In an effort to bridge a sustainability intention gap prevalent amongst small and medium-sized enterprises (SMEs) and propel them toward climate action, Better Bankside, a London Business Improvement District, has launched a groundbreaking initiative, the Southwark Climate Collective (SCC). The initiative, launched at the beginning of October, is funded by a £653,000 grant from the Mayor of London and will provide free support to Southwark SMEs in the decarbonisation of their businesses.
The SCC project has set aside resources for 160 SMEs, an ambitious target made possible through a collaboration between Team London Bridge, Southwark Council, The Blue Bermondsey, Elephant and Castle Business Forum, all spearheaded by Better Bankside. This cross-borough partnership will combine resources, offer guidance, and leverage business networks to aid SMEs in decarbonising operations across four key areas: energy, waste, freight, and supply chains. The overarching objective is to achieve a substantial reduction of 1,204 tCO2e in carbon dioxide emissions by March 2025.
The urgency of this initiative stems from the specific challenges SMEs encounter when it comes to decarbonisation. The SME Climate Hub, a UN-backed entity, highlighted several obstacles creating an ‘Intention Gap,’ when it came to emission reduction, including a lack of skills and knowledge (63%), funding (48%), and time (40%). With SMEs constituting over 90% of London’s business population and approximately 40% of the UK’s non-domestic emissions, they play a pivotal role in achieving the city’s 2030 net-zero target.
Within the 160 SMEs to be engaged, a notable target of the SCC project is to ensure 25% of businesses are owned or led by individuals from Black, Asian, or minority ethnic backgrounds. This demographic of business owner (London hosts a significant proportion) faces specific additional challenges when it comes to operating in a more sustainable way.
The support provided to Southwark SMEs will be tailored to suit their sustainability needs, enabling them to take actionable steps in decarbonising their business operations and preparing for a low-carbon future. The programme will design decarbonisation pathways and provide measurable targets to spur action, along with opportunities for SMEs to procure ‘green’ low-carbon services, bolstering the local green economy. The findings and successful tools developed during this year-long project will subsequently be disseminated to support the decarbonisation efforts of SMEs throughout the UK.
Nicole Gordon, CEO of Better Bankside said; “We are incredibly excited about this project. Two thirds of our members are SMEs, and we have a good understanding of the pressure points for these businesses and know that, when it comes to sustainability, there is an intention gap for SMEs. They want to do the right thing but often don’t have access to the tools, resources or technical expertise. Supporting business decarbonisation measures is critical to us achieving our wider climate objectives but can also play an important cost-saving and efficiency role in their day-to-day operations.”
Southwark SMEs interested in taking part in the project can apply here: https://southwarkclimatecollective.co.uk/
