Q2 2024 Data Reveal Round-Up
24 Jul 2024
Published in: Black Country Chamber of Commerce News
After our Q2 2024 Quarterly Economic Survey Data Reveal earlier this month, see what the results mean for business on a regional and national level.
For this quarter, we held a panel discussion focusing on how businesses are responding to the challenge of Net Zero and complying with Carbon Border Adjustment Mechanism (CBAM) regulations, featuring Dan Downes of Land 360, Stuart Smith of Lord Combustion Services and Ben Towe from Hadley Group. You can read more about the live event here.
Net Zero Data from the Black Country
According to data gathered from the Black Country Chamber of Commerce QES, 68% of respondents believe their business can achieve the government objective of Net Zero by 2050. However, it seems over half of respondents would not be able to or are not currently measuring their carbon emissions.
Of the businesses which export to the EU, it's an even split between those for whom CBAM regulations will enforce a change in their business, and those who do not foresee needing to make any adaptations.
Most respondents are not thinking about any changes that a UK CBAM might mean for them – results show 78% have not vs 22% who have. This comes despite the introduction of a UK CBAM from 1 January 2027 on imports of certain carbon intensive goods from the following sectors: aluminium; cement; ceramics; fertilisers; glass; hydrogen; and iron & steel.
Responding to Labour’s announcement of a Green Prosperity Plan earlier this year, Shevaun Haviland, Director General of the BCC, said:
“Businesses fully understand this and want to engage, but they need consistency, and changes in policy can have a destabilising effect.
“It is encouraging that Labour stands by its commitment to clean energy by 2030, the development of Great British Energy and investment in green skills.
You can read more on the BCC’s Green Innovation report here.
Notes from our panel discussion:
The biggest advice mentioned is to begin by measuring your carbon emissions using spreadsheets or software.
What are the challenges?
- Keeping up with constant changes;
- the immature market;
- finding new ways to reduce energy and therefore costs.
How could the government help?
- Move away from the reliance on electricity and develop a ‘toolbox’ of technologies and solutions, especially when retrofitting.
- Make it clear how we will generate the power change to renewable sources, and transparency on the location of new power plants.
Black Country Chamber of Commerce Policy & Impact Office Gemma Edwards said:
“The survey for the next quarter will show whether there is greater confidence following the General Election result or whether businesses continue to feel the challenges around inflation and costs which we have seen over recent years.”
If you have any further questions about policy, please email gemmaedwards@blackcountrychamber.co.uk
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