(Credit: Pixabay)A $100 million capital program is being offered by Siemens as a way for small- and medium-sized businesses in the United States to jumpstart sustainability initiatives.
Siemens says smaller operations may not have the funding to implement sustainability programs, but they make up a majority of the country’s economy and can have a big impact on emissions. Because many large companies use smaller businesses in their supply chains, programs to add sustainability on that level can also help reduce Scope 3 emissions.
The program, which is being launched by Siemens Smart Infrastructure and Siemens Financial Services, will help small- and medium-sized businesses develop complete sustainability programs. Siemens will offer consulting services and finance options as well technology to help make businesses more efficient, resilient and sustainable, the company says.
The company says a well-designed sustainability plan is a necessity for all organizations and that capital funding will help drive the process. That can also help with larger emissions goals, even on the national and international levels.
The US has set goals to reach net zero emissions by 2050. More organizations are going beyond their own sustainability objectives to track and improve operations throughout entire supply chains, including a growing focus on tackling Scope 3 emissions.
Smaller organizations make up nearly half the workforce in the United States, according to a report from Forbes, which means the collective impact on carbon emissions can be substantial. The EPA has a guide for how small companies and low greenhouse gas emitters can make improvements.
In a similar objective to helping small businesses with sustainability, last year the Department of Energy awarded $127 million to companies that were working on clean energy technology.
The Siemens funding is available for a variety of projects intended for carbon reduction. Companies interested in the program can inquire with Siemens and explain their commitment and challenges to implementing sustainable operations. Those businesses selected for the program will then develop a custom sustainability roadmap with Siemens.
“Small and medium sized enterprises are the backbone of our economy, yet they may not have access to the same capital as our country’s largest corporations when it comes to making sustainability improvements,” says Anthony Casciano, CEO of Siemens Financial Services, Inc. “With each part of the supply chain being evaluated, there is an opportunity for smaller companies to make necessary changes to remain competitive. We are launching this loan program to ensure essential resources for these companies are available to keep pace with our nation and economy’s climate goals.”
