UK may miss out on small business green growth opportunity

A lack of leadership and financial constraints are hindering small businesses in their efforts to go green, a new study has found. According to research conducted by Small Business Britain and BT, four out of five business owners are eager to enhance their sustainability practices, with nearly a quarter seeing ‘going green’ as a growth opportunity.

Despite the willingness of small businesses to make eco-friendly changes, the survey of over 2000 business owners revealed that 64% are seeking more support to reduce their environmental impact, and 41% feel that a lack of finance is a significant barrier to taking action. While 77% of small business owners have already taken steps towards sustainability, only 20% believe their efforts are substantial.

Wilmer Carcamo, co-founder of Caribe Coffee Co., emphasized the importance of sustainability for small businesses, stating that they prioritize eco-friendly practices to meet customer expectations and do the right thing. However, financial constraints often hinder their ability to invest in more sustainable initiatives, such as purchasing an electric van.

The ‘Small Business, Green Growth’ report is urging for greater leadership from both the government and private sector to help small businesses achieve sustainable growth and reach Net Zero by 2050. With economic pressures impacting small businesses, such as the cost-of-living crisis and recession, 34% of business owners feel restricted in reducing emissions, with 65% calling for more grants to support their green initiatives.

To empower small businesses to embrace sustainability, Small Business Britain and BT have launched a free ‘Sustainability for Small Business’ training program, focusing on environmental impact, accreditation, and financing. Chris Sims, Managing Director at BT, highlighted the importance of supporting small businesses in their sustainability journey to drive forward the UK’s net zero agenda.