SMEs have a key role to play in decarbonisation – as well as plenty to gain in potential business growth as a result.
But with pressures including rising energy prices, global supply-chain issues and a challenging labour market, SMEs are facing tighter cash flows and many fear for the future of their businesses.
And that’s leading to many SMEs seeing carbon reduction as a problem for another day.
The Wales SME Climate Taskforce is a collaboration which aims to help SMEs see climate action as a priority and a key part of resilience planning, and to signpost them to support which could help them to take action and to unlock the potential benefits.
Made up of representatives of ACCA Cymru, Business Wales, BITC Cymru, British Business Bank, Cynnal Cymru/Sustain Wales, FSB Wales, and NatWest Cymru, the Taskforce was formed to:
- Share insights on business transformation in Wales.
- Identify the barriers faced by SMEs.
- Champion solutions.
- Discuss potential next steps for SMEs and signpost to practical interventions and support.
Research by NatWest has identified a revenue opportunity of £175 billion between now and 2030 for SMEs focussed on decarbonisation. That could also lead to substantial regional growth, with the potential for growth of between £9 billion and £11 billion in Wales.