In June 2019, the UK became the world’s first major economy to pass net zero emissions laws. The goal is to achieve net zero by 2050 and put clean growth at the forefront of our modern industrial strategy.
How do we achieve net zero?
There are several factors that will influence the UK’s net zero journey, including government policy, innovation, accessibility of the green supply chain, and market contestability.
The UK government unveiled their Ten Point Plan for a Green Industrial Revolution in November 2020, outlining £12bn of government investment and the creation of 250,000 green jobs in a bid to reach net zero. It is estimated that the net zero transition has potential to generate £45bn of private investment across energy, buildings, transport, innovation and nature, highlighting great potential within the sector. Investment will cover a range of low-carbon solutions, including offshore wind, hydrogen, nuclear, electric vehicles (EVs) and transport, nature-based solutions (NBS), low-carbon heating, retrofitting, and green building technology.
What are the challenges in achieving net zero for businesses?
The net zero transition will impact UK businesses across multiple sectors as they seek to transition to low-carbon solutions and deliver on their Environmental, Social and Governance (ESG) targets. Reaching net zero will require the rapid distribution of existing green technologies alongside developments in new low-carbon tech; but successful roll-out of these poses multiple barriers at the early stages. The green supply-chain in particular is where many businesses begin to experience difficulties as, for many, it’s considered unfamiliar territory. Barriers including slow or low uptake of new, nascent technologies coupled with a general lack of understanding about what the green supply chain is and where businesses should start looking for them.
The low carbon environmental goods and services (LCEGS) sector is still considered a burgeoning offer. Consequently, buyers often have a tentative approach to the product and service offerings owing to anxiety that technologies may progress and move on, being replaced by a new wave of technology before initial implementation.
Industry specialists demystifying green technology to increase uptake
Green Economy has an unrivalled knowledge of the green supply chain, supporting businesses of all shapes and sizes with their net zero supplier sourcing requirements. Our team have brokered £6m of green sales and worked with public and private sector buyers including Eon, Electricity North West, and GMCA to help them to access local suppliers of green products and services.
We collect information on suppliers to accurately match project partners, and improve performance across the sector by developing skills and benchmarking excellence. By connecting buyers with the right suppliers for their projects, we overcome any trust and credibility issues that may be hindering businesses from taking essential steps towards achieving net zero and ESG targets.
Our online searchable marketplace is an opportunity to search for a range of net zero providers and contact them directly to discuss your project requirements. Green Economy capture a range of specific metrics, including accreditations, insurance, experience, and standards, to cater to more complex and specific buyer requirements. Our marketplace is a tool which allows buyers to access the supply chain they need to accomplish what they want.
Green tech made easy
Net Zero Week will be an opportunity for UK businesses to increase understanding of the policies, support and funding opportunities in place to enable businesses to deliver net zero targets. At Green Economy we provide support to buyers and suppliers providing tailored support, meet the buyer events, pre-market engagement research, networking events, sales and tender opportunities, and expert business support and advice.
Learn more about our service and how we can support your business at www.greeneconomy.co.uk
About the author: Katherine is a skilled and knowledgeable business advisor with over 13 years’ experience working within the Green Technologies and Services sector. As co-founder of a low carbon consultancy, Katherine brings first-hand experience of running a small business coupled with specialist knowledge of the sector.
With a passion for helping small businesses to thrive, Katherine has worked on numerous business support programmes and continues to use her sector insight and business acumen to advise clients on topics such as sales & marketing, exporting, business planning and market research.