Why Businesses are Embracing Sustainability and Why You Should Too
Many companies are placing greater emphasis on sustainability, with 62% of executives considering a sustainability strategy necessary to be competitive today, and another 22% think it will be in the future. Business sustainability is the practice of operating a business while prioritizing the environment. While the first thing that may come to mind is environmental sustainability, there are other aspects to sustainability as well. As a previous article explains, the sustainability model is supported by three pillars: society, environment, and economics.
Why is sustainability important for businesses? For starters, climate change continues to affect many aspects of our lives. No matter how great a business is, they must focus on their impact on the world around them in order to even have a chance at a sustainable future.
Going green also has many benefits for companies. Firstly, it adds value and provides a competitive advantage. Millennials, the largest generation of the population, are twice as likely as baby boomers to change their habits to reduce environmental impact. Generation Z, the next dominant generation is equally concerned, and in many cases more concerned, about sustainability than millennials. This indicates that brands can increase their values by focusing on sustainability. Converting to sustainable practices can also help cut costs and create new opportunities for innovation.
What does this mean for you? Your purchases, time, and attention have power. By supporting companies with sustainable goals and initiatives, you are setting an example for others who may be inspired by your actions.
Written by Emily Su, Class of 2022
Photo credits: https://www.procore.com/jobsite/world-s-biggest-companies-are-building-the-world-s-biggest-office-buildings/