A 2011 McKinsey survey on the business of sustainability found that 33% of businesses were integrating sustainable practices to improve operational efficiency and cut costs — resulting in a 19% increase from the previous year. In fact, in the long term it is considered to actually improve profitability through the reduction of … Companies with proven records in global and local sustainability ca… The following statistics illustrate where the business world is when it comes to sustainability: The case for sustainability is strong. A study found that just 100 companies are responsible for 71% of global emissions. Environmental Protection Agency: The EPA has information and resources for water conservation, green products, services, and chemicals, pollution prevention, sustainability, as well as green meetings and conferences. Named the Three Pillars of Sustainability, the mechanism incorporates environmental sustainability, economic sustainability, and social sustainability. Why economic sustainability is important for your business To understand the benefits that come with business sustainability, you can refer to my previous article How You Can Create a Sustainable Business For Long-Term Success – or, check out … talked about in relation to all aspects of our lives – from creating eco homes and environmentally conscious communities to sourcing sustainable food Later, as you continue to cut costs, you’ll be able to afford more extensive changes. But some of these small and big organizations have significantly taken part in polluting the environment or engaging in unsustainable practices.However, as of today, the need for businesses to be eco-friendly and sustainable is increasing. Oct. 15, 2012 Climate change is the most urgent issue affecting the whole planet right now. As a result, the company’s reputation has skyrocketed. Admins, managers, and supervisors can provide valuable insights; because of their more hands-on role, they have a different perspective and understanding of how to improve business sustainability. In financial services we see how banks like ANZ and Westpac in Australia both advance local communities with good sustainability practices and by embedding sustainability in their business processes and culture. For example, you can: use products that reduce your reliance on natural resources (e.g. Nespresso’s very purpose is linked to the so called “Positive Cup” campaign. Ultimately, the more sustainable your business becomes, the less you’ll spend on energy and materials. We Cannot Afford To Lose Our Planet. Walmart, IKEA and H&M have moved toward more sustainable retailing, largely by leading collaboration across their supply chains to reduce waste, increase resource productivity and optimize material usage. In combination with action from governments and other stakeholders, businesses that take action on climate change by adopting green policies, technologies, and strategies for growth could realize a total of $26 trillion in economic benefits. Here are just a few of the many benefits of operating a more sustainable business: “Greening” your business takes an initial investment, but, over time, you’ll save money by prioritizing sustainability. People view sustainability as a plus, and companies with green values are eager to showcase them because of that fact. The Brundtland Commissiondefined sustainable development as "development which meets the needs of current generations without compromising the ability of future generations to meet their own needs." It has to integrate with two more to form a self-sufficient society. Responsible Purchasing Network: An international network of buyers dedicated to socially responsible and environmentally sustainable purchasing. With regards to areas of competitive advantage, however, companies need to link sustainability to a business case. 650 Maryville University Drive St. Louis, MO 63141. Without satisfying all three of these consecutively it is not possible to have one. According to the scientific journal Environmental Sustainability, an island of plastic twice the size of Texas (approximately 1.6 million square kilometers) is floating in the Pacific Ocean. A sustainable business adheres to the triple bottom line, a term coined in 1994 by John Elkington, the founder of a British consultancy called SustainAbility. Fair Trade Federation: Community of U.S. and Canadian businesses committed to fair trade. Over the course of 10 years, clients of the managed service provider Elytus saved over $11 million through sustainable waste management and transparency. Fair Trade Certified: Resource for accessing fair trade supplies and certification. 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