Post by bonnasuttadhar225588 on Feb 15, 2024 2:53:08 GMT -6
As reported by edie , Bankers for Net-Zero, which brings together some of the UK's largest banks and green economy organisations, has called on nations to adopt a simpler emissions-sharing reporting framework. for SMEs amid the transition to net zero. The initiative – which represents the UK in the global Net-Zero Banking Alliance, supported by the United Nations (UN) – is launching a new project in the framework of COP 27 , titled “Mobilizing SMEs for Action Climate». This workstream will bring together banks, accountants, energy suppliers, SMEs and other key stakeholders, aiming to develop a framework for reporting on emissions from this sector. Work between financing and beneficiaries Banks will need to understand the emissions of their SME clients to credibly meet their net zero emissions targets. However, small businesses often lack the internal knowledge and capacity to conduct rigorous sustainability reporting. So the framework to measure this is due to be launched within 12 months and will be tested by members of Bankers for Net-Zero, including HSBC UK, Santander, Triodos Bank and Tide as well as the state-owned British Business Bank.
The established measures are supported by Icebreaker One, Engine B and rewired.earth, instances that will create common data standards and a cross-sector framework for emissions reporting. It should be noted that Belgium Email List Icebreaker One is a non-profit organization that seeks to “enable the discovery, access and use” of the data necessary to enable the net zero transition and that seeks to influence investment decisions of 3.6 trillion dollars annually by 2030. SMEs in the transition to net zero GHG For its part, Engine B specializes in data solutions for the professional services industry. And finally, Rewild.earth aims to “collect sustainability information globally.” Therefore, he has worked on multidirectional communications and participation flows between companies and key stakeholders in the UN Sustainable Development Goals (SDGs). Given these alliances, Julia Groves, General Director of Sustainability at the British Business Bank, indicates that: "As the backbone of the UK economy, SMEs need a frictionless reporting framework on their greenhouse gas emissions to ensuring they maintain their customers, their bank accounts and a successful transition to a net zero economy.
And they added that from the research they have carried out they know that, with the right support, smaller businesses have the potential to make a significant contribution to the UK's net zero emissions targets. “Cross-industry collaboration is vital to delivering that boost, so we’re delighted to be working with Bankers For Net Zero on this new initiative to simplify sustainability reporting for smaller companies.” Julia Groves, General Director of Sustainability at the British Business Bank. This is how SMEs are going in the transition to net zero In relation to the above, Lloyds Bank has published its first Net-Zero Monitor for SMEs. This tool is based on a survey of 1,074 decision makers. Of those surveyed, only 5% commented that their business is not taking steps to reach net zero and are not considering doing so in the near future. Promisingly, 36% said they measured their emissions and used these findings to inform plans to reach net zero on or before 2050, the national deadline. Another 28% expressed that they are in the process of measuring emissions and are developing plans to reduce them. To develop this instrument, Lloyds Bank took into account geographical and sector-specific factors, finding that the most advanced in net zero travel was professional services, closely followed by transport.