{"id":2661,"date":"2023-06-12T08:28:42","date_gmt":"2023-06-12T00:28:42","guid":{"rendered":"https:\/\/supersmart.energy\/?p=2661"},"modified":"2023-06-12T08:28:42","modified_gmt":"2023-06-12T00:28:42","slug":"overcoming-budget-constraints-for-net-zero","status":"publish","type":"post","link":"https:\/\/supersmart.energy\/overcoming-budget-constraints-for-net-zero\/","title":{"rendered":"Overcoming Budget Constraints for a Net-Zero Transition"},"content":{"rendered":"
Addressing climate change requires businesses to set net-zero emissions targets. However, a recent survey reveals that many companies struggle with budget limitations, hindering their progress towards sustainability. This financial constraint coupled with inadequate data and a changing regulatory landscape poses challenges to achieving a net-zero economy.<\/p>\n
The State of Net-Zero Goals<\/strong><\/p>\n According to a Hitachi Vantara survey, 82% of global businesses have established net-zero carbon goals. However, intentions don’t always translate into action. Approximately one-third<\/span> of businesses cited budget constraints as a barrier, preventing the implementation of strategies to reach their net-zero targets. Insufficient data and evolving regulations further exacerbate the challenges faced by companies.<\/p>\n The Budget Predicament<\/strong><\/p>\n Budget limitations have become more apparent as businesses allocated resources to address the pandemic and energy cost crises. Smaller enterprises struggle to prioritise the net-zero transition. A net-zero barometer survey by BSI revealed that half of SMEs lack a net-zero plan or policy, and only a fifth measure and report emissions reduction progress.<\/p>\n Regulatory Compliance and Drivers<\/strong><\/p>\n While regulatory requirements present challenges, they also act as primary motivators for businesses pursuing net-zero goals. Compliance was cited by 66% of respondents as a driving force. Ethical obligations and cost optimisation also drive businesses towards net-zero targets. However, focusing solely on compliance may hinder progress, overlooking the long-term benefits of sustainable operations and future growth potential.<\/p>\n The Way Forward<\/strong><\/p>\n To overcome barriers hindering net-zero goals, businesses must take decisive action:<\/p>\n The survey highlighted financial challenges in pursuing net-zero, emphasising the need for proactive action and long-term vision. By prioritising sustainability, allocating budgets, and fostering collaboration and innovation, businesses can overcome barriers and contribute to mitigating climate change. Achieving net-zero requires collective commitment, with every business playing a vital role in securing a sustainable future for generations to come.<\/p>\n\n