Corporate sustainability: what it is and what are its benefits
Lego, Wal-Mart or McDonald’s have one thing in common. These corporate behemoths are among thousands of companies around the world that place corporate sustainability at the top of their priorities. Small companies too are doing their part in their respective fields. Which poses the questions: what does this concept mean exactly?
What is corporate sustainability?
The term corporate sustainability applies to organizations committed to using natural resources responsibly, investing in the long-term well-being of the planet and ensuring that people are treated fairly.
There are several examples of corporate sustainability in practice. Lego, for example, makes regular donations to support offshore wind farms. The Danish brand has plans to make its famous pieces more sustainable and reduce the energy consumption by over 12% per piece. By 2030, Lego hopes to produce all its major products from sustainable materials. And by 2025, the company’s sustainability goal is to eliminate landfills. Finally, the brand introduced a circular economy system in which customers can donate used Lego sets to families in difficulties instead of discarding them.
Microsoft is another example of corporate sustainability. The tech company has made major advances in sustainability in recent years, including the removal of over 60,000 tons of landfill waste. They also financed 20 different water supply projects in 2020 alone. Microsoft’s current sustainability goals include becoming Carbon Neutral and producing zero waste by 2030. By then, the company estimates it will have completed a revolutionary new computing platform that uses global environmental data and artificial intelligence to provide practical sustainability insights.
But corporate sustainability is not limited to large companies. Everyone can contribute if they follow 3 essential pillars.
What are the pillars of corporate sustainability?
Corporate sustainability is based on three main pillars: economic, environmental and social.
- The Environmental Pillar includes strategies to eliminate and offset greenhouse gas emissions, use green energy, eliminate toxic gases, reuse or recycle materials, and manage waste to reduce the carbon footprint throughout the value chain.
- The Social Pillar refers to practices that promote the health, safety and well-being of employees, customers and communities. It includes activities such as establishing a safety-first culture, ensure customers have the right information to use products without risks, and protect access to basic resources.
- The Economic Pillar aims to ensure that companies can survive and thrive to make a positive long-term impact. An example is the cost reduction in packaging, water, detergent and energy consumption with the use of the MultiWasher, our industrial washing equipment.
These three pillars were born from the concept of sustainable development, which refers to growth and development that meets today’s needs without compromising the natural resources on which future generations depend.
Why invest in corporate sustainability?
Corporate sustainability is of great importance to the environment, but also to the results of companies. This is why companies should make it a priority.
Corporate sustainability ensures a competitive advantage
There is a relationship between leadership in corporate sustainability and a company’s profitability. One study shows how companies that actively lead climate change ensure a higher return on investment than those that don’t or those that refuse to disclose their emissions.
Business sustainability also translates into cost reduction. For example, there are several reusable, sustainable and economical alternatives to disposable packaging. From bamboo to silicone, ecologically sustainable materials are both cheap and resistant. Reducing unnecessary consumption of water, electricity, detergent and downtime is another important driver of savings, made possible with the MultiWasher, Somengil’s industrial washing equipment.
Improve brand reputation
A business sustainability strategy builds trust in customers. According to one study, 63% of Americans want companies to drive social and environmental change. Around 87% of consumers prefer companies that defend issues that are close to them, and 73% would stop buying from a company that does not address climate change. Investing in corporate sustainability is thus an essential step to win customers.
Occupational diseases affect millions of people around the world and have a profound impact on society and business outcomes. Corporate sustainability also refers to productive and healthy workspaces. It can help prevent diseases such as hearing loss and asthma, as well as musculoskeletal, skin, and infectious diseases.
Contributing to food security
Increasing food security is another major benefit of corporate sustainability. This is the set of practices implemented within a company to prevent food contamination that affects consumer health. Restaurants, hotels, hospitals, pharmaceuticals, retailers and food catering and processing companies can implement measures to detect and prevent the spread of foodborne diseases.
Somengil, partners in business sustainability
Corporate sustainability is a priority for everyone. It mitigates risk, builds brand reputation, increases revenue, reduces costs and attracts investment. That’s why we’ve created the MultiWasher. This state-of-the-art industrial washing equipment uses less water, energy and detergent than any other solution on the market. And it works in a closed cabinet mode to keep the work environment safe. The Multiwasher is our contribution to the development of the industry and to promote corporate sustainability. Because a sustainable company is securing its place in the economy of the future.