11.08 – Can You ‘Go Green’?
Over the past decade, the business community has embraced a green revolution, driven by pressures to reduce waste, lower energy consumption, minimize water usage, encourage employees to walk or cycle to work, and facilitate remote working. This green wave has gained enthusiastic support because many of these activities align with aggressive long-term cost-cutting strategies.
The pressure to go green is often supported by legislation and comes from external sources, making it a strategic move for businesses. Companies like 3M, DuPont, IBM, Google, Cisco, and Microsoft have saved billions through measures to reduce waste and energy consumption. Toyota, with its innovative hybrids like the Prius, has created new revenue streams while significantly enhancing its brand value.
Employees also prefer working for green businesses. A global study by corporate communications firm Hill & Knowlton found that four in every ten MBA students wouldn’t accept a great offer from a company with a poor environmental reputation. Another survey revealed that 92 percent of college students want to work for a green company.
Under the Climate Change Act, the government has introduced carbon reporting for all businesses. Understanding and reducing your business’s carbon footprint is crucial. Here are some tips:
- Get Greener Vehicles: Low-emission vehicles cost less to tax and insure, are fuel-efficient, and can attract fast tax write-down rates, sometimes up to 100 percent of the purchase price in the first year.
- Source from Green Businesses: Whenever possible, buy from companies with good green credentials.
- Reduce Paper Use: Recycle paper and reduce paper consumption by putting technical literature and other materials on your website instead of printing them.
- Review Packaging: Use biodegradable materials for packaging where possible.
- Improve Insulation: Enhance the insulation of your premises and consider using solar panels or other forms of low-carbon power.
Green Small Business (www.greensmallbusiness.com) provides environmental management systems for small businesses. Its DIY guide is free, and it offers consultancy and certification. The ‘Making it Easy’ DIY Pack costs £29 and provides templates and editable examples to help develop your environmental policy and action plan.
U-EARTH: A Pollution Solution Revolution
Founded by Italian entrepreneur Elisabetta Maggio, U-Earth operates in London and Milan. The company uses cutting-edge biotech to naturally destroy contaminants and improve air quality. Its products draw air contaminants into a ‘bio-reactor’ where a chemical process renders them harmless. During the pandemic, U-Earth launched an anti-Covid ‘biotech mask.’ Priced at £36, the masks have a five-layer filter that works for up to 200 hours.
U-Earth Biotech partnered with Williams Racing as the team’s official supplier of air purifiers and face masks for the part of the 2020 FIA Formula One Season that took place. Suzuki is also a customer. The company’s latest round of crowdfunding on BacktoWork, Italy’s main equity crowdfunding platform, was oversubscribed by 368 percent, valuing the company at an estimated £25 million by December 2020. Proceeds from mask sales also help fund ventilators in hospitals severely impacted by the pandemic.
Conclusion
Going green is not just about environmental responsibility; it’s also a strategic business decision that can lead to significant cost savings, improved brand value, and greater employee satisfaction. By adopting green practices, businesses can contribute to a sustainable future while reaping the benefits of enhanced efficiency and reduced operational costs.
