Net zero has become a hot topic over the past few years, and governments are increasingly imposing regulations on energy and utility companies to reduce their carbon footprint.
In
Energy and utility companies have many options for reducing impacts on the environment to help the Government hit this target, but they must also ensure that their customers are not paying more than they should be, nor are they getting less service than they expect. However, several companies have discovered that net zero can be achieved without increasing costs of production or reduction in customer service. Coca cola for example are aiming to achieve net-zero carbon emissions by 2050 using their science-based target.
Let's explore the realities of achieving Net Zero.
Increased Public Brand Perception
By achieving net zero, your company can not only help to reduce greenhouse gas emissions, but also gain brand recognition and value which helps to retain customers and reduce churn, one company that prides themselves on this is E-on Energy. Their mission is to help make customers' homes smarter, more efficient and cost less to run while helping the world get a cleaner energy system.
The 2021 Gen Z and Millennial survey by Deloitte identified a shift in buyer behaviour in young adults
"28% of all respondents said they've started or deepened their consumer relationships with businesses whose products and services benefit the environment. Conversely, about the same number have stopped or lessened relationships with organizations whose offerings they see as harming the planet"
Additionally, when businesses like yours take steps toward going green, it helps instill trust among customers who may be concerned about how your business is treating its surroundings.
Compliance with government regulations
The Climate Change Act commits the
At this point I would like to explain some of
Reduced Environmental Impact
To save on operating costs, many energy and utility companies are seeking out renewable sources of energy that can be paired with existing systems. By doing so, these companies can greatly reduce their environmental impact without increasing their costs of production. A popular option is solar power because it is affordable, easy to implement, does not require expensive infrastructure upgrades and presents no threat to grid stability. However, it is not just about new sources but the infrastructure behind them, then construction, monitoring, and maintenance of this infrastructure.
Business Future Proofing
Futureproofing is a great approach to make sure your business is successful. Companies that are truly future proof are operating efficiently, have good leadership, listen to their customers, adapt to new trends, and maintain their reputation. The best way to future proof your business is to consider how technologies will change in order to be prepared for any opportunities or challenges they may bring. You should also research ways you can improve your products or services before anyone else does. According to a recent report, the Government spending on R&D in 2021 to 2022 is £14.9 billion, its highest level in four decades (
Net zero is an admirable goal, but there are lots of potential pitfalls when trying to accomplish it. This blog has explored some ways that energy and utility companies can achieve net zero status while still providing competitive rates to customers. This is only an insight, reach out to us and we will be happy to explore your net zero opportunities.
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