Advantages of Environmentally Friendly Business

Nowadays, the term “sustainability” is becoming increasingly crucial for many people. Now, an increasing number of people are conscious of climate change and global warming. They are worried about the future of our planet. As a result, environmental friendliness has gained extra value in the business field. Climate-conscious consumers want to buy products from the owners of sustainable businesses. Hence, it has become imperative for business organizations to turn towards sustainability. Making businesses more environmentally friendly begins with awareness of the problem and understanding the significance of making changes- for the sake of both the business and the environment.

Now let us discuss some tips on how to enhance business sustainability.

What does sustainability in business mean?

Sustainable business refers to a business that has no negative impacts on the environment. A sustainable business or a green business supports the community vulnerable to the climate crisis. An environmentally friendly business always considers the social and environmental impacts of their business operations. A sustainable business always believes in the three important components- people, the planet, and profit. Their social responsibility helps them earn more profit than their other business competitors.

Why should businesses turn towards sustainability?

Human activities such as the burning of fossil fuels have done a lot of harm to the planet. After the industrial revolution, increasing greenhouse gas emissions have significantly enhanced the average global temperature. Because of being unable to deal with climate change, innumerable species have become extinct. Many other species are now under the threat of extinction. Climate scientists and environmentalists are warning that if business organizations do not act in a sensible manner as members of one global community, it will cause serious destruction to the ecosystem and biodiversity of our planet. If they cannot reduce the carbon footprint of their businesses by 2050, it will result in an increase of 2-degree Celsius global temperature increase. If it happens, it will contribute to the rise of sea levels and catastrophic weather events.

A research has found that just hundred companies in the world are responsible for seventy-one percent of global greenhouse gas emissions. To cultivate a livable planet, it is the time for all of them to come forward. According to the Paris Climate Agreement, if most of the businesses in the world try to become a part of the solution and cut total global emissions by 60% within 2030, we will be able to avoid many catastrophic events.

Green Business Statistics-

Now we will explore some statistics for our better understanding of the relevance of business sustainability.

Consumer Perception:

• A recent study shows that about 63 percent of Americans want business organizations to drive environmental and social change.
• 76 percent of Americans believe businesses should take action to combat global warming.
• 73 percent of Americans claim that they do not want to purchase products from a company that ignores climate change.

Business Perception:

• More than seventy percent of business sustainability professionals believe that organizations need to improve their sustainability strategy to address the current world scenario’s mega-trends.
• 64 percent of respondents from North America and almost 84 percent of respondents from Europe adhere to the idea that sustainability must affect fundamental business activities, including strategy and value development.
• The irony is that less than one-third of respondents stated their companies do any long-term strategic planning.

Business Impacts:

• According to one report by The New Climate Economy, nearly 95 percent of plastic packaging is discarded after one use (it is equivalent to $120 billion per year). Micro plastics have been discovered in more than a hundred aquatic species.
• If current trends continue, about 140 million people will have to leave their homes by the year 2050.
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  To combat severe climate hazards, by 2060 industries must cut down their carbon emissions by at least 40 percent.
• Businesses that take sincere climate action by adopting sustainable technologies, policies, and growth strategies could earn a total of 26 trillion dollars in economic.
• The argument for sustainability is strong. To become environmentally friendly, businesses must involve everyone who is eager to contribute. Every individual should take steps to work and live more sustainably. When it comes to ameliorating business sustainability, people such as organizational leaders, business owners, business administrators, business supervisors, managers, employees, human resource professionals, storekeepers, shopkeepers, customers, and consumers should all work hand in hand.

The benefits of being a climate-conscious business-

As we have said earlier, sustainability in business is not only beneficial for society and the environment; it also brings profits for the company itself. Though greening a business needs some initial investments, over time it helps businesses save a lot of money.

In 2011, one survey showed that more than 30 percent of business organizations were trying to integrate sustainable policies and technologies only to cut costs and improve their operational efficiency. Numerous instances are there to prove that through transparency and sustainable waste management practices, businesses have been successful in saving a lot of money. Utilization of renewable energy, usage of efficient technologies, and reusing existing materials are environmentally beneficial as well as economically profitable.

Climate actions by businesses also establish their good image. Responsible consumers view environmental friendliness as a plus point for businesses and knowing this, businesses with green values try to showcase this quality to develop their brand identity. Successful leaders and entrepreneurs often look at serious problems as opportunities.

At this time, this optimistic mindset is necessary. When everyone is regretting the dangers posed by climate change, if some businesses with creative business plans and innovative strategies can embrace sustainability for the sake of people, planet, and profit, none can snatch their success in the long term.

Read Also – Why All Businesses Should Come Forward to Become Net Zero?