Bankers for Net Zero (B4NZ), the UK chapter of the UN’s Net-Zero Banking Alliance, will launch a major initiative at COP27 to create a simpler shared reporting framework for SMEs.
This will support them in their move towards net zero greenhouse gas (GHG) emissions .
B4NZ warns that banks will be unable to hit their net-zero targets without engaging SMEs.
Furthermore SMEs also risk losing large corporate customers unless they can report on their net zero emissions and they will need the help of banks to fund their own transition.
This collaboration will allow banks and their SME customers to work together to achieve a ‘just transition’ to net zero.
Bim Afolami, MP, Bankers for Net Zero Champion, said: “Over 99% of UK businesses are SMEs, but they receive too little of our collective focus. B4NZ’s analysis of the barriers, benefits and benchmarks for SMEs to invest in decarbonisation is a powerful tool to mobilise finance. I look forward to seeing this pilot programme take off.”