ReportWire

Tag: How to go green

  • What the SEC’s New Climate Transparency Rules Mean for You | Entrepreneur

    What the SEC’s New Climate Transparency Rules Mean for You | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Discussing sensitive topics can be challenging for business owners. This is one of the top three or four reasons I receive initial calls for public relations assistance addressing a hot-button issue. The latest confusing trend is sustainability and how to talk about it openly. Surprisingly, people need clarification about how much to talk about it, why it’s important and when to bring it up. There’s even a new word for this fear: “greenhushing.”

    The most recent bit of pressure on companies regarding eco-messaging is the U.S. Securities and Exchange Commission’s (SEC) recent efforts to enforce regulations that protect investors and maintain market integrity. Basically, the SEC has revised environmental transparency rules and introduced mandatory climate risk disclosures for public companies.

    This is the first time a sustainability mandate has emerged nationally, and it’s expected to have a notable impact. In my opinion, even for private companies, it’s a call to pay attention and stop neglecting this discussion.

    We are entering an era where climate objectives, targets and governance frameworks will become mandatory in corporate reporting. This shift also aligns with the increasing consumer demand for environmentally and ethically sustainable products — a trend that, despite its popularity, has seen many companies struggle to translate into tangible demand.

    Related: Sustainability for Entrepreneurs — Why It Matters (and How to Achieve It).

    The paradox of consumer demand and greenwashing

    Consumers’ enthusiasm for sustainable products often starkly contrasts with their actual purchasing behavior. While surveys indicate a robust desire for sustainability, sales frequently need to catch up to expectations for new, environmentally conscious products. This discrepancy is exacerbated by greenwashing — where claims of environmental stewardship are not backed by practice — further eroding consumer trust and complicating the landscape for genuine initiatives.

    I’d counsel any company today to prepare for sustainability discussions and engagement. It is now an unavoidable topic. Because I have been a fractional CMO and external public relations consultant since 2002, I’ve received many calls from companies facing these watershed moments. Here is the advice I’d give a leadership team aiming to be more vocal about sustainability.

    The imperative of transparency

    In this context, the necessity for transparency is undeniable. Beyond mere regulatory compliance, transparency is crucial for cultivating consumer trust and loyalty. Companies must now proactively measure and refine their approaches to climate change, so this journey has got to start with a comprehensive understanding of your environmental footprint, including greenhouse gas emissions, resource utilization and waste generation.

    Typically facilitated by external consultants or an internal sustainability team, this foundational assessment is critical for setting realistic sustainability goals and improvement strategies. Employing standardized tools and frameworks like the Greenhouse Gas Protocol and Life Cycle Assessment provides a methodical approach to this task and will result in data and benchmarks you can use consistently in your messaging efforts.

    Armed with this data, specific and time-bound goals can be set that meet compliance requirements (if necessary) and drive significant environmental and social improvements. Engaging stakeholders, particularly employees, at this stage, helps bring to the surface any practical concerns and integrate these insights into the goal-setting process.

    Related: 70% of Consumers Say They’ll Buy ‘Green’ Products, but Only 5% Actually Do. That’s Due to a Common Marketing Mistake By Eco-Friendly Brands.

    The role of public relations in implementation

    Public relations in the realm of sustainable messaging goes beyond just issuing press releases. PR is a strategic tool for amplifying and embedding climate-change initiatives into the corporate ethos. Compelling storytelling highlighting a company’s progress and impacts on sustainability can significantly boost its reputation and foster third-party credibility.

    Leveraging various channels — from press releases and social media to comprehensive sustainability reports — enables these stories to reach and resonate with a broad audience, sparking engagement and advancing the sustainability agenda.

    Cultivating a sustainability-centric culture internally is essential. Companies can ensure that sustainability principles are deeply ingrained in every aspect of their operation through regular educational programs, active participation in sustainability initiatives and acknowledgment of individual and team contributions. This not only reinforces the company’s commitment to sustainability among employees but also mobilizes them and other stakeholders as ambassadors of these values.

    Continuous monitoring and evaluation of sustainability initiatives and how they are being perceived in public are vital measurement points to consider when assessing progress. Like any meaningful initiative, setting and tracking key performance indicators (KPIs) allow companies to measure effectiveness and identify areas for improvement. Further, engaging with employees and stakeholders through feedback will enrich this process and provide real-world insights.

