SME Climate Hub has recently launched a new series of tools to help SMEs more effectively measure and report on their emissions.
The World Bank estimates that small and medium-sized enterprises account for 90% of businesses and more than 50% of employment worldwide, yet larger corporations are often the focus of climate discourse, leaving smaller businesses with little impetus to change.
An initiative aimed at providing small and medium-sized enterprises (SMEs) the resources they need to act on climate change, the platform update includes an educational course, a carbon emissions reporting framework.
Others include a carbon calculator, and a financial support guide – specifically designed to help small businesses more seamlessly mitigate their environmental impact while building resilient business models.
According to reports, the announcement is part of a recent update from the SME Climate Hub, which is an initiative of the We Mean Business Coalition, the Exponential Roadmap Initiative, the United Nations Race to Zero campaign, and the International Chamber of Commerce.
Read also: Study shows Corals will suffer severe bleaching with global heating at 1.5C
The SME Climate Hub, In collaboration with Normative and the Net Zero team at Oxford University, provides tools and resources to enable SMEs to make a climate commitment, act and measure their progress towards emissions reductions.
María Mendiluce, CEO of We Mean Business Coalition, said that small businesses cannot be expected to set and reach net-zero goals without support.
“Multinational corporations put in place complex and holistic thinking around climate action, often with large teams of sustainability professionals integrating climate across the entire business strategy,” she said.
Speaking further, she said that small businesses lack such resources, yet they will be held to the same net-zero standards over time – from consumers, policy and investors.
Leading up to the development of the suite of tools, the Hub surveyed small and medium-sized businesses about the primary barriers to climate action. With over 63% of respondents listing skills and knowledge as a key barrier, the Hub confirmed the value of creating Climate Fit, a free online training course that offers a step-by-step plan to help enterprises reduce carbon emissions.
The course, developed in collaboration with the University of Cambridge Institute for Sustainability Leadership (CISL) and Business for Social Responsibility (BSR), covers modules from governance and strategy to finance and people.
The Hub also recently launched an online guide with BSR and CISL to improve access to financial support for SMEs working to reduce carbon emissions. The resources aim to help small businesses secure long-term viability and improve profits, to strengthen their climate impact.
Story was adapted from climate home news.
