Sustainability and Business

BY HONOURABLE AYARUJA

Many people and organizations are left scratching their heads when it comes to sustainability. What exactly does that imply? Will it unquestionably benefit my company? What are the advantages? To put it another way, how does becoming more sustainable affect our bottom line as a company?

Sustainability in business, also known as cooperative sustainability, is a business approach to generating long-term value by considering how a company functions in its environmental, social, and economic contexts. Sustainable business practices are divided into two categories by Harvard Business School: the influence of a company on the environment and the impact of a company on society, with the objective of having a positive impact on at least one of those areas.

When making business decisions, sustainable enterprises evaluate a wide range of environmental, economic, and social concerns. These businesses keep an eye on the effect of their activities to make sure that short-term gains don't become long-term liabilities.

INDUSTRIES WHERE SUSTAINABILITY CAN BE ATTAINED.

Transportation Industry: Transportation accounts for a fraction of total greenhouse gas emissions, with passenger automobiles accounting for the majority (report from the IPPC)

There are even more advanced technologies available now to mitigate pollution generated by movement. On a vehicular level, electric automobiles (or even hydrogen cars) and electric scooters are gaining popularity and industrial growth at a rapid pace. Simultaneously, methods such as carpooling, which allows drivers to get their cars empty and save money (as well as pollution), are excellent alternatives. Not to mention the fact that more businesses are enabling their workers to work from home or remotely, reducing pollution per kilometer traveled.

Technology Industry: Electronic gadget usage is increasing every day. These gadgets, however, are built from Earth materials mined by the mining industry. Mining may be a very polluting business, and the establishment of new mines has a clear influence on deforestation. In the world of technology, being sustainable has a lot to do with sticking with your devices for a long time.

Companies should concentrate on recycling these batteries and designing devices with a core component that can be replaced. Public and electric transportation, LED lighting, solar power, and carbon capture and storage technologies are all examples of sustainable technology.

Fashion Industry: Fashion, particularly fast fashion, places a premium on speed and low cost in order to offer new collections on a regular basis. Nonetheless, the issue with this business is its harmful influence on the environment. There is a lot of cotton and textile waste, and many clothing are composed of synthetic fibers that end up in the water as microplastics after being washed.

Buying less garments and from sustainable businesses are two steps toward a more eco-friendly fashion sector. Encourage fashion designers to utilize durable materials and cotton that is responsibly produced..

Food and Agriculture Industry: Food and agriculture production systems around the world are facing unprecedented challenges from rising food demand for a growing population, rising hunger and malnutrition, negative climate change effects, overexploitation of natural resources, biodiversity loss, and food loss and waste, to name a few. Agriculture must fulfill the demands of current and future generations while maintaining profitability, environmental health, and social and economic equality in order to be sustainable (FAO).

Food and agricultural industries should aim to grow their crops without (or with few) hazardous pesticides, focusing instead on organic farming and bio mimicking methods, which are unquestionably less damaging.

Real-life industry leaders illustrate what sustainability initiatives look like:

• Walmart, IKEA, and H&M have all taken steps toward more sustainable commerce, mostly through fostering collaboration across their supply chains in order to decrease waste, boost resource productivity, and optimize material utilization. It has also made initiatives to alleviate local labor issues with developing market suppliers.

• Carmakers such as BMW and Toyota have made significant progress in terms of energy efficiency and emission reduction, with Tesla, as an outsider, challenging a significant change to the industry's total footprint.

Unilever and Nestlé have both made significant promises, with Unilever focusing on organic palm oil and its total waste and resource footprint, and Nestlé on product life cycle, climate, water efficiency, and waste management.

BENEFITS OF SUSTAINABILITY IN BUSINESS

The Market for Sustainable Goods is Growing - According to a survey, worldwide customers are eager to adjust their purchase patterns to reduce their negative environmental effects, and sales of sustainable products have increased.
Increased financial advantages from energy efficiency improvements, which frequently result in cost reductions.
Businesses that are sustainable attract higher-quality investments. As a risk management strategy, investors are increasingly looking for firms with greater "ESG" (environmental, social, and governance) ratings.
Keeps you on track to position your organization for future advancements while being sustainable.
Assists in increasing efficiency, resulting in reduced waste and pollution.
Assist in lowering energy use.