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The automotive industry is at a pivotal moment. Automotive component manufacturers are facing an increased focus on sustainability and the urgent need to achieve net zero. Our latest report, 'UK Automotive Component Manufacturers: Getting ready for a net zero future,' explores the challenges and provides insights into how businesses are navigating them.
The report is based on a survey of UK automotive component manufacturers. It explores the automotive industry's current state, the hurdles companies face, and the strategies they are employing to transition to net zero.
In-depth analysis of strategies for achieving net zero and guidance for your own journey to more sustainable operations sit alongside industry benchmarks and case studies from William King and Mercedes-AMG PETRONAS Formula One Team. Experts from the SMMT, Browne Jacobson and BDO also contribute their tips and practical insights.
The report is essential reading for anyone involved in the UK automotive industry, from senior management to sustainability officers, as it provides a clear picture of where the industry stands and what lies ahead.
The shift to EVs is a significant step towards reducing emissions but companies must also review emissions from their entire supply chain as part of their net zero strategies.
Many automotive manufacturers are underestimating their Scope 3 emissions which are produced upstream and downstream. Find out how and why this pushes up the cost of achieving net zero.
The transition to net zero requires substantial investment in talent, innovative technologies and processes. Almost all respondents expect net zero to be a significant cost burden for their business with an average of almost £400,000 investment in decarbonisation efforts.
Over time, the transition to net zero looks set to be a major driver for innovation with 98% of respondents’ saying it “definitely” or “likely” would lead to new research and development.
Lack of talent and skills is the second biggest challenge businesses face when it comes to Net Zero. 70% of respondents’ have employed external support to assist in their net zero strategy, and 49% are investing in retraining and upskilling their workforce.
93% of respondents believe that the transition to net zero is crucial for their long-term success. This underscores the need for a strategic approach to sustainability.
99% of automotive component manufacturers have a strong commitment to measurable and verifiable emissions reductions demonstrated by signing up to the Science Based Targets initiative.
Nearly all automotive component manufacturers (99%) have a person or team in charge of reaching net zero targets. This is a good sign as leadership and accountability are critical components of successful net zero strategies.
The journey to net zero presents significant opportunities for innovation and growth as well as challenges. Our report provides a roadmap for automotive component manufacturers to navigate this complex transition. By understanding the key themes and challenges of achieving net zero, businesses can better position themselves for a sustainable and prosperous future.
Download the full report now to gain valuable insights and stay ahead in the race to net zero.
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Bernhard Zurhake