With growing sustainability concerns worldwide, we all have a part to play in environmental sustainability. In particular, customers have been putting greater pressure on company and brand sustainability.
In a recent 2021 survey, 89% of surveyed consumers expressed that they think companies and brands should do more to reduce their carbon impact. Furthermore, 82% believe that corporations need to put people and the planet before profit. This shift in consumer sentiment is a clear sign that businesses need to start embracing sustainability.
The Business Imperative of Carbon Consciousness
Paying attention to your company’s carbon footprint to today’s business world is not just a moral obligation, it’s a strategic business move. Customers are putting their money where their mouth is; they are increasingly making purchasing decisions based on a company’s commitment to sustainability.
McKinsey has found that consumers would change their consumption habits to reduce their environmental impact and are shifting their purchasing habits towards products with ESG-related claims. This means that ESG-related claims can be a key differentiator between different products in today’s competitive landscape.
Attracting and Retaining Customers
Companies that actively reduce their carbon footprint not only contribute to a healthier planet but also stand to gain a competitive edge. Today, consumers are more informed and empowered than ever; and they demand increasing transparency from the brands they support. Highlighting your commitment to environmentally sustainable practices such as reducing carbon emissions can resonate with environmentally conscious consumers.
By communicating your sustainability efforts, brands can actively build trust with environmentally conscious consumers. This not only attracts new customers but fosters loyalty among existing ones.
Appealing to the New Workforce
Furthermore, people don’t just want to buy from and support environmentally-friendly companies, they want to work for environmentally-friendly companies. As graduates are increasingly focused on joining companies that align with their values, ESG considerations are becoming more integral to their career decisions. In fact, over 85% of recent graduates want to work for a company that has a positive environmental impact.
Companies that prioritise ESG and actively work towards environmental sustainability are more likely to attract top talent, especially from environmentally conscious young professionals.
Navigating Regulations and Embracing Change
Moreover, as the consequences of climate change become more pronounced, there has been an increase in the number of regulations that are holding businesses accountable for their environmental impact. The Corporate Sustainability Reporting Directive(CSRD) is one such initiative that aims to increase the transparency and consistency in corporate sustainability reporting.
Another such regulatory initiative is the European Carbon Targets. Businesses operating within the EU need to be proactive in aligning their operations with the target of achieving carbon neutrality by 2050.
As businesses prepare to stay compliant amidst these regulations, it is important to know that even small changes in energy consumption, waste management, and supply chain practices can make a huge impact on the reduction of a company’s carbon footprint.
As these deadlines loom ahead, it is crucial for businesses to start evaluating their current practices and making informed decisions to meet set targets. This involves not only minimising your brand’s current carbon emissions but also embracing sustainable innovations that can lead to long-term environmental benefits.
Questioning Building Management Practices
One area often overlooked in corporate sustainability is the management of office spaces. Businesses need to look closely at how buildings are managed and whether they are contributing to unnecessary carbon emissions. Are office spaces being treated like hotels, with energy being wasted on empty rooms?
Businesses should not overlook building management practices and identify areas for energy efficiency and carbon reduction. This can be through simple measures, such as optimising heating and cooling systems, using energy-efficient lighting, and implementing waste reduction programs; all of which can collectively make a substantial impact.
A Sustainable Tomorrow Starts Today
As we face the challenges of climate change, businesses and organisations need to take responsibility and take proactive steps towards sustainability.
By collaborating with Vivid Edge, which specialises in helping businesses reduce their carbon footprint, businesses can make a strategic move towards sustainability. Vivid Edge offers comprehensive energy solutions such as turnkey-funded energy efficiency updates, decarbonisation roadmaps, and property portfolio upgrades. Through our services, we aim to help companies enhance their overall environmental performance and meet their overarching ESG targets.
By aligning with such partners that empower their sustainability journey, businesses can showcase their commitment to sustainability, making them more attractive to both consumers and prospective employees.