As the world looks to emerge from the Covid-19 crisis, New Zealand businesses could benefit from a low carbon future.
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The Western Union Business Solutions' latest green energy report says that decisive action by governments and business could deliver $26 trillion in global economic benefits by the end of the decade, and create 65 million new low-carbon jobs.
WUBS currency strategist Steven Dooley said in particular, small businesses that deal with larger businesses would have a competitive advantage if they were low carbon due to growing scrutiny.
"Larger businesses are really focusing on their green credentials as a point of differentiation with their competitors.
"So if you're dealing with an end retailer, or dealing with businesses that will eventually sell your products on, it's becoming increasingly important to be able to have those green credentials and that's really what we're looking at in this report."
He also suggested that shifting to net zero could be the "greatest commercial opportunity" of this period.
"Many companies have shown it is possible and profitable to adopt sustainable de-carbonising plans, even in challenging times, including those presented by Covid-19. Whilst there is still a long way to go, neglecting climate action from a business strategy may have growing consequences," he said.
Dooley said businesses should embed science-based targets.