Sustainability has become a true necessity in the business world, as climate change continues to affect the planet and influence our daily lives. The main benefit of becoming a sustainable business is crystal clear: helping the planet. However, sustainable development is as ethical as profitable, as research has proven how sustainability in business has real benefits and supports long-term business growth. What are the benefits of sustainability for a business? Why should you need to attend sustainability training?
The benefits of sustainability for business
Sustainability in business has five main benefits. Here are five benefits that show how becoming a green business is a profitable move:
1. Play part in protecting the environment
The first and most obvious benefit of becoming a green business is protecting the environment and the health of local communities. A sustainable organization is carbon neutral or climate positive. This means having a minimal or no negative impact on the environment, balancing any CO2 released into the atmosphere with an equivalent amount removed, or a positive impact, going beyond being a net-zero organization by removing additional CO2 from the atmosphere. Sustainable practices allow businesses to reduce waste, minimize carbon risk and improve energy efficiency.
2. Improve brand image and reputation
Becoming a sustainable business improves the reputation of a brand by aligning with consumer values. With consumers becoming more ethical and environmentally conscious, they are now choosing those brands that share their values. In fact, being sustainable has become a consumer expectation, with 81% of people globally expecting companies to be environmentally aware. By being green, aside from matching consumer values and expectations, a brand can certainly improve its image and connect with consumers on a deeper level. However, practicing what it’s preached is vital.
3. Increase productivity and reduce costs
Save on operational costs and mitigate against future energy use, leading to a higher return on investment (ROI). Research carried out by Oxford University shows how good business practices lead to economic profitability, as these lead to better operational performance and cash flows. Business sustainability management is key to develop sustainable practices, as these conserve resources and streamline effort, reducing operational costs altogether. Although initial costs can be high, numerous case studies show significant savings in operational costs, whether by saving energy, reusing materials and resources, or optimizing the efficiency of workspaces. An example of good practices that reduce business costs could be cutting on energy bills with solar energy, reusing water, and recycling materials and packaging.
4. Attract financial and investment opportunity
Becoming a sustainable business attracts green investment and funding options. Businesses with sustainability development goals and plans are more recognized by financial and investment companies. The report on US Sustainable and Impact Investing Trends showed that the ‘total US-domiciled assets under management using sustainable investing strategies grew by 42% between 2018 and 2020.
5. Improve business ability and resilience
Sustainability strengthens business resilience and helps to comply with regulations, avoiding green penalties with sustainable practices. Conferences such as the COP 26 UN Climate Change Conference, hosted by the United Nations Framework Convention on Climate Change (UNFCCC), show how vital change is, sparking up more conversations and further greener legislation that does and will affect business practices.
How to become more sustainable: Sustainability business games
Becoming green is a profitable long-term investment, and sustainability training is key to change organizations. GingrTech’s learning games can help you do so. Business simulation games such as GoGreen.Inc are powerful simulation games that address environmental needs within organizations. GoGreen.Inc is an ideal addition to training materials that allows organizations to offer in-person and remote team building activities designed to develop new skills and change mindsets.
Sustainability-focused business simulations and serious games educate users by showing them the environmental impact that their actions can have.