48% of UK Companies Think Tackling Climate Crisis is too Expensive finds Aviva

like egypt COP27 Climate summit kicks off, insurers Aviva It reveals the attitudes of UK SMEs to tackling the climate crisis.

Aviva has launched a campaign to make the UK the largest and most climate-smart economy by 2030. Aviva also has its first climate index‘. A framework for measuring how countries of influence are progressing in climate mitigation, resilience and adaptation. The report comes on the heels of new research highlighting the risks that UK SMEs may refrain from taking climate action to reduce their impact.

Aviva Consignment YouGov We conduct a survey of 253 business leaders. The survey assessed the general attitudes of UK SMEs to their climate response. He said 72% of UK businesses knew they needed to prepare for climate change. However, only 36% of UK companies said they would take action. Similarly, 34% said they have systematic plans to reduce their carbon footprint.

Aviva has found that one of the major obstacles to action is the current economic crisis. Some 68% of SMEs agree that addressing the cost of living crisis is a business priority over implementing climate policy. Nearly half (48%) of UK businesses surveyed also say the cost of action is too high. Additionally, 34% of these companies have paused investments to prevent climate change due to the current economic climate.

goal setting

As part of this initiative, Aviva has set a number of goals and plans for the UK government and financial institutions. The insurance company stipulates that:

1. Ensure countries have binding net-zero ambitions and plans
2. Ensuring regulators incorporate climate risk
3. Building climate resilience
4. Protecting nature and biodiversity
5. Strengthening international cooperation

Amanda Blanc, Aviva’s group chief executive explained the targets set for the UK. she said:

Responding to the climate goes far beyond the critical task of reducing emissions. We are taking government and corporate leadership and doing everything from green buildings to protecting biodiversity to increasing carbon storage. Help people and communities be better prepared in a variety of areas.

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Current financial pressures have, of course, made it difficult for many companies to invest in climate action now, even though they know they need to do more. Governments and large businesses have a responsibility to help small businesses adapt to climate change.