As 2018 comes to a close, an important topic in the media has been environmental sustainability. Although there are many ways for individuals to combat climate change and increase the sustainability of their own lives, corporations are also looking at ways to reduce their footprint. Several sustainability trends are increasingly becoming a topic of interest to many large companies. Some companies have already implemented sustainable practices, yet some are newly venturing into sustainability. These trends will likely become more common in 2019.
Although corporations are a leading contributor to both waste and recycling, some companies have started re-purposing recycled materials. By using recycled materials to produce new materials, less waste is produced. This increased recycling would likely result in a circular economy. In a circular economy, the maximum value of all resources is utilized before they are disposed of.
Collaboration And Improvement
One of the main ways corporations are considering sustainable changes is by looking into and implementing improved processes. Some of this is occurring through collaboration between companies. Companies such as Microsoft are implementing new ways suggested by environmental agencies to dispose of waste and reduce the environmental impact of their supply chains.
Companies that utilize supply chains are also considering whether their current supply chain is both ethical and sustainable. These global partnerships are increasing as more corporations consider sustainability.
As consumers become more focused on the environment and sustainability, it has become increasingly important that corporations measure what they are doing to create a more sustainable company. Corporations that can measure and display their sustainable processes typically have a higher value and increased consumer loyalty. Studies have also shown that companies with highly sustainable practices have higher employee retention.
Proving sustainability can have other benefits for a company as well. Certain financial institutions such as BNP Paribas offers improved financing for companies that meet sustainability objectives. This allows companies to grow while remaining sustainable.
Sustainability is a global effort. Attempts to become more sustainable on an individual level often return to making more sustainable choices as a consumer. Corporations that have these practices are becoming increasingly common, and it is likely that these trends will be more widely adopted in both 2019 and the years to come.