Election Special: What It Means for Business Sustainability

Election Special: Introduction

With the recent election win by the Labour Party, there’s a buzz in the air about what this means for business sustainability – so here is our election special!  

At Play It Green, our mission is to provide businesses with the insights and tools they need to succeed while promoting sustainability and social value.

The new government’s green policies and promises are ambitious and potentially transformative. Let’s dive into what these changes could mean for your business.

Agriculture: A Fresh Take on Local Production

The first topic of our election special sees Labour’s plan to set a target for half of all food purchased across the public sector to be locally produced or certified to higher environmental standards is a game-changer. This policy aims to boost local economies and reduce carbon footprints associated with food transportation. For businesses, this means a potential surge in demand for locally sourced produce. If you’re in the food production or supply chain, it’s time to polish your green credentials and hop on the local bandwagon. Think of it as your ticket to a sustainable dinner party, where everyone knows the food hasn’t travelled more than they have.

Biodiversity: Bringing Back Nature’s Balance

Introducing a land-use framework to make environment land management schemes work for both farmers and nature is another key pledge. This policy aims to restore biodiversity, ensuring that our natural habitats are thriving once again. For businesses, particularly those in agriculture and real estate, this means navigating new regulations. It also means potentially investing in sustainable land management practices. We are interested to see the result of this policy and whether it can be maintained in the long term.

Climate Adaptation: Future-Proofing Policies

Labour’s commitment to formally working with all stakeholders in the Fire and Rescue services to inform policy. This will help to establish national standards on adaptation highlights their proactive stance on climate resilience. This initiative will likely lead to more stringent building codes and emergency preparedness plans. For businesses, this means ensuring your operations and infrastructure are robust enough to withstand climate-related disruptions. Changing policies is one of the things we wanted to see in our election special. Policy will dictate a change in behaviour for businesses.

Corporate Sustainability Disclosures: Transparency is Key

Mandating UK-regulated financial institutions and FTSE 100 firms to develop and implement credible transition plans, along with introducing disability and ethnicity pay gap reporting, aims to increase transparency and accountability. For businesses, this means a closer look at your sustainability reports and ensuring that your ESG (Environmental, Social, Governance) metrics are up to scratch. Think of it as your business going under a magnifying glass – every detail counts and definitely a policy that makes this election special! Well done to Labour for pushing transparency – something Play It Green has close to its heart!

Energy Efficiency: Lightening the Load

Labour plans to invest an extra £6.6bn in home energy efficiency improvements. This significant funding boost will help reduce energy consumption and lower emissions. For businesses in the energy sector, this means new opportunities for innovation and investment in energy-efficient technologies. With cost being a major factor when it comes to sustainable change, this extra money certainly makes Labour winning this election special!

Green Finance: Leading the Charge

Labour’s pledge to make the UK the green finance capital of the world is ambitious and exciting. This involves creating a favourable environment for green investments and sustainable finance. For businesses, particularly in finance and investment, this means exploring new green finance products and services. Investment houses are looking to invest more and more in businesses with strong ESG and this policy just makes sense. Let’s hope that Labour can follow through with this promise.

Green Skills: Training for the Future

With an investment of £1.5bn per year in ports, hydrogen, and industrial clusters to create thousands of jobs focused on decarbonisation, Labour is committed to green skills. For businesses, this means access to a growing pool of skilled workers trained in sustainable practices. Play It Green’s solution to climate change starts with reduce and one of the ways we help reduce footprints is through education and green skills. Well done Labour, for following suit!

Innovation and Industry: Long-Term Investment

Labour plans to invest £1.5bn in new gigafactories and scrap short funding cycles for key R&D institutions in favour of ten-year budgets. This long-term investment will allow meaningful partnerships with industry. For businesses, this means stability and the potential for significant innovation. Short termism has got us into the environmental mess we find ourselves in, so any mention of long term investment is fantastic!

Net-Zero Strategy: Staying the Course

Reiterating its commitment to maintain the UK’s 2050 net-zero target and decarbonise the electricity grid by 2030 shows Labour’s dedication to long-term sustainability goals. For businesses, this means aligning your operations with net-zero targets and investing in renewable energy. It’s like setting your GPS for a long journey – you know the destination, and now you need to stay on course. This is labour giving us another reason why this election is special!

North Sea Oil and Gas: Strategic Transition

Maintaining a strategic reserve of gas power stations to guarantee supply security and ensure a phased transition in the North Sea is part of Labour’s strategy. For businesses in the energy sector, this means navigating the transition with a focus on stability and sustainability. We need to move away from oil and gas so having a party that has promised a transition away from it is great in our eyes!

Resources and Waste: Circular Economy

Labour is committed to reducing waste by moving to a circular economy. For businesses, this means rethinking waste management and embracing sustainable practices. It’s like turning your trash into treasure – finding value in every resource. We are keeping an eye on this one as it will mean rewriting the rule book on a lot of things.

Transport Decarbonisation: A Clear Path Forward

Developing a long-term strategy for transport, with a focus on aviation and sustainable aviation fuels, is central to Labour’s plans. For businesses in the transport sector, this means gearing up for a greener future with sustainable practices. Aviation is one of the most damaging industries and being able to greenify the industry is a must.

Water Quality: Holding Polluters Accountable

Giving regulators new powers to block the payment of bonuses to executives who pollute the waterways aims to enhance corporate responsibility. For businesses, this means stricter oversight and accountability for environmental practices. It’s about time this was a focus for government. For too long polluters have faced little accountability. Let’s hope this is about to change!

Election Special: Wrap Up

Labour’s election win signals significant changes for business sustainability. From local food production to green finance, energy efficiency to circular economy practices, these policies are set to transform the business landscape.

At Play It Green, we believe that embracing these changes is not just the right thing to do – it’s a smart business strategy. By aligning with these green policies, your business can thrive in a sustainable future.

Let’s work together to make informed decisions that benefit both your company and the environment.

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