Businesses are taking a renewed look at sustainability. Not only is it seen as a corporate responsibility, but due to developing technology and evolving energy markets, it also makes good financial sense.
Many businesses identify climate change as one of the biggest risks for global society, and are embedding sustainability at the heart of their business strategy. Those forward-thinking businesses that have moved to lower carbon energy sources and reduced energy waste are having a huge impact on greenhouse gas reduction. New energy solutions and technology mean it's now easier and more affordable to deploy sustainable energy practices and contribute to the slowing of climate change.
Energy revolution
Renewable and low carbon energy supplies are fast displacing fossil fuels as the United States moves to a decentralized model of energy generation and distribution. This is opening up new opportunities for business leaders to transform the way they source, monitor, manage and consume energy – leading to better cost and environmental performance.
Better energy use not only means environmental sustainability, but better financial performance as well. Today’s consumers are more environmentally conscious than ever before. Employees, shareholders and investors expect brands to pursue environmentally-focused corporate social responsibility (CSR) goals. In research by Centrica Business Solutions, one quarter of respondents said that advanced energy solutions have not only improved their reputation but provided additional revenue too.
According to a 2017 international study by Unilever, a third of consumers (33%) are now choosing to buy from brands they believe are committed to having a positive social and environmental impact. The numbers are even higher in the United States, and data shows that the percentage is increasing year-over-year. 56% of consumers say they are willing to pay more to use environmentally-friendly products, according to a 2017 study by GFK. This is an increase of 3% since 2010.
This translates to the workforce as well. In order to attract and retain top talent, a commitment to sustainability is a requirement. In a 2017 study by Lightspeed, nine in ten Millennials believe it is important they work for a sustainable company, compared to 84% of Gen Xers and 77% of Baby Boomers.