Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent discussions he has had with the Chancellor of the Exchequer on providing support to SMEs to help them transition to net-zero.

My Rt. Hon. Friend Mr Chancellor of the Exchequer and I have agreed to give the British Business Bank a new mission to drive sustainable growth and prosperity across the UK, and to enable the transition to a net zero economy, by supporting access to finance for smaller businesses. The Bank has already made good progress in this area. Between 2014 and the third quarter of 2020 a total of £160m has been invested into clean technology businesses by equity funds backed by the British Business Bank.

Ahead of COP26, BEIS has launched the Together for Our Planet Business Climate Leaders’ campaign, which has encouraged over 1,900 small and micro businesses across the UK to join the Race to Zero by making the SME Climate Commitment.

Small and medium-sized businesses have a vital role in the transition to Net Zero. Smaller businesses make up 99% of the UK’s 5.87 million enterprises and produce 50% of all UK business emissions. Small businesses will drive this transition through developing new technologies and ways of working.