    It seems counterintuitive, but in my experience, challenge is often in partnership with opportunity. Tackling tough subjects can uncover opportunities for innovation, stakeholder engagement and corporate accountability that otherwise would’ve been dormant. Talking specifically about sustainability is not always about compliance. It is a chance to appeal to buyers and lead the market with integrity, innovation and vision.

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    Christine Wetzler

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  • How Leaders Can Build and Cultivate a Sustainable Business | Entrepreneur

    How Leaders Can Build and Cultivate a Sustainable Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The global business ecosystem is witnessing an unprecedented metamorphosis, pivoting from traditional models to ones that deeply embed sustainable entrepreneurship as a core ethos. This new paradigm weaves together the age-old, profit-centric motives of businesses with a renewed and impassioned commitment to the betterment of society and the nurturing of our environment. It’s not merely a passing trend or a superficial alignment with popular sentiment; it represents the dawning of a more conscious era of commerce.

    Exhaustive studies and surveys have repeatedly highlighted a discernible shift in both consumer preferences and investor priorities. A growing cohort now resonates more vibrantly with brands and corporations that reflect their own ethical, ecological and societal values, underscoring that the ‘business as usual’ model is outdated and potentially detrimental in the long run.

    Related: 5 Ways to Make Your Business More Sustainable

    My personal immersion into sustainable entrepreneurship wasn’t an impulsive leap but a meticulously thought-out transition kindled by a seminal Harvard Business Review article. This piece, lucid in its narrative and compelling in its arguments, accentuated the urgency and indispensability of synchronizing business strategies with conscious, purpose-driven goals. It was a moment of epiphany, underscoring that generating wealth and catalyzing societal progress aren’t mutually exclusive but can be harmoniously synergized.

    To put it succinctly, the evolving zeitgeist of the 21st-century business world demands a recalibration of objectives and methodologies. The compass is no longer pointing solely towards monetary profit. Instead, it indicates a more holistic destination: profit intertwined with purpose, fiscal growth in harmony with ecological sustainability and societal advancement.

    Catalysts driving sustainable entrepreneurship

    As I navigated the complex world of entrepreneurship, I was continually made aware of the evolving ethos of consumers. A comprehensive IPSOS report shed light on this sea change, highlighting that modern consumers increasingly align their brand loyalty with ethical and environmental values. As I’ve learned, integrating sustainability into one’s business ethos goes far beyond public relations. It is a formidable pillar that can solidify a brand’s market position, unveil operational efficiencies, and mitigate long-term risks. Moreover, with international policy frameworks pivoting toward environmental conservation, businesses have both a moral and economic incentive to adopt sustainable practices.

    Related: Are You Implementing the 3 Ps of Sustainability? Experts Say You Should.

    Personal hurdles, solutions and insights

    On my entrepreneurial path, I sought inspiration from vanguards in the sustainable business space. For instance, the ascent of Beyond Meat isn’t just a testament to its innovative plant-based products. It’s also emblematic of a broader societal shift towards eco-conscious consumption. These companies underscore the commercial potential and societal imperative of green technologies. Their success stories are a testament to the fact that with foresight, innovation and persistence, sustainable businesses can indeed thrive and lead the market.

    Like every entrepreneurial venture, my journey was punctuated with challenges and introspections. A recurrent query that often surfaced was the economic viability of wholeheartedly embracing sustainability. I turned to online educational platforms and discovered courses that seamlessly blended sustainability with business, reaffirming that an eco-conscious strategy can align seamlessly with profitability, provided it’s executed with authenticity and foresight.

    Related: Sustainability In the Supply Chain Is the Need Of the Hour

    Reflecting and looking ahead

    In reflection, the role of an entrepreneur in today’s complex and rapidly evolving socio-economic landscape goes beyond traditional definitions. Entrepreneurs are no longer just innovators or market leaders; they’ve become architects of change, embodying a vision that intertwines profit with purpose. At the core, we’re expected to wear multiple hats — that of business magnates, societal reformers, ethical watchdogs and even environmental stewards.

