UK could fall behind in net zero race, BCC warns

The British Chambers of Commerce (BCC) has warned that the UK could fall behind in the race to achieve net zero.

Research carried out by global management consulting firm McKinsey and Company showed that the transition to net zero could potentially be worth more than £1 trillion to UK business by 2030.

A survey of more than 2,000 firms revealed that 43% believe costs are 'significant barriers' in transitioning to net zero. 34% stated a lack of finance prevented them from transitioning.

The BCC has called on the government to address gaps in funding; combat skills shortages; and ensure stability in regard to policies.

Shevaun Haviland, Director General of the BCC, said:

'The UK has the businesses, ideas and talent to lead the world in low-carbon innovation.

'But without urgent action, we risk falling behind in the global race for green growth.

'We need ministers to work with business to tear down the barriers on finance, skills and policy that are holding too many firms back.'

Internet link: BCC