You don’t have to choose between becoming more sustainable and business growth
30th December 2019 | Recycling
In today’s competitive landscape, environmental performance has to work alongside return on investment in the bottom line of a sustainable business. But is it so hard to balance costs and benefits?
Industrial activity accounts for around a third of the world’s greenhouse gas emissions and 16% of the UK’s total power consumption, so it’s not surprising that managing energy spend and decarbonisation has risen to become a strategic board-level priority. Alongside the obvious financial benefit of becoming more energy efficient, there is also growing attention from a range of stakeholders (investors, current/ future employees, policymakers and regulators) and their demand for improvement and transparent governance.
Sustainable
In June 2019, the UK became the world’s first major economy to pass laws to end its contribution to global warming by 2050. The target will require the UK to bring all greenhouse gas emissions to net zero by 2050, compared with the previous target of at least 80% reduction from 1990 levels. Increasingly, consumers are also prioritising sustainability in their purchasing decision. Two-thirds of the British public (67%) say they care more about the environmental impact of the goods they buy now compared to five years ago, and more than half (53%) feel it’s the responsibility of manufacturers to tackle the issue, according to research by KPMG.
Various factors contribute to a manufacturer’s total energy consumption – outdated systems, inefficient machinery, traditional processes, old buildings, a lack of visibility and ill-informed workers. The complexity involved can make moving towards a more sustainable, efficient way of operating appear daunting. What should be prioritised? Will it distract employees and the business from your core objectives? Will it generate a noticeable return? Will those returns be sustained over the long-term?
In today’s competitive landscape, environmental performance has to work alongside return on investment in the bottom line of a sustainable business. But is it so hard to balance costs and benefits?
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