Importance Of Environmental Action
The Importance of Environmental Sustainability Action and the Role of Technology
More and more companies now have to comply with governmental environmental regulations and adopt sustainable business practices. Now more than ever, businesses have to take environmental responsibility, and it will be “the” reason that will set businesses apart.
“Sustainability is not just about doing less harm – it is now about doing more good” – Jochen Zeitz
Why does Environmental Sustainability Matter for Businesses?
For businesses, environmental risks mean more supply chain disruptions, a lack of investors, and decreasing consumer demand. It makes sense to align business decisions with eco-friendly conscious practices. In fact, the survival of many businesses depends on it.
Without action, CO2 emissions are expected to hit 4,800 million tons in the U.S. alone by 2025. This should get industry stakeholders and business owners worried. The need of the hour dictates taking swift action on an individual and business level to address climate change through sustainable technology solutions.
Technology and the Sustainable Future
Technology is at the forefront of building a robust economy and a bright future. The fact is that technology giants are becoming role models for many companies as they adopt and embrace the best environmental sustainability practices. In the next few years, expect the majority of companies to do business with vendors that follow sustainability goals.
When it comes to supporting new development, technology is the key driver that leads to advancement. What’s interesting is that this might be a starting point. Organizations will continue to use new and advanced technological solutions to achieve more ambitious environmental sustainability goals.
Businesses can leverage new technology to mitigate the impact of environmental degradation. The main focus revolves around sustainable technology that fosters social and economic development and involves natural resources. It is the best way to reduce ecological and environmental risks and develop sustainable products: “If sustainability is a driving cause in your organization, there are certain benefits of utilizing ESG software: (1) you can optimize the quality and utilization of your current assets throughout the lifecycle, (2) you can monitor, predict and report your organizations environmental footprint,” stated President and CEO Reshma Moorthy. “We can help you navigate through various options to find the best solution now and going into the future.”s
What Should be the Approach of Businesses?
The burden of responsibility falls on every business owner to meet environmental and social goals and remain compliant. By rolling out sustainable innovations, businesses can help the environment and gain a competitive edge. Remember, implementing sustainable technology solutions is more than just about improving bottom lines – it’s also about attaining and retaining the best talent.
It is no secret that environmental considerations have a significant influence on businesses. This involves physical risks like natural calamities and supply chain disruptions. It also includes transitional risks such as finding better business models. With ESG goals in place, businesses and industries can boost their profit margins and maintain a favorable reputation in the market.
It’s not too late to implement ESG reporting standards and measure environmental sustainability. Businesses can also conduct their own research and lean towards technologies that help them better measure, outline, and set targets to mitigate emissions. Moorthy emphasized, “However, we are hosting specific industry webinars touching on these topics and delve into how sustainability relates to your industry that demonstrates our experience and how best we can support you.”
Businesses can also leverage asset management, monitoring, and tracking software to reduce human errors, standardize processes, and improve efficiency. It’s 2023, and there are many benefits and reasons for businesses to opt for environmental sustainability. Besides, environmental sustainability measures also come with cost benefits for businesses.
Since technology continues to evolve, maybe you’re asking yourself what are the incentives (besides cleaning up Earth) that will encourage me to make these changes?
Here is a list of some benefits and government incentives for sustainable business practices (at this time):
The Business Energy Investment Tax Credit (ITC) – extended by the federal government to businesses that invest in building or purchasing equipment that will produce renewable energy. This includes solar panels or wind power generation equipment.
Qualified Plug-in Electric Drive Motor Vehicle Credit – if you buy buy (or more) for your business check to see if you are elible for this credit of up to $7,500 (varies based on the size of the battery, number of non-sustainable vehicles your business has acquired, etc.)
Small Business Innovation Grants – this is available to businesses who deal with sustainable research and development.
Green Jobs Initiative – Employees are a company’s biggest asset and the way to get them onboard with sustainability initiatives is by offering. Of course that costs money but if you have a solid plan for training sustainable business practices you may be able to apply for this federal grant.
Emission Reduction Credits (ERCs) – a form of a trading system between industries and does not limit the level of allowable pollution in a regulated area. An example is a polluter will be assigned a specific pollution rate that must be adhered to – of course as new standards are created this may change.
Green Community Grants – awarded to developers who embrace sustainable development in their day-to-day business operations. There are two types of grants: Charrettes Grants – up to $5,000 for sustainability building systems and Sustainability Training Grants – up to $5,000 incentive to build and maintain environmentally friendly housing.
Most business leaders now want to step up their company’s environmental sustainability and build a business model that continues to put effective measures in place for now and in the future. The truth is that sustainable technology minimizes negative environmental and social impacts and improves the bottom line of companies. In hindsight, environmental and sustainable technology can transform business practices and systems for good.