    This multifaceted role emerged sharply during my foray into sustainable entrepreneurship. Every challenge faced and every decision made underscores a deeper realization: Sustainability is not just a buzzword businesses should adopt for contemporary relevance. It’s a foundational principle, a beacon guiding every strategic decision, shaped equally by ethical mandates and forward-thinking business pragmatism.

    I’ve come to view sustainable entrepreneurship as a tapestry intricately woven with threads of ecological balance, social responsibility and economic viability. Each thread is as crucial as the other, and removing one would unravel the entire fabric. It is this delicate balance that drives the essence of modern entrepreneurship.

    However, it’s essential to acknowledge that adopting sustainability isn’t just about securing future market positions or hedging against potential regulatory shifts. It’s about genuine commitment. It’s about understanding that every product we create, every service we offer, and every market we enter has ramifications that ripple outwards, affecting communities, ecosystems and global paradigms.

    As we stand at this pivotal juncture, with the weight of impending climatic crises and socio-economic disparities bearing down upon us, the onus is on entrepreneurs to lead the charge. To pivot from traditional business models that prized profits above all else to holistic frameworks that value collective growth and shared prosperity.

    My message to fellow entrepreneurs is both an appeal and an exhortation: As we sculpt the businesses of tomorrow, let us engrain sustainability into our corporate DNA. Let every decision be a testament to a future that is not just economically robust but also socially equitable and environmentally resilient.

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    Henri Al Helaly

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  • Amazon Expands Eco-friendly Electric Vehicle Fleet | Entrepreneur

    Amazon Expands Eco-friendly Electric Vehicle Fleet | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Readwrite.com

    On Tuesday, Amazon.com revealed that it currently operates 10,000 Rivian electric delivery vehicles across the United States and Europe. This information was disclosed during a recent business presentation. The company aims to have a total of 100,000 electric delivery vehicles on the road globally by 2030, making its fleet one of the largest and most eco-friendly in the world. This move aligns with Amazon’s commitment to reduce its carbon footprint and promoting sustainable practices in the e-commerce industry. The development comes from Amazon’s collaboration with electric vehicle (EV) maker Rivian, to incorporate at least 100,000 electric delivery vans into their fleet by 2030. As of July this year, Amazon reported deploying over 5,000 vehicles.

    Amazon has committed to fight climate change and reduce its carbon footprint

    This initiative aligns with Amazon’s commitment to fighting climate change and reducing its carbon footprint as part of its ambitious Climate Pledge. The transition to electric delivery vans showcases the company’s dedication to sustainability and highlights the electric vehicle market’s continued growth and potential. Rivian, also known for manufacturing the R1T pick-up trucks and R1S sport utility vehicles, raised its production target for the entire year of 2023 to 52,000 vehicles in August.

    This ambitious increase in production aims to meet the growing demand for electric vehicles and further establish Rivian’s presence in the automotive market. As a result, the company is making significant investments in expanding its production facilities and workforce to support its long-term vision of sustainable transportation.

    Related: Amazon Slashes Dozens of In-House Brands. Did Your Favorite Line Get Cut?

    Amazon, which holds a stake in Rivian, has accomplished an impressive 260 million deliveries using the electric vans, according to a report from Reuters. The successful deployment of Rivian’s electric vans has demonstrated the possibilities for reducing the carbon footprint in the delivery sector and reinforced the e-commerce giant’s commitment to sustainability. As Amazon continues to innovate in environmentally friendly practices, further investment in electric vehicles is expected to play a crucial role in meeting the company’s ambitious goal to achieve net-zero carbon emissions by 2040.

    Besides its partnership with Rivian, the Seattle-based retail behemoth is joining forces with Volvo to incorporate heavy-duty electric trucks into its middle-mile delivery fleet. These electric trucks will serve as a sustainable transportation option, reducing Amazon’s carbon footprint and aligning with the company’s commitment to be net zero carbon by 2040. The collaboration with Volvo signifies a significant shift in the logistics industry, as companies increasingly prioritize environmentally friendly solutions to meet growing customer demand and adhere to stricter emissions regulations.

