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How do we slow the climate clock?

shallow focus photo of clear glass globe table ornament
Photo by Bill Oxford on Unsplash

So the show is over in Cornwall and I know I'm not alone in being very disappointed that climate change hardly got a look in at the G7. This is despite it being the biggest problem we face among many other big global problems of our time. If world leaders are not able to deliver what is required when it comes to the climate, it's going to be up to us.

Time is running out for politicians to do what is required, so we collectively have to get involved and play our part for the future of our planet and humanity. The good news is there is more we can do as G7 businesses than many of us realise.

As environmentalist Sir David Attenborough said in his recorded address to G7 politicians: "We know in detail what is happening to our planet, and we know many of the things we need to do during this decade. Tackling climate change is now as much a political and communications challenge as it is a scientific or technological one. We have the skills to address it in time, all we need is the global will to do so."

I'm co-founder of Giki, a social enterprise on a mission to help people live sustainably. Giki stands for Get Informed, Know your impact.

Just before the G7 we released research which shows that climate clocks are ticking down faster than previously recognised for G7 countries. The global climate clock shows the world has eight years and five months at current levels of carbon emissions before the carbon budget runs out, resulting in a failure to keep global warming under 1.5 degree Celsius.

However, our analysis shows that G7 countries are using up their carbon budgets at twice the rate of the global average. In fact if everyone lived like people in the G7 countries, we have just four years and one month until the climate clock runs out. That's enough time for just two more Olympics, one US Presidential Election and one World Cup.

In contrast, if we all lived like the poorest 50% of the world's population we'd have 56 years and 6 months left on the climate clock. Bhutan is the only country in the world where the climate clock runs forever because they are carbon negative. Showing it CAN be done!

It is clear from our research that there is a huge amount that needs to be done over the next few years if we are to tackle the climate emergency. Large employers in G7 countries have an important part to play in this. Not only is there huge scope to cut their own operational emissions, they are able to influence millions of people to make much-needed lifestyle changes, which can all add up to make a big difference. For some companies, the combined personal carbon footprint of their employees can be up to 10 times larger than the operational footprint. We've seen some of the big employers we work with in the UK help their employees cut their carbon footprint by an average of a tonne each a year. This is the pace we need every year to keep temperature rise below 1.5 degrees Celsius.

As employers, we can all take effective but pretty simple steps to support employees to switch to more sustainable lifestyles, like:

  • Cut a Tonne in '21 - this is our most popular step and is aligned with the reductions required to align with the Paris 1.5 degree targets.
  • Team virtual cook-alongs, showing staff how to cook plant-based meals
  • Some healthy camaraderie, and competition on cutting carbon footprints together, using gamification, team challenges and leaderboards.

The organisations we work with have also seen great success through setting challenges which tap into the natural competitiveness between teams. It is incredible to see how much can be achieved by these forward-thinking businesses and gives me hope in the face of frustration at the lack of collective action from world leaders.

To find out more about how employers can play their part visit https://giki.earth/

Individuals can also sign up to Giki and see their own personal climate clock.

Women founders continue to come up against common challenges and biases

Written by Kelly Devine, Division President UK & Ireland, Mastercard

Starting a business may have historically been perceived as a man’s game, but this couldn’t be further from reality. Research shows women are actually more likely than men to actively choose to start their own business – often motivated by the desire to be their own boss or to have a better work-life balance and spend more time with their family.

The recently published Mastercard Index of Women Entrepreneurship 2021 found that in the category of 'Aspiration Driven Entrepreneurship’ – capturing those who actively choose to start their own business – women in the UK surpass men: 60% vs 56%. And Mastercard research from February 2022 found 10% of female business owners started their business in the past two years compared to 6% of men – meaning women were 67% more likely to have started a business during the pandemic.

Yet, there are common challenges that women founders continue to come up against - not least the gender imbalance in the household and long-held biases which are still prevalent.

In the UK, women are almost three times more likely to be balancing care and home commitments than men, and this was exacerbated during the pandemic as the additional barriers of school closures and lockdowns meant that the care time of dependents rose significantly on a day-to-day level for women. In addition, women were less likely to have access to a home office, greatly impacting the work they were able to accomplish when working from home was the only option.

It's also widely known that female business owners are still more likely to struggle to access funding for their business ideas. According to Dealroom, all-women founding teams received just 1.4% of the €23.7bn invested into UK start-ups in 2021, while all-male leadership teams have taken almost 90% of the available capital.

Without financial support, and when juggling significant time pressures both at home and at work, how can women grow their companies and #BreaktheBias (as this year’s International Women’s Day termed it)? What tools or support can save them time and money, and give them the headspace they need to focus on building their business?

With female owned businesses collectively estimating revenue growth of £120 billion over the next five years, solving this problem is bigger than supporting women – it’s about supporting the national economy.

Using tech to level the playing field

There are clearly societal issues at play that need to be resolved. But when we look at the rise in technology businesses during the pandemic, we can plainly see an alternative source of support critical for business growth: digital tools.

A third of female business owners say new technologies will be crucial to the success of their business in the future and one in five say it is the most important thing for business growth.

With new technology comes new ways to pay, create, and work. And yet there are barriers that prevent business owners accessing this technology. Women are significantly more likely to say they want to use more digital tools but don’t know what is best for their business and also more concerned about the security of digital tools.

When technology is adopted by businesses – whether using online accounting solutions or messenger services for communicating with staff – it saves them time, allows them to maintain and grow their customer base, and ultimately increases cost savings and profit.

By drastically improving the training and support that is available to women-owned business to access and utilise technology we will allow these businesses to grow and succeed. And we know there is demand for it.

Research done by the IFC and Dalberg shows that female entrepreneurs are more likely to invest time and money in business development. This includes product development, customer base expansion, and digital tools and training and there are plenty of services available offering this type of support – many of them for free.

One such programme is Strive UK – an initiative of the Mastercard Center for Inclusive Growth – which aims to reach 650,000 micro and small business owners across the UK and empower them with the tools they need to thrive in the digital economy through free guidance, helpful tools and one-to-one mentoring.

Working together with small business experts – Enterprise Nation, Be the Business and Digital Boost – we hope to ensure hundreds of thousands of UK female business owners have the tools they need to succeed and reach their ambitious goals. Because this ambition remains strong in the UK, with female business owners largely optimistic about the future despite the multitude of challenges they are facing. Four in ten say they will grow their business in the next five years – compared to only a third of male business owners – and they’re also 35% less likely than men to say they plan to downsize or close the business.

But if we do not empower female entrepreneurs to access the tools and technology they need to grow, there is a risk this optimism could be misplaced. Support programmes that provide business owners with guidance and mentorship can help ensure this isn’t the case, allowing female entrepreneurs to not only survive but thrive in the months and years ahead.