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5 Key Initiatives Shaping Business Operations in 2024

Energy & Carbon Management Sustainability and energy efficiency are top priorities for businesses in 2024.

M&E Design

1. Tighter ESOS Compliance

The Energy Savings Opportunity Scheme (ESOS) is getting stricter. New legislation requires businesses to identify and implement energy-saving measures, with the first action plan due by December 5th, 2024. These plans will be publicly available, increasing pressure on organizations to show progress.

2. COP28: Impact on Businesses

While the COP28 climate summit didn't achieve a complete fossil fuel phase-out, there were agreements to accelerate energy efficiency, expand renewable energy, and promote hydrogen trade. These commitments will likely influence how businesses contribute to the UK's net-zero target.

3. Rising Energy Costs and No More Subsidies

Expect continued volatility in energy prices. With the Energy Bills Discount Scheme ending, businesses face higher energy costs without government support. Proactive energy management and good efficiency practices will be crucial to maintain competitiveness.

4. Evolving Carbon Reporting and Strategies

Large companies already report Scope 1 and 2 emissions, but Scope 3 reporting (emissions from a company's value chain) may become mandatory. Businesses need to strengthen carbon reduction strategies, especially with stricter regulations around supply chain carbon footprints.

5. Election Year and Uncertainty

The upcoming UK general election adds uncertainty to energy legislation. Businesses should focus on existing knowledge and data to manage energy rather than waiting for policy clarification.

The Takeaway:

Effective energy management is no longer just good business practice; it's essential for long-term success in a sustainable world. By staying informed, optimizing energy use, and building strong carbon reduction strategies, organizations can navigate this evolving landscape and contribute to a greener future.


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