Tuesday 11 April 2023

‘Credible net zero plans only in place for 5% of large firms’

Only 5% of the UK’s top businesses have ‘credible’ net zero plans in place.

That’s according to a study by EY, which compared the plans to what is required under government guidelines.

It revealed that although 80% of the firms have pledged their commitment to net zero by 2050, 95% have not released detailed enough plans on how they will achieve this.

“Business will need to transition if the UK is to reach net zero and mandatory disclosure is a vital step in this journey,” the report said.

EY argues that the Transition Plan Taskforce needs to become mandatory imminently to keep firms in line with environmental targets and stop the hindering of genuine progress.

This taskforce gives guidance to businesses to align their plans with UK policy and the overall net zero target.