SMEs represent roughly 90% of businesses and generate over 50% of employment. They play a critical role in ensuring economic growth, job creation, and the sustainability of our communities. SMEs also feature heavily in larger companies’ supply chains, and due to mandatory scope 3 emissions reporting, they face increasing pressure to report and reduce their emissions.
However, two-thirds of SMEs feel like they don't have the tools or skills needed to tackle the climate crisis.
We researched small business owners' motivation to take climate action and some of the barriers in their way. Download our report to uncover these unique insights, or keep reading for an overview.
Access to capital: The majority of SMEs require external financing to reduce emissions.
Low carbon literacy: Complex targets and reporting requirements demand carbon literacy—a skill most business owners lack.
Lack of resources: Reporting also necessitates a significant investment of time and finances.
Banks have ambitious climate targets to hit, and SMEs are indispensable in helping banks realise their goals. Yet, as our research reveals., SMEs often lack the necessary resources to take action. Banks, however, are poised to provide support:
Green finance: Banks offer specialised, low-interest loans to encourage carbon reduction initiatives.
Grants: Banks can help SMEs identify and apply for relevant climate action grants.
Educate: Banks can educate SMEs in the ROI of climate action, providing data that builds confidence.
Support: Banks have a marketplace of services to facilitate a net zero transition.
Download the report to discover more ways banks can support SMEs in the journey to net zero.
Cogo's Business Carbon Manager empowers business customers to measure, reduce and report their carbon footprint. While also providing data insights to improve your bank's reporting and sustainable decision-making. Contact us to learn more.
Let's join forces for a more sustainable future.