Almost one third (31%) of UK and Irish businesses say they won’t achieve their 2030 emissions targets, according to a new report from Centrica Business Solutions.
The report, called Navigating the Energy Labyrinth, found that budget constraints remain the main barrier for firms to decarbonise, as almost half (46%) admit that cost is their biggest obstacle, followed by infrastructure limitations (44%) and data and technology gaps (41%).
The study also found almost half (46%) of UK and Irish businesses identified energy security and resilience as a substantial risk to their organisation. It comes at a time where firms continue to tackle grid restraints and volatile energy prices, the report said.
But organisations said they remain committed to driving down emissions over the next twelve months with eight out of ten (81%) stating they will install on-site energy generation technology, including solar and battery In addition, energy efficient infrastructure upgrades (81%) and energy management software upgrades (78%) are cited as other key plans for businesses.
More than eight in ten (83%) businesses also claim they will partner with third-party providers to enhance their energy operations and meet net zero targets.
The research surveyed 500 senior executives across Europe, including 200 from UK and Irish businesses across a wide range of sizes and sectors.
Oliver Evans, General Manager at Centrica Business Solutions UKI, said:
“Industry decarbonisation is key to the UK and Ireland achieving their net zero ambitions. But the reality is that while businesses are more committed than ever to decarbonisation, ambition alone isn’t enough. Progress is being slowed by ageing infrastructure and an evolving economic and geopolitical landscape, which is making long-term investment decisions a challenge.”
“The good news is that organisations are actively seeking smarter solutions – from on-site generation to strategic partnerships – to navigate these barriers. Our role is to help turn that intent into impact, ensuring sustainability doesn’t come at the cost of resilience or profitability.
“Centrica Business Solutions provides in-house financing options, as well as practical support to access UK government grants to help businesses to meet their energy goals. We’re committed to providing firms with the tools they need to unlock a greener, fairer future.”
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