More consumers and investors are looking to spend their money on eco-friendly products and companies that prioritize sustainability.
A CGS survey revealed that 70% of consumers consider sustainability "somewhat important" to them when making a purchase, and 47% say they would pay more for a sustainable product. In order to meet this standard, corporate emissions reduction commitments have proliferated.
Business leaders today have acknowledged that reducing environmental impact drives global change and overall business success; however, there's still a gap between acknowledging the importance of sustainability and actually implementing sustainability policies.
According to BCG's recent sustainability report, 90% of executives think sustainability is important, and yet only 60% of companies are incorporating sustainability in their strategy.
In today's business climate, sustainability has become much bigger than a social responsibility; it's a strategic imperative. As companies are prioritizing sustainability, business leaders need to do their part to manage all of the increasing environmental concerns all the while still meeting customer and stakeholder expectations.
To reduce environmental impact, business leaders also need to consider which actions are contributing to their carbon footprint, and once business leaders identify areas making the largest environmental impact, they can then start to implement policies, as well as track progress.
