The findings show that almost half (45%) expect to miss their 2030 decarbonisation targets, with companies citing low business confidence and high uncertainty in government policy and progress towards the infrastructure transition.
The global study, “Siemens Infrastructure Transition Monitor 2023: The Great Divide on The Path to Net Zero”, covers the views of 1,400 senior executives in businesses operating across 22 countries, and aims to measure the progress of the infrastructure transition towards a decarbonised future.
Respondents from the UK say that the risk of recession (25%), poor access to the right skills (20%), a lack of investment in public infrastructure (20%), a lack of private capital (20%) and limitations in the power grid (19%) are restraining their appetite to invest in reducing their business’s emissions.
The findings follow the launch of the Net Zero Strategy earlier this year, but many business leaders across the economy have called for a more holistic industrial strategy to provide greater clarity on long-term policy.
Carl Ennis, CEO of Siemens UK & Ireland, said: “We must support business and industry to decarbonise if we are to successfully deliver the energy transition we need.
“Progress is being made, but it’s evident from these findings that the UK runs the risk of widening the gap between where we are and where we need to be if we don’t start thinking longer term.
“A clear industrial strategy is a key piece of the puzzle and would give businesses the confidence to invest meaningfully in cutting carbon, while boosting economic growth and productivity.
“Over the next few years, adopting clean energy technology and digitalisation software that can help accelerate the transition to net zero will become instrumental, and we need to give companies the right platform to do so.”
The research shows that respondents have made strides forward in transforming their infrastructure. More than half (54%) say they have enhanced their recycling and taken step to reuse waste, 52% have accelerated the data-driven management of their systems and infrastructure and 51% have improved workplace safety.
But just 46% are expecting their businesses to accelerate decarbonisation efforts over the next 12 months.
This is partly due to planning, according to the research. Less than half (47%) have structured plans and targets in place to tackle direct and indirect emissions from owned and controlled sources (scopes 1 and 2) and just a third (34%) have them in place to cover all indirect emissions from across their supply chains (scope 3).
The global perspective
A similar picture is evident on a global level. According to the findings, only 44% expect to meet their 2030 targets, with 40% stating that they will likely hit their targets for this year.
Another area for consideration for businesses is their buildings. Only 37 percent of respondents rated their organisation as mature or advanced in improving the energy efficiency of facilities and buildings, and just three in ten (30%) said the same for electrification and the decarbonisation of heating and cooling.
To read the full report visit: https://www.siemens.com/global/en/company/insights/infrastructure-transition-monitor.html