Latest news with #ScottSteedman
Zawya
a day ago
- Business
- Zawya
British business slows climate action, sees government net zero agenda as unrealistic
LONDON: British business leaders are putting a brake on their plans to combat climate change and do not believe the government's approach to net zero is compatible with growth, a survey of 1,000 executives showed on Tuesday. Both large companies and small enterprises in health, construction, finance and manufacturing are turning away from climate-related action like target-setting, as falling confidence in Britain's climate agenda and high costs turn the tide on enthusiasm for net zero, the survey by the British Standards Institution (BSI) showed. The shift is happening despite the Labour government's commitment to boosting green growth, and substantial pledges for investment in clean energy, green technology, and jobs. Almost three-quarters (71%) of business leaders surveyed said the government cannot expand the economy while at the same time trying to reach net-zero. Half (50%) said that objective was unrealistic, according to the findings by the BSI, which sets best-practice quality requirements for anything from ball point pens to net-zero plans. The turnaround in sentiment coincides with a notable drop-off in corporate target-setting, action and climate commitments among British businesses, with firms citing high costs, lack of finance for green tech and a move to prioritize business growth as barriers, the BSI said. Scott Steedman, director general of standards at BSI, said the survey showed a "hiatus in corporate activity probably linked to changes in government policy in the UK after the election and international backpedalling." Only a third (36%) of British businesses claim this year they have set targets to achieve net zero, a significant drop from the 58% who stated they had done so last year, the survey shows. The portion of businesses this year taking climate action has also fallen markedly from 83% in 2024 to just under a half (49%) this year. Overall, the proportion of businesses saying they felt they would likely achieve net zero by 2050 fell from 76% last year to 55% this year, with over half expecting to revise their strategies or targets. However, the BSI said the vast majority of businesses (83%) still wanted to take action and would like support to do so. (Reporting by Virginia Furness, Editing by William Maclean)
Business Times
2 days ago
- Business
- Business Times
British business slows climate action, sees government net zero agenda as unrealistic
[LONDON] British business leaders are putting a brake on their plans to combat climate change and do not believe the government's approach to net zero is compatible with growth, a survey of 1,000 executives showed on Tuesday. Both large companies and small enterprises in health, construction, finance and manufacturing are turning away from climate-related action like target-setting, as falling confidence in Britain's climate agenda and high costs turn the tide on enthusiasm for net zero, the survey by the British Standards Institution (BSI) showed. The shift is happening despite the Labour government's commitment to boosting green growth, and substantial pledges for investment in clean energy, green technology, and jobs. Almost three-quarters (71 per cent) of business leaders surveyed said the government cannot expand the economy while at the same time trying to reach net-zero. Half (50 per cent) said that objective was unrealistic, according to the findings by the BSI, which sets best-practice quality requirements for anything from ball point pens to net-zero plans. The turnaround in sentiment coincides with a notable drop-off in corporate target-setting, action and climate commitments among British businesses, with firms citing high costs, lack of finance for green tech and a move to prioritise business growth as barriers, the BSI said. Scott Steedman, director general of standards at BSI, said the survey showed a 'hiatus in corporate activity probably linked to changes in government policy in the UK after the election and international backpedalling.' Only a third (36 per cent) of British businesses claim this year they have set targets to achieve net zero, a significant drop from the 58 per cent who stated they had done so last year, the survey shows. The portion of businesses this year taking climate action has also fallen markedly from 83 per cent in 2024 to just under a half (49 per cent) this year. Overall, the proportion of businesses saying they felt they would likely achieve net zero by 2050 fell from 76 per cent last year to 55 per cent this year, with over half expecting to revise their strategies or targets. However, the BSI said the vast majority of businesses (83 per cent) still wanted to take action and would like support to do so. REUTERS
Reuters
2 days ago
- Business
- Reuters
British business slows climate action, sees government net zero agenda as unrealistic
