Step One to Net Zero: The Movement Towards Sustainability in Businesses
Climate change has been a term passed around for years, but everyone felt its severity when they heard Greta Thunberg break down at the United Nations about how it stole the children’s future. Following this historical occurrence, the United Nations Intergovernmental Panel on Climate Change (UNIPCC) has set a climate change deadline of 2030. Yes, this only meant one thing: code red.
In response to the worrying figures regarding the climate and our environment as a whole, 196 countries signed the Paris Agreement, all aiming to reach net zero emissions by 2050. The agreement has since raised global awareness and ignited several sustainable business practices.
The Terminus A Quo
So, what does sustainability mean when it comes to business? Going green or sustainable means ensuring your business has minimal (or, if at all possible, none) impact on the environment. Moreover, it should focus on bringing positive effects to the community and society.
It’s no longer the usual “reduce, recycle, reuse” tactic to save the environment that we are talking about here. While it may have worked back then, we now face more significant crises, so merely sorting out your waste won’t cut it. Unfortunately, the first step is far too often the hardest one to take. Businesses can easily get confused with all the readily available information, and with this, it might be challenging to evaluate which step to implement first.
We listed down some ways to prioritise the planet and make your business more sustainable:
Manage your environmental footprints.
Your environmental footprint compares how quickly your business consumes resources and generates waste to how quickly nature can accumulate waste and restore resources. Managing footprints is one of the highly debated factors towards sustainability, yet it’s also one of the most manageable steps. Your business can start by installing solar panels instead of depending on gas boilers for your heat systems. It could also be as simple as switching to LED lights throughout your office or warehouse.
Go digital.
Believe it or not, the world is well on its way to becoming paperless. Digital technology makes all the difference if you want to make your company more environmentally friendly. It can help you measure and reduce waste, energy, and water consumption and can also increase operational efficiency, which will help you reduce your carbon footprint. Well, it looks like being glued to our screens is not that bad after all.
Remote working works.
If there’s anything the pandemic taught us, it’s that you can stay productive even when you’re not physically present in the office. Travelling by car or plane to meet with clients, investors, or partners generates large-scale carbon emissions. Maximise efficiency through online meetings, calls, and collaborations. These are not only great for the environment but are also cheaper and more economical. Invest in tools and services that can support your online presence and help you perform your duties, even if your physical office is a thousand miles away.
Analysing the Stumbling Blocks
It’s normal for businesses not to jump headfirst into going sustainable. Significant changes are involved in doing so, and breaking free from the practices that have since become your company’s culture is not easy. Plus, going green means risking your profits. According to a recent McKinsey report, reaching net zero by 2050 could necessitate a 60% increase in capital spending on physical assets over current levels. The required investments total $9.2 trillion annually until 2050, with $6.5 trillion going toward low-emissions purchases and facilitating infrastructure each year.
What Lies Ahead?
There is an excellent opportunity for businesses that strive for sustainability. Additional data from the McKinsey report states that rising demand for net-zero offerings could generate more than $12 trillion in annual sales by 2030 across 11 value pools, including transportation, power, and hydrogen. That could provide significant growth opportunities for climate technologies and solutions.
Building a green business is not an easy feat, but it’s a worthy investment that will reap benefits – not only for your business but also for the world we live in. Efficient, steady growth starts by prioritising a safe environment where your business can prosper and thrive. And if there is any commitment worth the risk, it is to ensure we live on this planet for as long as possible.
