Is Your Business Adopting Best Practices for Corporate Sustainability in 2023?

First, the COVID-19 pandemic shook the global healthcare infrastructure. Next came geopolitical tensions, which disrupted the global energy and grain markets. The need to go green has been evident for a long time, but the recent socio economic turmoil has given the world a concrete reason to shift focus to sustainability. Besides, the threat posed by climate change is constantly growing. The current state of the environment is a major concern, and businesses shoulder a significant part of the blame due to their footprint. Corporate sustainability is essential to ensure that businesses minimize their environmental impact and promote the responsible use of natural resources. A business market research study estimates that the world is at risk of losing US$23 trillion in economic output if net-zero climate targets aren’t met. Have you adopted corporate sustainability practices? If not, read this blog as we look at the best practices for corporate sustainability to adopt in 2023 and beyond.

What Is Corporate Sustainability and Its Importance?

Businesses have a responsibility to society, including their customers, employees, and the communities in which they operate. Corporate sustainability ensures that businesses act in a socially responsible manner, addressing social issues and promoting ethical behavior. In layman’s terms, it is the idea of meeting the needs of the present without compromising the ability of future generations to meet their necessary needs. Creating successful sustainability strategies is essential for businesses and organizations to achieve long-term success while minimizing a negative impact on the environment. Here are some reasons why businesses should invest in sustainability strategies:

• Risk management: Sustainability strategies help organizations to identify and manage risks associated with environmental, social, and economic factors. They can mitigate the impact of environmental regulations by adopting cleaner technologies and reducing pollution.
• Brand reputation: Sustainability is becoming increasingly important for consumers, many of whom now prefer to buy products from environmentally and socially responsible brands. Adopting a successful sustainability strategy can enhance your brand reputation and appeal to your target customers.
• Cost savings: Depending on the industry, implementing sustainable practices can help organizations reduce costs associated with energy consumption, water, and raw materials.
• Regulatory compliance: Organizations need to comply with local and international regulations related to sustainability. Developing a successful sustainability strategy can help organizations comply with these regulations and avoid penalties.

4 Corporate Sustainability Trends That Will Grow In 2023

Here are the top 4 corporate sustainability trends to watch out for in 2023:

Reduced carbon emission

When we talk about sustainability, the discussion is usually about carbon emissions. Carbon emissions remain one of the biggest hurdles in attaining complete sustainability. Thankfully, many corporations are rolling up their sleeves to make a change. Yours could be the next innovative force in the field of corporate sustainability, such as Apple, which has decided to go supply chain carbon-neutral by 2030.

New breed of workforce

The modern workforce is vastly different from that of the previous century. Today’s workers are multicultural, international, and goal-oriented. They want flexibility, occupational safety, and growth opportunities. The good news is that businesses are taking these demands more seriously than ever. One big name that has led the way is NASA, which recently published its Diversity, Equity, Inclusion, & Accessibility (DEIA) plan for 2022-26. Its four strategic goals included in the paper are as follows:

• Workforce diversity
• Workforce equity and inclusion (employee experience)
• Accessibility and accommodation
• DEIA integration into the NASA mission

Minimizing waste

Man-made waste cannot be completely eliminated, but systematic minimization is possible. This is where intelligent corporate sustainability strategies can play a significant role. You can take a cue from Amazon, which has created a circular economy— where waste generation is negligible. It reduced the weight of outbound packaging by 33%, leading to the elimination of 900,000 tons of packaging material, which equals approximately 1.6 billion shipping boxes.

Ethical sourcing and manufacturing

Ethical sourcing of raw materials and sensible manufacturing of consumer goods has been a topic of discussion for the past few years, but it’s only recently that industry players have started responding to it. They have started adopting ethical sourcing practices to minimize the environmental impact. Many brands are shifting to sustainable procurement by minimizing animal-origin material usage and using renewable energy.

Final Word

Corporate sustainability is all about staying relevant to the changing environmental scenarios, even if that means ditching one or two old traditional practices and changing how you operate. Businesses must keep a watch on existing opportunities for change. This is where the significance of business research is apparent. Conducting market research studies will enable you to keep an eye on the future and lay a concrete pathway to reach there, sustainably. When looking to craft and execute a business market research plan, always partner with a reputable market research consulting firm that offers proven primary market research services. Unimrkt Research integrates advanced technology into business market research services for startups to deliver the best results. To know more about our market research services, call +91-124-424-5210. You can also email sales@unimrkt.com or fill out our contact form, and we will respond at the earliest.