Ahead of the UK government’s planned update to the UK Net Zero Strategy, today BritishAmerican Business (BAB) launched its latest ‘Sustainability’ white paper which sets out recommendations to ensure US and UK businesses can maximise opportunities from the global low-carbon transition.
The paper, which was developed in consultation with leading transatlantic businesses and through engagement with government, identifies how the US and UK can build on their current efforts to move towards greener, more sustainable economies.
The paper highlights that while regulatory and legal changes are important, it is critical that governments offer tangible incentives to support businesses. The financial support offered by the US Inflation Reduction Act has been staggering. What now matters, according to US and UK businesses, is that it is deployed at pace. The paper also highlights the need for the UK government to follow suit and deliver its own ambitious package of incentives.
BAB recognises that the road ahead will not be without its challenges. The costs of the transition cannot rise to the point of impacting consumers at a time when the cost-of-living crisis is already hurting so many. Businesses need to commit to changes they can really deliver on – rhetoric is not enough – and the UK government’s net zero commitment will prove to be a significant target to achieve.
Despite all this, with the right support from their governments, businesses have an unparalleled opportunity ahead.
BAB welcomes the increase in the bilateral cooperation we have seen between the US and the UK, and we encourage both governments to use existing dialogues to advance objectives on economic collaboration, green trade, regulation, and the development of sustainable technologies.
Commenting on the release of the paper, BritishAmerican CEO Duncan Edwards said:
“The transition to a low-carbon economy is a once in a generation opportunity for US and UK businesses that will define both economies for decades to come. We are pleased to see both governments working together, but many challenges remain.
“The US and the UK made commitments that seemed ambitious before the pandemic or the Russian invasion of Ukraine and now might need revising. What will not change is the immense opportunity ahead and we at BAB look forward to supporting business and government in their efforts towards a more sustainable future.”