LONDON, July 22 (Reuters) - British business leaders are putting a brake on their plans to combat climate change and do not believe the government's approach to net zero is compatible with growth, a survey of 1,000 executives showed on Tuesday. Both large companies and small enterprises in health, construction, finance and manufacturing are turning away from climate-related action like target-setting, as falling confidence in Britain's climate agenda and high costs turn the tide on enthusiasm for net zero, the survey by the British Standards Institution (BSI) showed. The shift is happening despite the Labour government's commitment to boosting green growth, and substantial pledges for investment in clean energy, green technology, and jobs. Almost three-quarters (71%) of business leaders surveyed said the government cannot expand the economy while at the same time trying to reach net-zero. Half (50%) said that objective was unrealistic, according to the findings by the BSI, which sets best-practice quality requirements for anything from ball point pens to net-zero plans. The turnaround in sentiment coincides with a notable drop-off in corporate target-setting, action and climate commitments among British businesses, with firms citing high costs, lack of finance for green tech and a move to prioritize business growth as barriers, the BSI said. Scott Steedman, director general of standards at BSI, said the survey showed a "hiatus in corporate activity probably linked to changes in government policy in the UK after the election and international backpedalling." Only a third (36%) of British businesses claim this year they have set targets to achieve net zero, a significant drop from the 58% who stated they had done so last year, the survey shows. The portion of businesses this year taking climate action has also fallen markedly from 83% in 2024 to just under a half (49%) this year. Overall, the proportion of businesses saying they felt they would likely achieve net zero by 2050 fell from 76% last year to 55% this year, with over half expecting to revise their strategies or targets. However, the BSI said the vast majority of businesses (83%) still wanted to take action and would like support to do so.
Yahoo
25-03-2025
- Business
- Yahoo
Green finance standards launched to set bar for nature investments
Government-backed nature finance standards have been launched to set the bar for nature investments, clamp down on greenwashing and drive capital into restoring the environment. The British Standards Institution (BSI) said market participants can immediately start using the Overarching Principles Standard, which aims to build confidence among businesses over the real-world impact of nature investments. Investors are still largely hesitant to put money into projects that claim to have nature benefits – like planting carbon-absorbing forests or restoring vital habitats to boost biodiversity. As regulations rapidly evolve, a lack of trust remains over whether such projects benefit nature, as does the risk and fear of corporate greenwashing. BSI said on Tuesday that the new standard is the first standard for collective nature markets of its kind in the UK, and one of the first in the world. The organisation said it will help to drive capital into high-quality projects, including restoring wetlands, improving water quality, building flood resilience and creating new habitats. It comes as part of wider Government efforts to boost economic growth and position the UK as a global leader in green finance. According to the Green Finance Institute, nature-related risks including water shortages and soil health reduction could lead to a 6% reduction in gross domestic product in the years ahead. Environment Secretary Steve Reed said: 'We need urgent action from across society to address the nature crisis, and businesses have a crucial role to play in that effort. 'By having clear standards, we can strike a blow to greenwashing and give businesses confidence that their investment is truly helping our natural world recover. 'Through the Plan for Change, this Government is working relentlessly to grow the economy and this move gets us one step closer to fulfilling our ambition to make the UK the green finance capital of the world.' Scott Steedman, director-general of standards at BSI, said: 'Today marks a key milestone for the Nature Investment Standards (NIS) Programme with the launch of updated overarching principles ready for adoption across the UK. 'The principles are designed to provide consistency and rigour for high-integrity UK nature markets that trade in real, measurable environmental benefits. 'This supports the goal of increasing investment into nature, helping to create new revenue streams for farmers, land managers and other suppliers of nature-based solutions.' The Overarching Principles Standard was created following an established BSI market-led process for standards development which included extensive consultation with businesses and land managers. The organisation is also set to launch a consultation on a first version of a natural carbon standard, as part of a wider framework of standards, which will gather market views for projects selling nature-based carbon credits in UK markets.
