Sustainability - The New Phase of Business Industry
Business is a highly influential force in the global market-- it has assets that surpass national boundaries. The mechanism of residency, the food we eat, the garments we use, the vehicles we drive, the energy that powers them, and the next phase of innovation that will supersede them, are all products of business operations.
While businesses are not the only players to address the environmental issues, they are best able to compete with the level of magnitude the world needs to bring about the transformation— thanks to their unrivaled capabilities of invention, development, and marketing.
The new stage of sustainability development necessitates a market transformation. It requires the eradication of old stereotypes such as classifying the ecosystem as an infinite commodity or a platform for dumping wastes. Further, viewing the value of nature with a financial benefit as the defining factor, incentivizing unbounded utilization, and even assessing continual industrial performance as a possibility must change. Business decisions have a critical role in easing this much-needed shift of existence--- rather than taking the general market standards as given, they should alter them to include the performance measures of the environment.
The business industry must become carbon neutral, then carbon negative, to reverse the metric of climate change. It is not accomplishable by a single firm or brand-- it necessitates the transformative effort of the market as a whole.
Sustainability is a business strategy for generating long-term benefit by considering how a company works in its environmental, societal, and economic aspects. A sustainability process is considered essential by 62% of executives today, and another 22% believe it will be in the future. The concept behind sustainability is establishing measures that promote the lifespan of the firms. Businesses are not about professionalism and noble intent anymore— organizations are realizing the need to engage with sustainability as standards for corporate social responsibility rise, and transparency is becoming more widespread.
Sustainability Initiatives By Industry Leaders
Several well-known industry leaders have all made significant contributions to sustainability, largely through increased openness and the resolution of tangible difficulties. Their sustainable strategy is an inspirational roadmap other businesses can adopt.
IKEA
IKEA, as part of its sustainability strategy, fosters cooperation throughout its supply chain operations to decrease waste, boost production efficiency, and optimize material utilization.
Using innovative circular principles to create IKEA products.
By 2030, all items will be made entirely of renewable and recycled resources.
Zero-emission home deliveries by 2025.
Reduce its total climate footprint by 70% on average per product by 2030.
Provide affordable home solar solutions in 29 IKEA markets by 2025.
BMW
BMW has achieved significant progress in terms of energy efficiency and pollution reduction and commits to sustainable targets.
Cutting one-third of CO2 emissions on a total fleet of more than 2.5 million vehicles manufactured in 2019.
Reducing 40 million tonnes of CO2 over the lifecycle of the vehicles by 2030.
Lower emissions by an additional 80% between 2019 and 2030.
40% decarbonization by 2030 for every kilometer.
New Businesses Elevating Sustainability Heights
Veja
Sébastien Kopp and Ghislain Morillion launched Veja, a French brand of ecological and fair trade footwear and accessories. The brand is known for leaving strong sustainability footprints ever since it came to life in 2004. Veja currently employs 200 people, had yearly sales of $78.5 million in 2019 which shot up to $120 million in 2020— demonstrates that sustainable methods of running a business are not incompatible with revenue generation. The brand pays a collective bonus of R$2.50 per kilo of cotton to the associations working for enhancing labor conditions, and pre-finance their raw materials (organic cotton) by up to 40%. Find out more about Veja and its sustainability efforts here.
United by Blue
United by Blue was founded in 2010 by Brian Linton with the premise that a thriving outdoor company can conduct meaningful environmental work for the earth. The brand is dedicated to giving back to the world— conducting company-organized beach cleanups, removing one pound of trash from seas and oceans for every product purchased, eliminating approximately 3.5 million pounds of waste to date, etc. United By Blue has received B Corporation designation for its dedication to sustainability. Their apparel and accessories collection is carefully crafted from organic and recycled fabrics to withstand years of outdoor and daily wear.
KOTN
KOTN is an eccentric Toronto retailer that offers high-quality daily clothing crafted from genuine Egyptian cotton. It was founded in 2015 by Rami Helali, Benjamin Sehl, and Mackenzie Yeates. The brand practices a fair supply chain and concentrates on providing the world's best and softest cotton to its consumers— Egyptian cotton, an extraordinary fabric grown in the Nile Delta. KOTN represents the fresh outlook of young people, passionate about making a significant difference in the world.
“I think the future is in this omnichannel, multi-touchpoint kind of blurring the lines between analog and digital and that is kind of the direction we’re heading in.” -Helali
Thought Clothing
Thought Clothing produces modern, subtly directed apparel manufactured with care. The brand is unrelenting in its mission and commitment to using only ethically obtained and manufactured fibers— bamboo, hemp, Modal, and other eco-friendly materials. Thought is an active (and one of the earliest) supporter of the sustainable clothing movement, rejecting quick fashion in favor of a green outlook— "wear me, love me, mend me, pass me on."
Practical Steps To Increase Sustainability Performance
Like any mission, a single correct approach doesn’t apply to sustainability. The optimum solution is determined by the goals and objectives of a company.
Make Sustainability a Priority
Corporate plans must embrace sustainability, and their organizational marketing objectives must represent it. This entails making sustainability a primary focus in all aspects of the company. Further, implementing the solution and placing accountability— ensure everyone involved is responsible for their actions, and track the progress.
Reducing Water And Electricity Usage
Limiting water waste, a precious resource is a step everyone can include in their lives. Switching to energy-efficient bathroom components and lighting solutions can help save water, energy, and even lower electricity bills.
Transparent Supply Chains
Statistics suggest that customers want to collaborate with environmentally conscious organizations. Businesses must take the initiative to only work with companies who follow corporate sustainability methods— negotiating contracts with this intention in mind.
Collaborate With Corporate Employees
Find value in educating employees about the importance of environmental preservation and sharing what the company is doing to boost sustainability. Invite employee suggestions for ecological sustainability in the workplace— it can not only help in decreasing energy consumption but also boost work productivity. So, what are some of the sustainable steps that can be taken in a workplace environment?
Shut vending machines light if not needed.
Keep the lights switched in the cafeteria or office lounges to minimize energy consumption, etc.
Environmentally Corporate Gifts For Employees
Adopt strategic policies and practices to enhance sustainable efforts. Look for eco-friendly gifts for employees to promote sustainability in the workplace--- choose B-Corp-certified suppliers/ manufacturers for bulk gifts to assure the greatest levels of sustainability.
Conclusion
Sustainability is a big concern that affects more than just individual businesses. However, several significant corporations are implementing forward-thinking environmental practices, which is encouraging. It's becoming evident that sustainability is a global revolution that won’t go away anytime soon.
The responsibility of environmental sustainability is not light, but if every enterprise contributes, we can preserve our wonderful planet.
