Over the last decade, companies have sharpened their focus on sustainability. On top of finding ways to reduce the carbon footprint of day-to-day operations, small businesses and large corporations alike have found new, innovative, and more sustainable ways to source goods, work with suppliers, and reduce waste along the way.
Increasingly, implementing a bona fide sustainability strategy that goes beyond “flowery talk” or a well-written mission statement, as one executive put it, is a top priority from the boardroom to the customer.
Even in the face of inflation, a majority of consumers in a 2024 study from Pricewaterhouse Coopers LLP reported they’d be willing to pay more—nearly 10 percent more, in some cases—for goods sourced by sustainable methods.
Together, it’s crystallized the notion that business can be a force for change in the world—something that’s critical amid growing concern about the far-reaching effects of climate change.
But for companies just taking the first step toward sustainability goals, where do they begin?
Certainly, there are practical steps that offer an on-ramp, from transitioning to paperless communications, implementing companywide bans on single-use plastics, and offering carpooling incentives for employees commuting to the office via fossil fuel-burning vehicles.
But a true sustainability strategy also requires a long-term, philosophical vision. Here are three tactics you can begin implementing tomorrow to combat climate change:
Adopting a circular business model is one of the most lasting sustainability strategies a company can embed into its ethos.
This involves designing business processes that inherently minimize waste and reduce carbon footprint, using excess material created during the production process to jumpstart the creation of more products.
A circular business model essentially uses today’s waste as tomorrow’s fuel.
Companies should seek to adopt renewable energy sources and sustainably sourced products throughout their supply chain.
While this decision often involves significant upfront costs, it carries a host of long-term moral, reputational, and, ultimately, cost advantages.
Sustainable sourcing includes not just the use of clean energy sources but also the choice to work with suppliers that use environmentally-friendly tactics themselves and cultivate materials through responsible labor practices.
Finally, large companies can use their buying power to influence practices throughout their industry, opting to work only with partners that share their sustainability vision.
This can inspire other companies to make similar changes.
"A warming climate has made sustainability the new business imperative,” said Garima Sharma, professor at the American University’s Kogod School of Business.