Budget constraints remain the main barrier to a transition to net zero, with almost half (46%) admitting that costs are their biggest obstacle
Almost one third (31%) of UK and Irish businesses say they won’t achieve their 2030 emissions targets, according to a new report from Centrica Business Solutions.
The report, titled Navigating the Energy Labyrinth, found that budget constraints remain the main barrier for firms to decarbonise, as almost half (46%) admit that cost is their biggest obstacle, followed by infrastructure limitations (44%) and data and technology gaps (41%).
The study also found that almost half (46%) of UK and Irish businesses identify energy security and resilience as a substantial risk to their organisation. This comes at a time where firms continue to tackle grid restraints and volatile energy prices.
Despite being unsure about achieving targets, organisations remain committed to driving down emissions over the next twelve months. Eight out of ten (81%) firms say they will install on-site energy generation technology, including solar and battery, while energy efficient infrastructure upgrades (81%) and energy management software upgrades (78%) are cited as other key plans.
Moreover, more than eight in ten (83%) businesses claim they will partner with third-party providers to enhance their energy operations and meet net zero targets.
Centrica Business Solutions works hand in hand with firms to provide strategic and practical guidance to help them reduce their carbon output – supporting businesses to balance sustainability ambitions with resilience and profitability.
Oliver Evans, General Manager at Centrica Business Solutions UKI, said: “Industry decarbonisation is key to the UK and Ireland achieving their net zero ambitions. But the reality is that while businesses are more committed than ever to decarbonisation, ambition alone isn’t enough. Progress is being slowed by ageing infrastructure and an evolving economic and geopolitical landscape, which is making long-term investment decisions a challenge.”
“The good news is that organisations are actively seeking smarter solutions – from on-site generation to strategic partnerships – to navigate these barriers. Our role is to help turn that intent into impact, ensuring sustainability doesn’t come at the cost of resilience or profitability.
“Centrica Business Solutions provides in-house financing options, as well as practical support to access UK government grants to help businesses to meet their energy goals. We’re committed to providing firms with the tools they need to unlock a greener, fairer future.”
The research surveyed 500 senior executives across Europe, including 200 from UK and Irish businesses across a wide range of sizes and sectors. They were asked about their plans for tackling the cost, managing energy and technology challenges related to net zero goals.
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