New Survey Reveals Sustainability as a Top Priority for Businesses
How shifting business paradigms are paving the way towards renewed focus on ESG.
Sustainability has become a top business priority for 75% of business leaders around the world, up 10% from the last six months, a new survey by Honeywell and The Futurum Group has found. This clear shift in focus is a response to mounting Environmental, Social and Governance (ESG)-related regulations and global calls to action for climate change mitigation.
The survey also found that business leaders are increasingly optimistic about achieving their sustainability goals , with a ten percent increase from the previous year.
The Honeywell-Futurum Environmental Sustainability Index
Honeywell published The Environmental Sustainability Index (ESI) in partnership with The Futurum Group, which provides valuable insights into key trends and progress in sustainability initiatives. The latest edition of the ESI highlights that sustainability has surpassed other corporate initiatives, such as digital transformation and market performance, by a substantial 19-point gap.
The increasing customer demand for sustainable products and services has been a driving force to why sustainability has become a top priority for business leaders. Another compelling business reason is that regulators are imposing stricter environmental regulations, and businesses are beginning to realise that going green can lead to long-term cost savings and other benefits.
Across different geographies, energy evolution and efficiency take the lead as the top sustainability priorities for the next six months, followed by reducing emissions, preventing pollution and adopting more circularity/recycling initiatives. These priorities align with the United Nations Sustainable Development Goals (SDG), a set of 17 goals aimed at addressing global challenges such as poverty, hunger and climate change.
Interestingly, circularity/recycling is experiencing significant growth as organisations dive deeper into their supply chains, material flows, and even waste disposal partners to ensure products, services and resources are renewed or regenerated instead of being wasted. GJK Facility Services partners with leading waste management companies across Australia to optimise waste strategies and successfully implement them across our customer sites.
The survey also found that business leaders are increasingly using technology (up by 15% in the past year alone) to track and reduce their energy consumption, develop more efficient products and services and recycle and reuse materials.
How Companies Can Achieve Their Sustainability Goals
Some of the more effective strategies companies can use to achieve their sustainability goals include:
- Reducing energy consumption: By upgrading to more efficient appliances, installing energy-efficient lighting, insulating the building and encouraging employees to use public transport instead of driving their cars to work, businesses can reduce their environmental impact.
- Using renewable energy: Where possible, reduce your energy use and save money on your energy bills by switching to clean and renewable solar or wind-powered energy sources.
- Reducing waste: Every year, the commercial and industrial sector generates around 8Mt of waste, much of which ends up in landfills. Businesses can reduce waste by recycling, composting, eliminating single-use plastics and partnering with companies that prioritise using sustainable goods and have robust waste management processes throughout their service delivery.
- Conserving and protecting water: Fixing leaky faucets, installing water-efficient fixtures and working with commercial office cleaning companies that use green cleaning products to reduce the number of toxins released into our oceans can help you use water more responsibly.
The survey also highlights that many businesses remain on track with their sustainability commitments for 2030 and are increasingly optimistic about their ability to achieve them.
The rise of sustainable business practices signifies a growing recognition of the urgent need to address environmental challenges. Organisations are actively embracing sustainability as a core value, implementing strategies aligned with global environmental objectives. With continued dedication, collaboration and the adoption of innovative technologies, businesses can pave the way for a greener future. The momentum behind sustainability initiatives highlights a shift towards responsible and conscious business practices that consider the long-term impact on the planet.
Organisations also have a responsibility to evaluate their environmental practices and commitments of their potential partners. By choosing a facility cleaning service like GJK Facility Services, who can provide commercial office cleaning and waste management solutions that align with their sustainable values, organisations can extend their positive impact throughout their supply chain. These partnerships not only contribute towards reducing the environmental footprint of the organisation but also inspire others within the industry to adopt more sustainable practices.