According to a recent Nielsen study, 81 percent of consumers feel strongly that businesses should be taking measures to reduce their impact on the environment. This passion is shared across generations, and it’s safe to say that businesses that have little regard for their corporate social responsibility are significantly less desirable to consumers.
Despite this, a 2018 survey by Carbon Credentials found that only 10 percent of UK businesses had strategies in place to cut carbon emissions. Of those that did, none had a set science-based target in their carbon reduction plan. We know that climate change will devastate the economy and drastically increase the cost of doing business. That’s not even mentioning how it will impact resource scarcity and the global population as a whole.
At the same time, businesses that take the initiative to reduce their carbon footprint can look forward to many more immediate benefits. Here’s why your business needs to reduce its carbon output and what you can do to highlight climate action in the sustainability reports.
Naturally, your expenses go down with your resource usage. From using more efficient equipment to streamlining your transportation operations to recycling office supplies, there are countless measures every business can take to make this happen. Within the first month, you’ll have more money to allocate towards growth – instead of utility bills.
Regulatory and Tax Compliance
Year-on-year, laws are passed to penalise businesses that don’t make an effort to reduce their impact on the environment and reward those that do. In the UK, this includes the Climate Change Levy, the EU Emissions Trading System and capital allowances on energy-efficient equipment, among other schemes.
A 2015 Nielsen study of 30,000 consumers found that 66 percent of them would pay more for sustainably manufactured products. Among millennials, that portion increases to 77 percent. Gen Z is known to be even more conscious in this regard. The more your business cares, the more your customers will care about your business.
In a similar light, going green fosters positive feelings from your employees as well. This has many benefits. For one, your staff will be more productive and motivated to achieve if they know they’re working for a good cause. Additionally, turnover will be reduced as employees will be less compelled to leave a work community that cares.
The Bigger Picture
This should go without saying, but reducing your company’s environmental impact has lasting benefits for your community and the economy as a whole. The likelihood of your long-term success and prosperity is far greater if the environment is in better shape.
What You Can Do
The list of measures your business can take to become more environmentally conscious is quite frankly endless. Get started by taking a look at this post on Utility Bidder, an energy supplier comparison website, about some simple ways that businesses can reduce their carbon output. The internet serves as a wealth of information on this topic.
Implementing greener practises is extremely beneficial to your business and more often than not, it is a dead-simple process. Getting started today will help you reap the benefits and reach your business goals sooner.