in well-established business practices, as the period saw many firms being forced to implement working from home policies and getting to grips with modern technology. As we begin to emerge and rebuild, many firms are now looking ahead to see how else they can better reorientate their business, and its practices, towards a wider social benefit. Adapting to the ambition of net-zero is increasingly becoming as good for business as it is for the planet, with roughly two thirds of customers declaring a willingness to spend more for sustainable products and services. With COP26 bringing the international spotlight on the UK’s green credentials, British Chambers of Commerce is leading a national campaign to drive awareness of COP26 and its goal within the business community. Launched on August 30th, the campaign is branded #ChambersUnite for a #GreenerFuture, with the aim of helping businesses reduce their carbon footprint. We plan to do this by rolling out guides, events and online toolkits that will enable businesses of all sizes, across the nation, to find out which easy-wins they can achieve, as well as what support is available to them to go further. This cultural shift experienced across the world has no doubt fed through into consumer demands and expectations. The rise in ethically produced and sustainable products is the hallmark of an era where price and quality are no longer the only variables that drive widespread consumer behaviour. One recent study suggests that sales of new products marketed as sustainable grow 5.6 times faster than those that were not. Furthermore, research published in August of this year, by the World Economic Forum suggested that young people are concerned about climate change, sustainability and conscious consumerism more than ever and certainly more than previous generations. Inevitably, investors and directors are beginning to pick this up across most sectors, whose own demands have often shifted in order to keep up with market trends. Among Britain’s asset management firms, in 2020 around 71% of for-profit investments were made into ventures that highlighted sustainability as a core business practice. It would appear that beyond the implementation of any future ‘Green New Deal’, many businesses are indeed working to close the gap themselves. Chamber research nationally has demonstrated that most firms are taking some form of action to reduce consumption or carbon emissions. This is no doubt great news. Quick wins are out there, a few small changes can make a big difference. However, our research also suggests most firms do not have net zero targets or policies in place, with cost presenting itself as the greatest barrier, alongside the inevitable and arduous Covid-19 recovery. To combat this, many businesses have signalled that direct financial support in order to mitigate these challenges would help in enabling all businesses regardless of size or sector to take part in the push to lower carbon emissions. It is important to remember that there is no single business view on achieving net zero. Attitudes and activities diverge widely, with capabilities often dependant on a variety of key factors, such as business model, industry sector and premises type. Climate action, sustainable business models and a pathway to a net-zero future is clearly something businesses must work towards; and whilst we aren’t all agreed on the ‘How’ there is certainly much more agreement on the ‘Why’. The Chamber is working with members in developing a toolkit to help firms respond to this agenda. We are especially keen to hear from Chamber members who offer products or services which can help firms make the transition to a greener and more sustainable future. Please get in touch mark.goldstone@wnychamber.co.uk