Poll shows 1/4 of UK businesses support carbon tax in principle

A recent study of private enterprises in Britain has revealed strong backing for financial contributions based on relative emissions.  

The idea of a carbon tax is nothing new, but there has long been speculation about how easy such a policy would be to implement and how this would be perceived by leaders and decision-makers at the impacted organisations. Now a Crowdcube survey has pointed to significant support for such a policy. 

This most recent survey points to around one quarter of UK businesses – or 24% – now being in favour of a carbon tax system in principle, although details of how this would work were not specified. 

Nevertheless, the results reflect a growing understanding that politicians, people and businesses must all contribute to emission reduction, sequestration and mitigation in a bid to fight the climate crisis. Economic conditions have been fraught in 2022, but sustainability and environmentalism are set to continue cementing themselves at the heart of operations in the coming year as alignment between profit and growth targets, and green responsibility, continue to grow.

‘The heightening of the climate emergency shows that we’re past individual action. Businesses must step up and do their part to mitigate the climate crisis. By doing so, they will be able to capitalise on their growth and, more importantly, make a positive impact on the world,’ said Matt Cooper, COO of Crowdcube. ‘In fact, when we recently polled our investors, a quarter (24%) said they support the idea of a carbon tax on their emissions, showing just how committed to the cause they are.” 

‘This is a trajectory that benefits everyone and is exactly what we see on our platform. For example, when we look at what kinds of businesses are raising and succeeding on our platform, we see the average green pitch on our platform attracting a third (29%) more investors than those that do not prioritise sustainability,’ he continued. ‘It’s becoming clear that in 2023, the businesses that secure more funds, faster will be those with ESG at the core of their model. Investors want to support businesses that align with their values, not just their wallets.’

Revisit our recent long-form interview with Hugh Helferty, a leading energy scientist, who has proposed a specific approach to emissions taxation.

Image: Scott Graham