Collaboration across government, industry and the wider population is vital if the UK is to reach its target of net zero emissions by 2050.
That’s the suggestion from Paul Wrighton, Director North West Europe & Nordics at Schneider Electric, who spoke to future Net Zero at Green Alliance’s ‘Countdown to COP’ event in London last week.
He said: “If we continue to try and do things in isolation as a business or as a government or as a society, we’re not going to get there.
“The only way we’re going to achieve this is working together, we’re all impacted with this same issue irrespective of background, irrespective of social standing or whatever.”
He warned if businesses don’t act to decarbonise, it will significantly affect their bottom line – he added this is happening already as finance giants are increasingly directing their money into sustainable activities and withdrawing from companies that are not going green.
Mr Wrighton suggested companies from all sectors that aren’t working towards net zero will see risk premiums increase and miss potential efficiency savings.
He said conversely, firms that “aggressively” pursue net zero ambitions will see benefits including increased output, improved efficiencies in production and additional investability in their overall business.