In a recent survey conducted by BSI, a professional services and standards company, it has been revealed that while most businesses are maintaining their climate action initiatives, they are also adapting their messaging to focus on resilience and risk mitigation in response to growing climate skepticism in media and politics. This shift in communication strategy is a direct response to the uncertain political landscape surrounding net zero targets.
Despite the challenges posed by policy uncertainty, a significant majority of businesses (78%) remain committed to pursuing net zero, driven by the belief that it is good for business and by customer or client expectations. This commitment is further reinforced by the fact that 69% of respondents have increased their level of net zero action over the past year, and 38% are confident about increasing their investment in net zero in the next 12 months.
The survey highlights the strategic value businesses see in net zero, with 75% of respondents agreeing that it is important for their future business resilience, and 74% viewing the risks of not transitioning to net zero as greater than the risks of transitioning. Additionally, 73% believe that their continued net zero efforts will give them a competitive advantage if competitors scale back their actions.
However, the political environment is still impacting businesses, with 32% revising their net zero plans and 33% reevaluating their targets. Political uncertainty is a significant barrier, with 76% of respondents finding it difficult to invest confidently due to policy instability. Nevertheless, the majority (76%) still plan to continue reducing emissions but will place less emphasis on the net zero target.
The top obstacles to progress, according to the survey, are cost (26%), lack of available financing for green tech (25%), and a lack of internal skills and knowledge (23%). These challenges underscore the need for businesses to invest in net zero, as the cost of not doing so could threaten their long-term operations.
Susan Taylor Martin, Chief Executive at BSI, emphasizes the importance of a resilience mindset in the face of climate change, focusing on risk mitigation, supply chain management, and future preparedness. She notes that many business leaders are already adopting this approach, recognizing the long-term benefits of investing in net zero.
In conclusion, the survey highlights a complex interplay between business commitment to climate action and the challenges posed by political uncertainty. While businesses are adapting their messaging and strategies, they remain steadfast in their pursuit of net zero, driven by strategic value, customer expectations, and a recognition of the risks associated with inaction.
