Scrutinising climate change concerns at home and abroad

Just yesterday (Sunday 24th November), an eleventh hour agreement was eventually reached at the UN climate summit in Azerbaijan, meaning poorer countries will receive record funding from their richer counterparts to fight climate change.

However, the deal, worth £238 billion a year to developing nations, has been criticised for falling short of the £1 trillion expected.

While considered "far from perfect", the agreement aims to support countries move away from fossil fuels by investing in renewable energy such as wind and solar power.

According to the UK government, it will give UK businesses an opportunity to invest in other markets to support the global effort.

However, in a separate sustainability report, published by edenseven, the UK’s FTSE250 companies - considered the bedrock of the UK economy - have been criticised for not doing enough themselves.

Given the FTSE250 generates the equivalent of over half of the UK’s total emissions, it’s considered a key benchmark for evaluating Britain’s response to the climate crisis challenge.

The key highlights from the report include:

• A significant rise in emissions, with a 7% year-on-year growth in like-for-like emissions
• Inadequate targets, with 41% of companies in the FTSE250 without a net zero target date
• Decline in transparency reporting, with 20% of businesses failing to report any Scope 3 emissions at all. (These are the indirect emissions from a company’s value chain, which form the largest component, accounting for 86% of a company’s total carbon footprint).

In response, Pete Nisbet, managing partner at edenseven, said: "The findings are concerning and the response from some of these FTSE250 companies has been alarmingly poor.

"The reality is, every company, whatever their business, whatever their size, needs to be working towards net zero. The FTSE250 have the potential to lead the UK towards a sustainable future, and it is critical that these businesses take decisive action now.

"Managing emissions offers advantages in competitiveness, compliance and credibility. Proactively reducing emissions can cut costs through energy efficiency and waste reduction, while investments in clean technologies lower long-term cost exposure and risk. Stakeholders also place increasing value on those prioritising sustainability and social responsibility, and so it’s crucial for reputation too.”

To read the report, head to edenseven - Sustainable growth driven by data