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The Net Zero target refers to the UK government’s commitment to reduce its greenhouse gas emissions by 100% by the year 2050, from 1990 levels. This has long been a divisive topic of discussion but has recently gained intense scrutiny, as the feasibility of required projects is assessed, especially in the face of economic pressures on businesses and individuals. Additionally, governments worldwide have oscillated in their commitment to their Net Zero targets in recent months.

There are many challenges facing Net Zero. Technical hurdles such as integrating renewable energy into national grids as well as the cost considerations for corporates to overhaul their business practices, can limit the transition to renewable energy sources. Accountability poses its own challenge—measuring the impact of Net Zero initiatives accurately and presenting this data transparently to all stakeholders can be difficult. A major hurdle is the behavioural changes demanded from business leaders to embrace Net Zero strategies, especially when confronted with short-term financial pressures like cost management and profit forecasting.

Therefore, innovative approaches are crucial to maintain momentum, despite these challenges. Open Energy Market, Calculus portfolio company and a leading provider of energy procurement services and Net Zero technologies, has introduced a pioneering platform called True, which combines an organisation’s actual energy procurement costs with its Net Zero strategies.

True empowers corporate decision-makers to build persuasive business cases for sustainability projects that gain board approval, addressing the challenge of financial impact on the bottom line. The platform also facilitates tracking progress toward sustainability and Net Zero goals, a notable challenge in achieving these targets.

Many larger organisations may have a range of different energy suppliers and contracts, and these could even be spread across multiple countries. True can allow companies to centralise energy providers, which enables costs to be reduced as energy contracts are renegotiated. CO2 emissions may also fall because of less consumption. True provides clear and concise information relating, not only to a company’s own energy consumption, but also the fluctuations impacting the price of energy within the UK market. The companies are then able to transition to green energy with the support of energy procurement and sustainability specialists working for True. 

Trelleborg Group, a global leader in the engineering and production of polymers, which uses the True platform, highlighted it was able to reduce its total energy consumption by 28%. The company was able to make a 100% green energy transition with the support of sustainability specialists working for True.  The move to renewable energy combined with the restructuring of energy & gas contracts resulted in a £6.5 million saving since collaborating with the True team. 

Open Energy Market is a great example of an innovative company backed by EIS and VCT investment, bringing game changing ideas to market. In this era of increasing urgency regarding climate change, Open Energy Market’s True Platform holds the promise of a more sustainable and environmentally responsible future for all.