Sustainability has long ceased to be a buzzword and has instead become something that many individuals and enterprises alike see as a must, something that simply must be done in order to ensure that the world keeps thriving. The effects of climate change cannot be denied, and not doing something to stave off their impact poses an existential threat to all life on Earth. It is not just members of the general public that need to do something; businesses and organizations must join the fight as well.
The concept of corporate sustainability isn’t exactly new. It derives from the idea of “sustainable development,” which appeared in the UN’s World Commission on Environment and Development report titled “Our Common Future.” Also known as the Brundtland Report, this 383-page publication was issued in October 1987 and discussed the necessity of meeting the needs of people living in the present without compromising the safety of future generations.
Transparency
In simple terms, corporate sustainability simply refers to the approaches and methods needed in order to implement business strategies that are aligned with the environmental and ethical dimensions of doing business. Being focused on sustainability means that enterprises don’t end up prioritizing profits to the detriment of the planet’s well-being, the health of the communities that live in the same areas, or the balance of biodiversity. Transparency is the fundamental principle needed to achieve corporate sustainability, the building block that allows all other areas to thrive.
Being upfront about what’s going on behind the scenes avoids the pitfalls of greenwashing or greenhushing, a practice that, while not malicious, is still deceptive and which arises as a result of business owners being afraid that their companies won’t measure up to standards upon closer scrutiny, so they prefer to remain silent. Many companies have begun working with services such as Mil-tek in order to keep up with sustainability demands, ensure they reduce the amount of waste they produce, and decrease their carbon footprint as a result.
High levels of information disclosure, accuracy, and clarity are needed. Continuous assessments and open communication are paramount with both the stakeholders and the customers. Doing this allows you to secure your corporate reputation and become known for your reliability and commitment to green solutions.
Guiding principles
Apart from creating and maintaining transparency, you must also secure stakeholder engagement. This means that all the people that are likely to be impacted by certain decisions are also involved in the processes leading up to them. Every business has a duty to keep employees, customers, suppliers, and the entire community associated with their enterprise informed and educated about sustainability. If a single link in the chain doesn’t follow the correct procedures, sustainability is compromised.
Thinking and planning ahead is also crucial, and if you’ve been in business for at least a few years, you know how important this is. You should always have a plan, and leaving room for flexibility remains crucial since you need to be able to spot opportunities or adjust to unforeseen circumstances as they arise. Envisioning the future and establishing tangible goals for both the short and the long term means that you can generate ideas for implementation as well.
Whether it’s about cost reduction, increased profits, or adopting a new image, you know that you must chart a course before you start changing things. The same thing is true for sustainability. You must be proactive in your approach, first by running a thorough assessment in order to determine which areas of your company need to be improved, and then by doing your research to determine which methods would be best when trying to solve said issues. Diversity, Equity and Inclusion are crucial as well, as giving people equal opportunities is the building block of sound corporate ethics.
A recent study revealed that implementing gender equality in a company reduces the environmental impact and boosts energy efficiency.
Technological developments
Technology is developing at a faster pace than ever before, and while that’s great for business efficiency and profitability, many of these developments are power guzzlers. Artificial intelligence is perhaps the most noteworthy example, given its current visibility. Everyone is talking about AI, and that has naturally put it under scrutiny as well. According to recent findings, data centers and other digital hubs that support artificial intelligence are consuming more and more energy, challenging the idea that they can ever be considered eco-friendly.
Technology entrepreneur Sam Altman recently revealed that saying “please” and “thank you” to the generative AI chatbot known as ChatGPT costs millions of dollars. The systems require huge amounts of computational power during interference and model training, with energy-intensive infrastructure required in order to support the infrastructure in the first place. Nowadays, artificial intelligence uses approximately 460 terawatt-hours every year, the equivalent of Germany. This is not only bad for the environment but also places a lot of strain on electrical grids, elevating the likelihood of a destructive blackout.
Moving forward, tech developments must be engineered for sustainability, while the ones that already exist must be upgraded to meet the standards. Businesses must also be careful when integrating new solutions so that they avoid increasing their carbon footprints.
The future
Sustainability is not going anywhere, and the corporate landscape will likely become increasingly competitive as business owners look to keep up with the shifts. Many have started seeing sustainability as a way to gain a competitive advantage over others operating in the same niche, turning eco-friendly processes into a source of profit. While some still believe that switching to an environmentally friendly model is cumbersome and costly, it seems that the reality is quite different, with sustainability being an advantage.
However, remember that sustainability is nonetheless the correct thing to do, so even if some upfront losses occur, you will gain returns in the long run simply by building a positive brand reputation. Customers are increasingly looking for brands that will allow them to live a sustainable lifestyle, and many are ditching brands that cannot guarantee this. Being sustainable is also in line with everyone’s responsibility to protect the Earth and ensure it keeps thriving.
