Roundtable Discussion on Business Growth Opportunities from the Green Economy

The event helped cement a new momentum towards behaviour change in relation to green growth. A number of key themes were observed by the main speakers including the important role of future technology and data in facilitating successful green transition. 

There are now viable and alternative options for businesses to transition to a green economy through technology which has become available. Consumer pressure and changing expectations, alongside social acceptability of the need to shift towards low carbon practices and choices was also identified as key. The overall conclusion was one of urgency - the cost of climate change to businesses will double in ten years time if we neglect to take action now and younger generations are driven by this purpose. 

 

Research and policy have so far disproportionately focused on the risks of climate change, rather than any business opportunities that might arise from mitigating and adapting to it.

 

The Roundtable was part of a series of activities planned to help Kingston businesses grow back from the pandemic stronger and greener. The speakers led diverse discussions on questions such as:

Dr Niel Jennings highlighted the relation between trapped greenhouse gases in the atmosphere, the increased average temperature on earth and the impact that these have on the economy and everyday lives. The accumulation of greenhouse gases in the atmosphere has increased by 50% since the preindustrial era, resulting in an increase in the average temperature of the earth by 1ºC. Further increases in greenhouse gases and temperature will have dramatic consequences. Therefore, in 2015, in recognition of this challenge, all the countries of the world signed the Paris agreement. They agreed to keep the temperature below 2ºC and to pursue actions to limit the increase of temperature to 1.5ºC. To achieve this we need to halve global CO2 emissions by 2030 and achieve net zero emissions by 2050. Thus, the UK government has set a target to achieve net zero carbon by 2050. Isabella O’Dowd stressed that the WWF study, Keeping it Cool, which looked at what is needed to reduce carbon emissions to net zero by 2050 in the UK estimated that the cost will double if we delay action by 10 years. The power, transport and heating sectors all need to get to zero by 2050 and nature needs to be restored and enhanced. Agriculture, aviation, shipping and industry cannot get completely to zero emissions, therefore we need to reduce them as much as possible and then offset the remaining emissions through greenhouse gas removal technologies. 

 

To achieve this requires extensive changes across the economy, which create opportunities as well as challenges. Transitions of the economic systems have happened in the past, Prof Audley Genus said, but these occurred over decades. The difference now is urgency. Legislation and regulation will play a role but also the role of networks and partnerships is vital. The Kingston Transition to a Green Economy Working Group, which is coordinated by Kingston Council and Co-Chaired by Cllr Gander and David Symons, Head of Sustainability at WSP, is an example of such a partnership. It brings together small and large businesses, including the Bentall Centre, Lidl and Aviva Investors, Kingston Chamber of Commerce, Kingston University and local Colleges, as well as other local organisations, including the hospital and Transition Town Kingston. The group provides for partnership working to understand the challenges and opportunities created from the ambition to achieve a net zero carbon emissions economy and to act upon them. 

 

If we are going to be effectively a zero carbon economy in the next 30 years there is massive business action needed, as well as business opportunity, stressed David Symons who summarised the key dates of Climate Change Committee, the Government's advisory committee: 

Also, David Symons urged businesses to take action “Your customers care about this, we know it from WSP, and we respond to their needs”.