Ninety percent of MQU businesses report progress on achieving Net Zero

22 May, 2024

An impressive 90% of businesses in the mining, quarrying, and utilities sectors reported progress on reducing emissions across their organization

British Standards Institution publishes the findings of its Net Zero Barometer Report 2024

NEW research from the British Standards Institution (BSI) reveals that a fifth of businesses remain wholly uncommitted to achieving Net Zero by 2050. However, this is not the case in the mining, quarrying, and utilities (MQU) sectors, where an impressive 90% of businesses surveyed in BSI’s latest annual Net Zero Barometer (NZB) reported progress on reducing emissions across their organization.

According to BSI’s fourth NZB Report, which is drawn from a survey of more than 1,000 senior decision makers from UK businesses of all sizes and across sectors, the majority (83%) of businesses are committed to achieving the UK’s legally binding net-zero emissions target, yet a stubborn fifth remain wholly uncommitted to achieving net zero by 2050, one in four (23%) are not confident of achieving net zero by 2050, and 28% say their organization will be taking no action in the next 12 months on this.

The BSI’s research finds that only 35% of businesses have set an overall target to achieve net zero by 2050, and only 25% have met some of their interim targets. Also, just 15% have published an annual report which includes information on carbon emissions, and only 18% have a team dedicated to implementing net zero policy. Looking at how firms are measuring their impact, less than a quarter (23%) measure Scope 1 emissions, 22% Scope 2, and 18% Scope 3.

In contrast, among the key actions taken by businesses in the MQU sectors, 75% have reduced energy consumption, 69% have assigned a senior staff member the responsibility for implementing the firm’s net zero policy, 79% have set an overall target to achieve net zero by a specific date, and 75% have developed a net zero policy. MQU firms are also consistently the ones most likely to be measuring their Scope 1, 2, and 3 emissions.

Nevertheless, several challenges remain. A significant 32% of MQU businesses cited a lack of available financing as a barrier to net zero action. Additionally, 44% named cost as an obstacle, while 43% expressed difficulty in finding suppliers with net zero credentials. Moreover, 56% of MQU businesses voiced concerns about the uncertainty over the current Government’s commitments to net zero, impacting their ability to take action towards achieving net zero.

Scott Steedman, director-general of Standards at BSI, said: ‘I am pleased to see from this research that many businesses are starting to turn net zero ambition into action. However, we need to go further, and faster. From government, now is the moment for a clear policy environment that encourages organizations to invest and innovate towards net zero.’

To read the full version of the BSI Net Zero Barometer Report 2024, click here.