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    Deanna Ritchie

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  • Unlock Profitable Sustainability with Green Tax Credits | Entrepreneur

    Unlock Profitable Sustainability with Green Tax Credits | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    The world is facing increasing environmental challenges, which has led businesses to seek eco-friendly practices to decrease costs and contribute to a greener future. By employing tax credits and incentives that encourage sustainability, companies can optimize profits while benefiting the planet. This extensive article will delve into various tax credits, like Green Tax Credits, and deductions available to businesses that adopt environmentally friendly practices, ultimately contributing to the burgeoning green economy.

    Green vehicle tax credit

    One such tax credit available to businesses is the Green Vehicle Tax Credit, which incentivizes the use of eco-friendly vehicles and services. The credits associated with this include the Alternative Motor Vehicle Credit, Alternative Fuel Vehicle Refueling Property Credit, and Biodiesel and Renewable Diesel Fuels Credit. Utilizing these credits can propel businesses to adopt sustainable transportation options while leading to significant cost savings and reducing emissions.

    Related: How to Harness the Power of Sustainability in Small Business to Drive Profits and Capital

    Investment tax credits for equipment

    Businesses can also take advantage of investment tax credits when purchasing qualifying equipment that adheres to specific performance and quality standards. Examples of this include solar energy property, qualified fuel cell property, and qualified small wind energy property. These credits significantly reduce the costs of installing and implementing eco-friendly technologies while promoting a sustainable future and increasing competitiveness in the global market.

    Solar investment tax credit

    Another valuable credit is the Solar Investment Tax Credit, which offers a 30% credit under the Inflation Reduction Act and Federal Investment Tax Credit. Businesses must meet particular regulatory requirements while receiving credit for expenses such as solar PV panels, racking, equipment systems, installation costs, energy storage devices, and other related expenses. This credit is claimed through Form 3468 and has proven pivotal in promoting renewable energy technologies and clean solar power solutions.

    Related: A Leadership Roadmap for Sustainability Success

    Ownership of solar PV systems

    Companies must be aware that to qualify for the Solar Investment Tax Credit, they must retain ownership of the solar PV system for six years, during which they must maintain and monitor the system’s performance. Additionally, local and state regulations may impact eligibility for tax incentives or benefits, so it is essential for businesses to remain informed on these matters.

    Green building deductions

    Businesses can accrue green building deductions by upgrading commercial buildings to feature high-energy systems, resulting in a more eco-friendly space. Qualifying upgrades include high-efficiency HVAC, hot water systems, interior lighting, and efficient building envelopes like walls, floors, doors, windows, and roofs. These upgrades contribute to long-term cost savings while promoting eco-friendly and sustainable environments.

    Conclusion

    In conclusion, various tax credits and incentives are presented to businesses that adopt environmentally friendly practices, such as the Green Vehicle Tax Credit, investment tax credits for qualifying equipment, Solar Investment Tax Credit, and green building deductions. By capitalizing on these incentives, businesses can achieve long-term benefits like energy savings, reduced emissions, and positive public relations while contributing to a sustainable environment.

    Utilizing these opportunities enables businesses to both reduce expenses and minimize their environmental footprint. Implementing eco-friendly practices not only conserves natural resources but also elevates a company’s reputation and brand image. Employing sustainable methods like energy-efficient technology, waste reduction, and the use of recycled materials can result in considerable long-term savings and demonstrate a commitment to environmental responsibility.

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    April Isaacs

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  • How to Save The Planet (and Your Dollars) By Making Your Office Gadgets Greener | Entrepreneur

    How to Save The Planet (and Your Dollars) By Making Your Office Gadgets Greener | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In this decade, more and more businesses feel the need to adjust their operations in favor of more long-term sustainable practices. From consumer demands to politics and investors, environmental, social and governance (ESG) practices have never been discussed more than today.

    However, this boom is not just about using green energy in production or donating towards environmental efforts. It’s about changing entire corporate cultures, making employees and partners aware of sustainability issues and implementing shifts across all departments.

    Contemporary businesses are profoundly dependent on consumer electronics such as smartphones and laptops. These devices present distinct sustainability challenges and opportunities, spanning from recycling to lifespan extension. As such, they not only offer global entrepreneurs an exceptional chance to demonstrate their dedication to ESG principles by implementing adequate company policies and educating their workforce but also enable them to reap significant financial benefits in the future.

