Businesses don’t have faith they’ll hit net zero without enhanced support from policymakers and regulators.
That’s according to a study of 700 CEOs from global businesses by Cambridge University’s Institute for Sustainability Leadership, revealing that 80% feel as though their climate targets are unachievable without help.
Of these firms, 70% have set net zero targets – but are unsure of their validity without changes to government policy.
Almost half of the British businesses questioned said that mobilising cash to achieve net zero was the largest barrier – with 43% not aware at all of what funding options are available to them.
From the UK perspective of the study, it was predicted that a mammoth £40 billion investment in infrastructure each year will be needed by the government if the country is to achieve its sixth carbon budget.
Response to the pandemic has also been worse in regard to clean energy in the UK, with 17% of the economic recovery package devoted to it, compared with 30% in Europe.
However, a worldwide lack of policy seems to be the issue for many businesses in going green, the analysts claim.