NOVEMBER 2024: A new independent Review has today been launched to explore and unlock the tremendous economic opportunity of sustainability for the UK’s 5.5 million small businesses.
Spearheaded by Small Business Britain, with backing from the UK Government, the Willow Review aims to identify and highlight the potential financial benefits of sustainability practices for small businesses, and encourage wider adoption and support.
While SMEs have been found to account for approximately 50% of all business-driven emissions, according to the British Business Bank1, uptake of sustainability initiatives among this group remains limited due to uncertainty about the financial advantages, and concerns about high costs.
Operating over an initial six-month period, The Willow Review aims to reframe how UK businesses think about sustainability, by providing clear evidence that embracing sustainability can not only reduce environmental impact, but improve profitability, innovation, and long-term growth for businesses.
According to recent survey data from Small Business Britain and BT, only 24% of small businesses currently recognise the financial benefits of sustainability2. This is despite many exhibiting widespread passion for protecting the environment and a purpose-driven ethos.
Jointly chaired by the Minister for Small Business, Gareth Thomas, Nick Stace OBE, Head of Social Purpose and Sustainable Finance for Barclays UK, and Michelle Ovens CBE, Founder, Small Business Britain, The Willow Review will encourage collaboration between businesses, government, and financial institutions to drive positive change.
Gareth Thomas MP, Minister for Small Business and Co-Chair of The Willow Review said:
“SMEs are the driving force of our economy, representing 99% of all UK businesses and accounting for half of business-driven carbon emissions. Yet, we know many entrepreneurs face uncertainty about the financial benefits of adopting sustainability in business. The Willow Review aims to bridge that gap. I’m delighted to support this vital review, which will prove that sustainability isn’t just good for the planet—it’s great for business too.”
The Willow Review is also backed by a Steering Board of industry and government leaders and sustainability experts, including representatives from the Department of Energy Security and Net Zero, Barclays, British Chambers of Commerce (BCC), BT, Business Climate Hub, Federation of Small Businesses (FSB), Planet Mark, as well as academics from Glasgow University and Mandy Nyarko MBE, Co-founder of Startup Discovery School.
Michelle Ovens CBE, Founder of Small Business Britain and Co-Chair of The Willow Review said:
“Small businesses stand to benefit hugely from sustainability, as well as having the potential to make a hugely positive impact on reducing the UK’s emissions. But while business owners are often incredibly mission-driven and see the social value of sustainability, few recognise the financial opportunity. The Willow Review is a hugely positive step-forward to provide small business owners with the tools, insights, and evidence they need to integrate sustainability into their operations while boosting profitability.”
The Willow Review will now embark upon a concentrated research phase to gather concrete evidence and critical insights into the financial impact of sustainability practices on small businesses, including consulting small businesses through a combination of surveys and focus groups.
A final report will be published in May 2025 which will outline the financial case for sustainability and share actionable recommendations for government, industry and policymakers to support small businesses on their journey.
For more information visit willowreview.com
1 "Smaller businesses and the transition to net zero", 2021, British Business Bank
2 Small Business Green Growth Report, 2024, Small Business Britain and BT
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