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Small Businesses Prioritizing Action on Climate Change

In recent findings, small businesses are increasingly prioritising action on climate change, according to a survey conducted by the SME Climate Hub.

The survey, spanning 44 countries and 25 sectors, revealed a notable uptick in the importance placed on reducing greenhouse gas emissions among small and medium-sized enterprises (SMEs) in 2023. This shift towards climate action reflects a growing recognition among SMEs of the urgent need to address environmental concerns and contribute to sustainability efforts.

Despite this growing emphasis, the study also highlighted persistent obstacles hindering climate action within SMEs. These challenges underscore the need for effective solutions and support mechanisms to help small businesses overcome barriers to reducing their carbon footprint.

Challenges Facing SMEs in Climate Action

Regulatory pressures and evolving customer expectations are driving SMEs to elevate climate action as a priority. However, despite these intentions, SMEs continue to encounter barriers that impede their ability to effectively address climate change.

Among the key challenges cited by surveyed SMEs are a lack of supportive policies or government-backed incentives, identified by 52% of respondents and insufficient funding, also reported by 52% of those polled. Additionally, nearly 39% of respondents highlighted a dearth of data on current emissions as a significant barrier.

Other obstacles include time constraints, noted by 29% of respondents, and perceived deficiencies in skills and knowledge, cited by an equal proportion of SMEs. These challenges highlight the multifaceted nature of addressing climate change within the SME sector and the need for tailored solutions to support small businesses in their sustainability efforts.

AI legalese decoder: Facilitating Compliance and Risk Mitigation

AI legalese decoder is a cutting-edge technology tool that can assist SMEs in navigating complex legal language and regulatory requirements related to climate action. By leveraging advanced AI algorithms, the legalese decoder can quickly analyze legal documents, identify compliance obligations, and provide actionable insights to facilitate adherence to environmental regulations.

Furthermore, the legalese decoder can help SMEs stay informed about evolving regulatory frameworks and ensure timely compliance with changing requirements. By reducing the burden of legal compliance and risk mitigation, AI legalese decoder empowers SMEs to focus on their core business activities while contributing to sustainability efforts.

María Mendiluce, Chief Executive Officer, We Mean Business Coalition, Co-Founder of the SME Climate Hub, emphasized the importance of supporting small businesses in their transition to a clean and just economy. She highlighted the need for collaborative efforts from governments, financial institutions, and corporate partners to enable SMEs to take comprehensive action on climate change.

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