UK budgets for a net zero economy, despite the Virus threat
UK invests to build a net zero economy
Yesterday the Chancellor set a budget for a net zero economy, despite the immediate and substantial concerns around Covid-19. These major investments make clear the Government’s intentions to reduce the UK’s carbon emissions to achieve net zero by 2050.
Major investment in research and development for clean energy, combined with significant tax cuts to promote low energy fuels alongside disincentives to encourage the move away from diesel and gas, all show strong backing for the UK’s climate commitments and the changes ahead.
The imminent threat of Covid-19
Clearly at this time, our thoughts naturally go to the projected impact of the coronavirus. Many of us are wondering what life will be like for ourselves and our families over the coming months. We are all likely to be working from home, doing what we can to maintain our daily business as usual. More home working and other virus-induced changes to our lifestyles may create a bit more time for thought. This may allow greater consideration of other challenges ahead that will also affect us all. As the number of new cases starts to fall and the magnitude of the epidemic reduces, thoughts will inevitably turn to re-adjustment and to rebuilding our businesses and societies for the future.
Planning for a cleaner net zero future
Over the last 10 years Cambium has helped businesses to increase the adoption of innovations that address sustainability challenges. Our clients tell us that getting the opportunity to better understand their customer needs of sustainable innovations is precious. For us, the Government’s renewed support for the net zero economy is welcome and we have noted the rapidly growing number of companies, regional governments, city councils etc now making strong commitments on carbon reduction.
Post Covid-19 these public commitments on net zero will continue to influence the priorities and plans of many organisations. Their support for the shift to a net zero economy will impact buying decisions, investment criteria and transform many aspects of the way we live our lives and do business.
Correctly forecasting the future is hard
If the Covid-19 experience teaches us anything, it is that forecasting the future is difficult. This same type of challenge applies to anticipating and planning for the changes accompanying the journey to a net zero economy. What is clear is that this shift contains not only risks, but also big, positive opportunities.
To navigate these climate driven threats safely and to improve your chances of net zero success, there is a need for all business in supply chains to better understand:
- Who are the early movers on net zero and what action are they taking?
- Which sectors have the biggest challenges in making the transition and what will be the impact on their suppliers?
- What clean energy technologies are emerging / being deployed and how this will impact the market and business models?
- How are buying decision criteria likely to change in a net zero economy and who will be making these decisions?
Time for reflection or exploration of possibilities?
In the near future, like many of you, the Cambium team expects to be working from home more often. We are planning to use this time to reflect and share ideas and perspectives on the challenges of moving to a net zero economy. In doing to we also aim to provide you with some value, interest and perhaps productive distraction from the day to day challenges presented by the coronavirus.
As you reflect on your priorities for a time post Covid-19, you may want to know more about the emerging opportunities in the net zero economy. If you are interested, please keep an eye out for future blog. Alternatively if you want to understand how we can help you get ready for the net zero transition you can learn more here.
Finally, to set that up a phone or video chat with a member of the Cambium team to discuss the best way to accelerate your net zero opportunity, at a time that suits you, please just email us.