To ask the Secretary of State for Business, Energy and Industrial Strategy, what incentives have been put in place to support businesses in developing and implementing sustainable business practices.
There is significant potential for UK businesses of all types and sizes to reduce environmental impacts, including carbon emissions, and to save money by moving to more sustainable practices. Change is needed to achieve the Government’s commitment to reach net-zero carbon emissions by 2050 and delivery of the targets of the 25-Year Environment Plan. The Government has rolled out numerous incentives to support businesses in increasing energy efficiency and reducing carbon, while ensuring the availability of affordable energy. Some of these include:
- the Climate Change Agreement Scheme, which offers discounts to the Climate Change Levy tax in exchange for signing up to and meeting energy efficiency or carbon reduction targets.
- the Energy Savings Opportunity Scheme, a mandatory energy assessment scheme for large businesses.
- the Industrial Energy Transformation Fund, a £315m fund to support industrial energy efficiency and decarbonisation projects.
- the Clean Steel Fund, £250m to support decarbonisation of the UK steel sector.