A new survey by SME Climate Hub: Climate change increases in priority for small business but barriers to action remain
LONDON, April 10, 2024 /PRNewswire/ — A new survey indicates reducing greenhouse gas emissions grew in importance for small and medium sized businesses (SMEs) in 2023 but that greater support from enabling policies and funding is needed.
As regulation and customer expectations increase, and climate change continues to impact small and medium sized businesses (SMEs) at a greater rate, SMEs are prioritizing taking climate action. In the past year, reducing emissions grew in priority for 44% of SMEs surveyed, and maintained the same level of priority for 53% of SMEs.
Compared to last year’s survey data from the SME Climate Hub, SMEs are facing an 11% increase in pressure to take climate action from shareholders, investors and customers.
Although SMEs suggest they want to take climate action, the survey also indicates they need more support.
Of the 288 SMEs polled, 52% cited lack of policies or government-sponsored incentives and benefits as barriers to climate action. Insufficient funding was cited by 52% of respondents, with 39% saying lack of data about current emissions was hampering action on climate change. A lack of time was seen by 29% as a barrier to action, while 29% suggested lack of skills and knowledge were impeding their ability to act.
María Mendiluce, CEO, We Mean Business Coalition, co-founder of the SME Climate Hub, said: “In order to transition to a clean and just economy, we cannot leave behind small businesses and the communities they serve. Small businesses are the nimble changemakers we need to push climate action forward, but we need an all-of-society approach that enables this action. Support mechanisms from governments and incentivizing programs from partners such as financial institutions and corporate supply chain leaders are essential to enable small businesses to take more comprehensive action.”
The survey, polling businesses across 44 countries and 25 sectors, was carried out by the SME Climate Hub, a global initiative focused on mobilizing SMEs toward climate action and led by We Mean Business Coalition. It is the third annual survey of SME Climate Hub signatories, assessing the current state of climate action among SMEs and focusing on the critical role of policy support and financial incentives.
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