The pandemic has made us rethink our lives, making us aware of our vulnerability and letting us experience global disruption that quickly bulldozed through our entire social and economic system.
The pandemic exposes the link between everyday life, industry, work and health. Emissions from company buildings hurt the general public while polluting the environment. The pandemic shows how dire the dynamic is.
But there is potential for quick, meaningful change. As stay-at-home orders and lockdowns swept the world, pollution levels dropped in major cities in a few weeks. Businesses have tangible power to take more sustainable, renewable routes quickly.
Consumers, too, have discovered their conscience, demanding business processes be ethical and sustainable. Employees care about values as well. They’ll seek information about company values before applying for a job, and they’ll work harder for firms that let them live their ideals.
Sustainability is now an integral part of any business plan. Businesses may be punished by consumers through boycotts, while fines or government subsidies can motivate companies to be more green conscious. Renewable energy is becoming increasingly cheap to implement. Creative and efficient workplace practices are a step in the right direction.
Becoming more sustainable will test established firms’ sourcing, employment and growth strategies. Sustainability concerns are an opportunity to bring to market products and services that meet new customer demands.
As allocators of capital, banks and asset managers can play a big role in steering the transition to a low-carbon economy and improving local communities. Businesses don’t have to sacrifice environmental goals to protect growth. Offering green products or services, introducing green processes internally, hiring employees to promote sustainable practices or going beyond compliance requirements can help your firm. Here are some concrete measures you can take:
- Amp up your efforts to save energy and lower carbon dioxide; use sustainable materials and streamline packaging.
- Supply consumers with details and authenticity. Help them understand what eco-friendly choices mean to you as well as to them.
- Take advantage of innovative market niches. You can cater to an emerging trend or niche market and become more competitive by offering new green products or services. For example, you could use paper-based packaging. Companies that have done this have emerged as future leaders in their sectors. You’ll create a higher sense of personal and organizational purpose that makes work meaningful. Investors are increasingly questioning firms on their commitment to sustainability and expecting meaningful steps.
- Install solar panels. This green measure can reduce electric bills.
- Switch to low-flow water fixtures in restrooms.
- Convert to LED lighting.
Greening processes can result in efficiency gains by reducing energy costs, allowing businesses to secure green tax credits, improving operational efficiency and embedding circular economy principles internally. Such gains can translate into commercial benefits.
Adopting environmentalism shows the overlap between health, sustainability and business.
