More than three-quarters of SMEs adopting fintech solutions to help reach their sustainability targets

New data published by Rimm Sustainability reveals that over three-quarters of UK SMEs (77%) are using technology, as well as a sustainability platform, to facilitate their goals.

The report, “Leading the Charge on Sustainability: Moving from Awareness to Action” explores the views of 500 C-suite executives from SMEs from a range of industries across the UK towards sustainability and the steps they are taking to put their net zero plans into action.

The findings highlight the most common driver for firms to adopt sustainability platform is to receive guidance around sustainability regulations and requirements (34%). This is closely followed by advice on taking action to improve (33%), education on sustainability (33%), to achieve net zero goals (32%), data collection (32%) and analysis and reporting (30%).

The report highlights that the motivations also vary depending on the size of the businesses. Firms with revenue below £20m are more focused on using technology for educational purposes, whereas firms that raise more than £20m revenue are more interested in advice on regulations and reporting requirements.

Ravi Chidambaram, CEO of Rimm Sustainability says: “In today’s business landscape, we know that transparency is paramount to build the trust of consumers, and so it’s fantastic to see that an overwhelming majority of SMEs in the UK are adopting sustainability tools and are using them to communicate their progress to stakeholders, and to ensure they are compliant with regulations that are constantly evolving. These technologies are not only allowing firms to verify their own credentials, but also that of their supply chain, and this is helping them to paint a much fuller picture of the progress they have made on their sustainability journey.”

To download the report for free, click here.