    E-waste and secondhand smartphones

    The global secondhand market is booming, and this is especially true for consumer electronics. In fact, according to CCS Insight, refurbished smartphone sales grew by more than 14% in 2023, outshining new smartphone sales and reaching a total of $13.3 billion in Q1 2023 despite suffering from a severe supply shortage. This growth is a testament to the evolving consumer sentiment, and this trend is poised to continue flourishing throughout the current decade and beyond.

    One of the key driving factors behind the expansion of secondhand mobile markets is the growing concern over electronic waste or e-waste. The proliferation of electronic devices has led to an alarming increase in e-waste, which poses serious threats to the environment, human health and animal well-being. Over 53 million metric tons of e-waste are produced around the globe annually, and only 17% of this e-waste is recycled.

    From toxic chemicals leaching into soil and water to hazardous emissions during the disposal process, the consequences of improper electronic waste management are far-reaching and detrimental. Furthermore, manufacturing new smartphones and other consumer electronics requires a substantial amount of resources, which are valuable and limited.

    With the raw materials that are found in e-waste being estimated to be worth around $60 billion, there are many reasons for companies to care about recycling and repairing used smartphones. Failing to recycle and reuse these resources exacerbates the scarcity of raw materials, which leads to higher production costs and an unsustainable product life cycle.

    Related: How the Circular Economy of Consumer Electronics Can Change Sustainability

    The infrastructure is advancing

    As consumer sentiment continues to lean toward sustainability, the necessary infrastructure to support the growth of secondhand mobile markets is developing in tandem. The global electronics recycling market amounted to about $40 billion in 2022 and is expected to reach a value of $110 billion by 2030.

    Recycling or refurbishing a used smartphone is a multifaceted process that requires a well-coordinated network of services. According to a 2022 study, convenience is a major factor when it comes to recycling.

    Japan, a global leader in handling e-waste, provides thousands of convenient drop-off points for consumers to discard their used smartphones, dedicated examination centers for a thorough assessment of devices, and avenues for repair and refurbishment.

    At ATRenew, we are now aiming to intensify recycling-related infrastructure development in China. For example, to facilitate convenient recycling, ATRenew has opened nearly 2,000 offline stores in a bid to provide the necessary infrastructure.

    Related: How the Circular Economy of Consumer Electronics Can Change Sustainability

    How businesses can position themselves

    Crucially, it’s not only the device manufacturers and refurbishment centers that can make a lasting impact. Every modern-day organization aware of these issues can position itself as a responsible entity committed to reducing e-waste.

    As usual, the first step to reducing e-waste and increasing the lifecycle of devices is to invest in the education of employees. Holding training sessions on the responsible usage, maintenance and eventual disposal of electronics can greatly enhance their longevity and suitability for refurbishment. Additionally, companies could organize public presentations or workshops to educate both employees and regular consumers, thus showing their commitment to the public.

    Finally, there are also a number of internal policies that could make a big difference. For instance, offices could introduce shorter tech refresh cycles during which current devices are upgraded, or even allow employees to bring their own devices – with appropriate security measures, of course.

    Regardless of which measure is ultimately used, all organizations can choose to put them on public display via social media and thus achieve a great branding effect with consumers and talent alike.

    Related: 70% of Consumers Say They’ll Buy ‘Green’ Products, but Only 5% Actually Do. That’s Due to a Common Marketing Mistake By Eco-Friendly Brands.

    A sustainable path forward

    The increasing prominence of secondhand mobile markets reflects a broader shift in consumer behavior, and this change is not merely a passing trend. Instead, it is a well-founded response to the challenges posed by e-waste and resource scarcity.

    As consumers are becoming more conscious of their choices and the impact of their actions, secondhand smartphones have become a preferred option since they align with the principles of sustainability and responsible consumption. This, in turn, is animating businesses to follow suit and provide a supply to quench that demand.

    With this positive feedback loop, the growth of secondhand smartphone markets in the recent past will definitely continue over the next decade. By reducing e-waste, conserving valuable resources, and making advanced technology accessible to a broader demographic, these markets are shaping a more sustainable and equitable future.

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    Kerry Chen

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  • How Tech Can Help Retailers Manage Product Returns More Efficiently | Entrepreneur

    How Tech Can Help Retailers Manage Product Returns More Efficiently | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Imagine if 10-30% of all the items you gifted this holiday season came back to you because the recipient didn’t want them. What would you do? Recycle them? Regift them? Trash them?

