Guides and Insights
Chapter 2.1: The Private Sector’s Carbon Footprint
Published March 27, 2020
UK domestic sector energy consumption: 29% of UK energy consumption
i.e. businesses have a share of up to 71% of UK energy consumption in industry, services, and transportation.
Business supply chain emissions: 5.5x greater than direct emissions
i.e. businesses have climate impacts that extend far beyond what they have direct operational control over
How will climate change affect businesses?
Extreme weather events
The 2003 UK heatwave caused business losses of £400-500 million. By the 2040s, half of all summers are expected to be as hot, or hotter.
Oil companies may waste $2.2 trillion on stranded assets by 2030.
The end of the linear economy
Changes in marketplaces – 87% of millennials are more loyal to companies that help them contribute to social and environmental issues.
Small and medium enterprises (SMEs) are less likely to be prepared for the impacts of climate change than larger businesses.
60% of UK employment is in SMEs, SMEs make up 99% of the number of UK businesses.