In the past “going-green” has often carried the stigma of requiring costly upgrades and regular expenses for businesses. But with a consumer base that cares about the environment, modern technologies, new innovations, and creative entrepreneurial solutions, “going green” is showing to be an educated financial investment that has the potential to increase your bottom line.
Erin Hinton, a senior sustainability consultant at Shift Advantage, explains in her article “Why Going Green Gives Your Business A Competitive Advantage,” that “A 2014 Nielsen study found that 55 percent of global consumers are so passionate about the planet and its people that they’re willing to pay more for products and services provided by sustainable companies…” As younger generations start to take over as the majority of the consumer base, this trend has no signs of slowing down.
Reflecting the expenses of going green in the price of products/services provided would be a necessary measure for but it is not always the case that environmentally conscious shifts are more expensive. Some solutions are actually great long-term investments. For example, switching to renewable energy sources has proven to be more cost-effective in the long run. Energysage claims that through installing solar panels, commercial property owners will reduce their energy bills by up to 75 percent. The long-term saving is likely to cover the costs incurred of the initial installation and purchase over time. The International Renewable Energy Agency shows that the auction prices that define the parameters of the cost of renewable power are continuing to fall, and may even make coal obsolete in the future.
If your company makes the decision to “go green” make sure to avoid greenwashing by actually supporting your claims with evidence by providing you consumers and releasing your environmental blueprint and figures to the public. Even though releasing these figures is not mandated, according to One Brief’s article “Why Environmental Sustainability is Becoming Big for Business,” “71 percent of the world’s top 500 companies opting to externally audit their environmental impact numbers.” This will not only improve public relations for these companies but also helps them stay on top of expenses in the process.
Data is continuing to provide evidence that companies should shift their focus and efforts on environmental sustainability if they hope to evolve with consumer trends, save money in the long run and maintain a positive public image.
Who is Kelsey?
Kelsey Rumburg is a creator and a builder dedicated to inspiring social and environmental change through her words and actions. Check out her book, Trash to Treasure, for more information. Follow @trashtotreasuremindset on Instagram and @trashtocashbook on Twitter to stay up to date on all things #trashy!