The new report titled ‘Think Small First’ calls on policymakers to remove the existing administrative burdens that come with carbon reporting which often forces SMEs to be excluded, the groups warn that not doing so could cause many businesses to be left behind in the world’s race to net zero.

The report, released at the beginning of November, states that the SME sector accounts for 90% of the global economy and is estimated to employ over 2bn people worldwide however, 90% of these businesses believe that there are ‘significant barriers’ for them to take climate action.

Out of the 10,000 SMBs that were a part of the Make Climate Action Everyone’s Businesses session at COP26 the majority labelled the barriers as lack of time, significant costs, overly complex guidance, and uncertainty about quantifying emissions.