Profits up, Carbon down! Amidst rising inflation, U.S. small businesses  can cut costs and boost profits by joining climate action hub

• SME Climate Hub launches in the United States at Climate Week NYC to help small and medium sized-businesses boost profits, safeguard U.S. jobs and cut costly carbon emissions. 
• In partnership with America Is All In, the initiative helps small businesses profit from cutting their emissions and meet changing customer expectations. 
• Corporates including Siemens, Walmart, Ericsson and Mastercard and cities including Charlotte, North Carolina and Greenville, Mississippi are committed to actively supporting small businesses across their supply chains and constituents to take climate action through the SME Climate Hub. 

New York City, New York –  September 22, 2022 – The SME Climate Hub today launched a major drive to help leaders of the 30 million small businesses in the United States to decarbonize. As small and medium sized enterprises (SMEs) face soaring inflation and energy prices, the SME Climate Hub provides free resources to cut costs and increase profits through taking climate action to reduce carbon emissions.  

Backed by major U.S. corporations, civil society and local and city governments, the effort aims to drive business climate action across the United States. It will allow smaller businesses to profit from the low-carbon transition, offset rising inflation and help safeguard the millions of U.S. private-sector jobs they provide.  

The SME Climate Hub is an initiative of the We Mean Business Coalition, the Exponential Roadmap Initiative, and the United Nations Race to Zero campaign, which simplifies and aids the decarbonization process for small businesses, enabling them to commit to and act upon climate targets aligned with limiting global temperature rise to 1.5°C. Free resources specifically designed for SMEs include: Climate Fit, a climate education course; a carbon footprint calculator developed by Normative to identify key emissions sources; the 1.5°C Business Playbook focusing on actions; and reporting tools that allow SMEs to measure year-on-year progress and communicate this to their key stakeholders including consumers, buyers, and investors.  

The SME Climate Hub is also working with multinational companies like Walmart, Siemens, JLL and HSBC, and 1.5 Supply Chain Leaders such as Ericsson and Mastercard to promote the Hub across their supply chains and networks so SMEs can reap the benefits of climate action including improved financing and capital incentives. In addition, by using the SME Climate Hub’s free resources, American businesses will find it easier to access billions in tax credits announced in the recent Inflation Reduction Act (IRA) to decarbonize their fleets and buildings.  

María Mendiluce, CEO of the We Mean Business Coalition, a founding partner and hosting organization of the SME Climate Hub says, “Action on climate change can’t wait, and we need the energy and drive of these community leaders and entrepreneurs to succeed. Fortunately, the SME Climate Hub is here to help. We’re providing a valuable first stop for businesses as they search for ways to cut costs and improve their business in the face of inflation and increasing global emissions goals. By committing to the SME Climate Hub, small businesses can better navigate the shifting expectations of consumers, large corporations and governments and play their part in stabilizing the economy and the climate.”  

Michael R. Bloomberg, co-chair America Is All In, UN Secretary General’s Special Envoy on Climate Ambition and Solutions, and founder Bloomberg LP and Bloomberg Philanthropies said, “Halving emissions by 2030 requires an ‘all of society’ approach that includes small and medium sized businesses. This new partnership will help them share effective strategies, raise their ambitions, accelerate their progress, and help put us on the path to reaching our 2030 goal.” 
 

Jared Meyers, Chair of Legacy Vacation Resorts, a multi-state hospitality company and SME Climate Hub signatory says, “Cutting carbon is a straight forward business proposition for us. During this past summer, our resort guests felt the consequences of multiple wildfires, extreme heat, drought, red tide, and a hurricane. Our company simply can’t survive if extreme weather events worsen and become more frequent. We are proof that climate action pays off and that addressing our climate challenges gives us agency and makes us more resilient.” 
 

Anthony Casciano, President and CEO, Siemens Financial Services, Inc. says, “In the current climate, looking at ways to cut carbon emissions makes sound business sense no matter the size of your company. This is the first time businesses of all sizes in the United States have come together to recognize the significance of small business climate action and facilitate the low carbon transition of this community through the SME Climate Hub.” 

Vi Lyles, Mayor of Charlotte, North Carolina and co-chair of America Is All In says, “Ensuring that SMEs are thriving in the transition to a low carbon economy is essential to the health of the small business community and the American economy as a whole. As a key driver of the U.S. economy and a leading source of jobs for American communities, the United States also cannot meet its climate goals without robust participation of SMEs in the decarbonization effort.” 

Despite tangible business benefits, SMEs face competing short-term demands that often curtail or delay their efforts to take climate action. The SME Climate Hub’s free tools make it easier than ever for small U.S. businesses to benefit from: 
 

• Targeted cost savings – Simple low- to zero-cost actions such as turning down thermostats and cooling systems and turning office lights off at night, can reduce costs and carbon emissions. The average commercial building can save up to a third on energy costs, without sacrificing comfort or functionality. Small businesses can often adopt new technologies and future-proof their operations faster than larger rivals. 
   

• Support to navigate US policy – Businesses with buildings and vehicle fleets can access tax credits to cut costs and emissions under the new Inflation Reduction Act. As climate impacts manifest themselves, incentivizing climate legislation is likely to increase. 
   
• Access to capital finance – The SME Climate Hub is working with multinational corporations and the finance industry to boost access to finance and incentives to support the SME community’s early-stage low carbon transition.  
   
• Low carbon market opportunities – U.S. and global markets for sustainable goods and services are growing. As more consumers are choosing products and companies based on their climate concerns, corporations are under pressure to decarbonize not just their direct operations but their supply chains, largely comprised of SMEs. As they look for innovative partners to decarbonize their supply chains, SMEs have an opportunity to gain competitive advantage.

For media interviews, six SME Climate Hub member case studies or more information please contact: Tom Howard-Vyse – [email protected] +44 (0)7920 269 477 @tomhv  

About SME Climate Hub  

The SME Climate Hub is an initiative of the We Mean Business Coalition, the Exponential Roadmap Initiative, and the United Nations Race to Zero campaign. In collaboration with Normative and the Net Zero team at Oxford University, the SME Climate Hub provides tools and resources to enable SMEs to make a climate commitment, take action, and measure their progress towards emissions reductions.​ The SME Climate Commitment is the official pathway for small and medium sized businesses to join the United Nations global Race to Zero campaign. Over 5,000 businesses across 107 countries have already made the commitment. Find out more at: www.smeclimatehub.org   

For more information about the SME Climate Hub and its work or to become a SME Climate Hub advocate in your state, please contact [email protected]   

About America Is All In: 

American Is All In is the most expansive coalition of leaders ever assembled in support of climate action in the United States, mobilizing thousands of U.S. cities, states, tribal nations, businesses, schools, and faith, health, and cultural institutions, with members in all 50 states. America Is All In represents the U.S. non-federal climate movement that accounts for over two-thirds of the U.S. economy, nearly two-thirds of population, and over half of U.S. emissions. The coalition is working alongside the federal government to develop a national climate strategy that meets the urgency of the climate crisis, scaling climate action around the country to empower workers and communities, and promoting the leadership of non-federal actors on the world stage.  

Led by Mike Bloomberg, the UN Secretary-General’s Special Envoy for Climate Ambition and Solutions, Washington Governor Jay Inslee, Charlotte Mayor Vi Lyles, and climate champions across the country, the coalition is working to cut U.S. emissions in half by 2030 and reach net zero emissions by 2050, while guarding against the impacts of climate disruption.