The 2021 G7 Leaders’ Summit brought world leaders together to debate many of the economic side-effects of the COVID-19 crisis and other world issues. Despite the profound impact of COVID-19 throughout 2020 on economies all around the world, climate change and the need to protect the planet’s biodiversity remained key items on the agenda as nations grapple with implementing green initiatives designed to curb carbon footprints.
What may surprise some, given this backdrop of global uncertainty and the impact of a year of hard lockdowns, is the way in which climate-change centric technology has continued to boom.
For example: as of March this year, electric vehicle sales in the UK have increased by nearly 90 percent, with plug-in hybrid sales up by 152 percent in the same year period.
This points to opportunities existing in this space, as well as a more sustainability-conscious generation of global citizens.
Many of our learnings from this year’s G7 Summit showcase a need for businesses to support eco-initiatives in order to slash carbon emissions.
With the target set at limiting the rise in global temperatures to a maximum of 1.5 degrees, and halving collective emissions by half by 2030 – businesses have an important role to play in supporting and growing this emerging market.
The UK is a market leader in pushing for renewable energy uptake, with 42% of the nation’s total energy output generated through renewable sources. This was the first year that renewables had surpassed fossil fuel energy and indicate the end of the fossil fuel era.
The fourth industrial revolution is being powered through renewable means and wind energy is playing an important role in changing habits on a national energy level.
Last year, the UK was coal-free for over two months during the height of the global pandemic, while just two weeks ago nearly half of the nation’s electricity was provided through wind power for the first time.
With the primary theme of this year’s summit calling on nations to “build back better”, it is no surprise that utilising green initiatives as a vehicle to stimulate the job market has been earmarked as a key area of opportunity.
The government intends to create 40 000 jobs by 2030 through eco-friendly vehicle initiatives, while Teesside and the Humber are local success stories that showcase the capacity for green projects to create jobs.
Over 6000 new jobs are to be created by the £95 million government investment programme that will see two offshore wind ports built. They are set to be capable of producing up to 9 GW of energy, carrying tremendous export potential – and supporting other countries looking to move away from fossil fuel energy generation.
More broadly, the UK committed £350 million to support green recoveries across Africa, Asia and Latin America – highlighting the broader need for global uptake of green technology.
How do these developments impact my business?
Government initiatives intended to change the supply of energy will not directly impact the way that your businesses uses electricity – but innovative technology that is being pioneered right now will radically change the way we all do business in the not too distant future.
A new generation of ecologically conscious consumers is already beginning to make their voice heard. However, going green is not an expense that should be feared.
Businesses should look to take advantage of the opportunities that are beginning to present themselves as the cost of going green reduces in a more competitive market – and should utilise technology that can enhance the way that they do business.
From retrofitting existing buildings to take advantage of technology that can keep costs down, to installing solar panels that can drastically reduce the amount you pay monthly for electricity – becoming a zero-energy business is now a very real possibility.
Find a partner to identify opportunities
At Smarter Business, our team of experts are on hand to help identify ways in which your business can save money on energy.
From helping you find suppliers with the best rates for your specific needs, to helping your business develop a green energy strategy – we can support your business as it adapts to a changing landscape.
To find out more, get in touch with one of our consultants today.