Some 89% of manufacturing businesses leaders have a clear strategy in place to measure and reduce their scope 3 emissions.
A report released by Barclays Corporate Banking has revealed the latest trends regarding decarbonisation and scope 3 emission reporting in the manufacturing sector by speaking to senior managers.
Currently, scope 3 emission reporting remains voluntary.
Research showed that businesses in Greater London (95%) and the East Midlands (95%) are the most likely to have scope 3 emission strategies already in place, with Scotland (77%) and Yorkshire and the Humber (63%) the least likely.
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However, recently there have been calls to adopt the International Sustainability Standards Board protocol for mandatory scope 3 disclosures, leading manufacturers to take this action.
More than eight in 10 manufacturers have a formal carbon emissions reduction strategy to achieve net zero output by 2050 and 96% say their carbon emission reduction strategy is on track.
Nearly half of businesses (49%) are extremely confident of growth in 2023 and found durable solutions to the recent global supply chain disruption, such as widening the number of suppliers for key raw materials (38%) and bringing elements of their supply chain in-house (35%).
However, tracking, reporting and reducing the scope 3 emissions produced by operations is becoming the latest supply chain issue on leaders’ agenda.
This need for action is driving innovation across UK manufacturing in a bid to meet customers’ changing expectations, such as: creating more recyclable packaging, reducing air freight use and using sustainable materials in developing new products.
