A significant proportion of UK businesses are falling behind on their sustainability journeys, according to new research from technology company Siemens.
The findings show that almost half (45%) expect to miss their 2030 decarbonisation targets, with companies citing low business confidence and high uncertainty in government policy and progress towards the infrastructure transition.
The global study, “Siemens Infrastructure Transition Monitor 2023: The Great Divide on The Path to Net Zero”, covers the views of 1,400 senior executives in businesses operating across 22 countries, and aims to measure the progress of the infrastructure transition towards a decarbonised future.
Respondents from the UK say that the risk of recession (25%), poor access to the right skills (20%), a lack of investment in public infrastructure (20%), a lack of private capital (20%) and limitations in the power grid (19%) are restraining their appetite to invest in reducing their business’s emissions.
The findings follow the launch of the Net Zero Strategy earlier this year, but many business leaders across the economy have called for a more holistic industrial strategy to provide greater clarity on long-term policy.
Carl Ennis, CEO of Siemens UK & Ireland, said: “We must support business and industry to decarbonise if we are to successfully deliver the energy transition we need.
“Progress is being made, but it’s evident from these findings that the UK runs the risk of widening the gap between where we are and where we need to be if we don’t start thinking longer term.
“A clear industrial strategy is a key piece of the puzzle and would give businesses the confidence to invest meaningfully in cutting carbon, while boosting economic growth and productivity.
“Over the next few years, adopting clean energy technology and digitalisation software that can help accelerate the transition to net zero will become instrumental, and we need to give companies the right platform to do so.”