NatWest has launched a digital carbon planner to help UK businesses manage their future fuel and operational costs, and grow greener.
The tool provides personalised actions based on customer data, helping firms to make decisions as part of their plan when looking to reduce their carbon emissions, while outlining the financial impact of adopting such actions.
NatWest research shows that 72% of firms expect their business will face increased difficulty in light of inflationary challenges, citing increased costs of energy (56%), increased costs of materials (56%), and increased interest rates (37%).
At the same time, the bank estimates that 55% to 70% of business cases to reduce emissions will make financial sense for SMEs by 2030. Currently, 87% of UK SMEs are unaware of their business's total carbon emissions.
Solange Chamberlain, COO, commercial and institutional, NatWest, says: “Businesses are coming under increasing pressure due to rising costs. Many are fundamentally strong businesses which are experiencing a massive shock to input prices.
“As a bank, we can help businesses invest to save by switching from volatile commodities to renewable sources with predictable prices, and support businesses in taking actions to measure, evaluate and act to reduce their climate impact."