Accelerating SME Net-Zero Action: Call for Collective Action

Date and Time

February 21, 2023
4:00 pm-5:00 pm GMT

Location

Webinar

Topic

Climate Change

Event Resources

Event Recording Event Presentation

 

A new report by the Cambridge Institute for Sustainability Leadership (CISL), ​Business for Social Responsibility (BSR), the We Mean Business Coalition, and the SME Climate Hub highlights the role of commercial banks and multinational corporations in helping small and medium-sized businesses (SMEs) reach net zero. The report identifies the obstacles that can hinder SME decarbonization, from a lack of knowledge and limited time to a lack of standardized guidance on emissions reporting. It also lays out how banks and corporates, those that finance and ​​buy the products and services of SMEs, are well equipped to support net-zero action. 

SMEs account for 99 percent of businesses globally and, in the OECD region, are responsible for more than half of industrial emissions. In the summer of 2022, HSBC, Lloyds Banking Group, Microsoft, and Mastercard, among others, took part in a series of innovation sprints to address barriers SMEs are facing in reducing their carbon emissions. Through their own net-zero commitments, these major players can help bridge the net-zero financing gap for SMEs by experimenting with both incremental and radical solutions.

This session will include a presentation of the key insights from the report; perspectives from SME, commercial banks, and multinational corporations; and Q&A with the audience.