    Retailers face this 365 days a year. In-store purchases have an average return rate of 8-10%, while ecommerce averages can reach 30% or more. If a retailer struggles to manage returns processing efficiently, high volumes can drain money and resources, as well as burden the environment with extra packaging waste and transportation emissions.

    Returns management doesn’t have to be expensive, difficult or wasteful. Supply chain technology has significantly matured to address reverse logistics processes. Rather than returns driven by manual tasks, today’s tech-driven returns bring big gains in efficiency, profitability and customer satisfaction.

    Related: The Secret to Long-Term Customer Loyalty Is an Easy Return Policy

    Returns conundrum: A burden turned opportunity

    When a return is made, it’s usually seen as a negative experience for both the customer and the retailer. But technology can change this perception by making returns an opportunity to re-engage and delight the buyer.

    Customers expect an online customer portal for initiating returns, but intelligent returns technology can take it a step further: It can automatically refund the customer if certain conditions are met or even incentivize them to make the return at the nearest store rather than ship it.

    At the warehouse, returns technology automates tasks and helps the team process the return faster, which gets the customer their refund, credit or exchange sooner. Tech-driven returns are a win-win for all parties.

    The impact of inefficient returns

    A ReverseLogix study of eCommerce retailers found that 80% of respondents said the cost of managing returns is “significant to severe.” Returns also have a staggering impact on the planet: In the U.S., return shipping transportation creates the equivalent emissions of +3 million cars annually, according to Gartner.

    Return rates are growing faster than revenue rates for 91% of retailers, as reported by Appriss Retail. We’re at the point where returns are either a threat to the bottom line and customer loyalty or a positive differentiator that keeps costs low and buyer happiness high. Technology will decide the difference.

    Related: 4 Things to Know About Ecommerce Returns to Minimize Lost Profits and Keep Customers Happy

    Rise of tech-driven returns

    Retailers are already using technology to optimize warehousing, order management, transportation and every other part of the supply chain. Using tech to drive returns management, however, has mostly been overlooked. But with skyrocketing return volumes and customer demands for fast and easy (and free!) returns, new technology has burst onto the scene to address these specific issues.

    When a product arrives at the store or warehouse, the team member scans in the return. A product image appears on the screen with important identifying details like the serial number, which is important for verifying it isn’t a fraudulent return.

    Depending on the item’s condition, the software auto-routes the product to the store location with the highest predicted resale value. If it’s gently used or damaged, it can be sent to a re-commerce site to recoup some of the value. The customer is automatically notified about the status of their return, eliminating the need for calls and emails about their refund, credit or exchange.

    A fast and frictionless returns process is a game-changer for a retailer’s operations and for turning a frustrating customer experience into one that builds loyalty.

    Sustainable returns: A win-win for retailers and the environment

    Returns technology addresses the huge environmental impact of returns. If a customer lives within five miles of a store, for instance, they can be incentivized to return the item there rather than through the mail and learn how this saves emissions and packaging. Returns technology can direct a damaged item to be recycled rather than landfilled or a gently used item to go to a secondhand re-commerce site.

    Practical tips for retailers

    Adopting returns technology can be challenging because returns don’t usually fall under a single leader or pyramid. Instead, it’s a patchwork of facility teams, supply chain leaders and customer experience leaders. So, if you’re considering a returns technology project, form a team or name an individual to champion it. Ideally, organizations with high return volumes would create a Chief Returns Officer role to head this essential part of the supply chain.

    Work with your returns technology partner to identify your business goals. Do you want to create an easier process for customers? Do you need more automation because of workforce constraints? Do you need to support corporate sustainability goals? Identifying goals will help you choose the right returns technology and ensure it has features that address your needs.

    Understand your existing tech stack: What supply chain systems do you currently have? How easily can returns technology integrate with them?

    Returns technology has a customer-centric advantage but also one that team members will adopt. It must be easy to train on and quick to learn, ultimately making their work faster and easier.

    Related: 5 Easy Strategies to Prevent Costly Retail Returns

    The future of tech-driven returns

    As the challenges of returns management mount, the features and capabilities of technology are accelerating to anticipate what’s next. AI is playing a big role in this.

    Virtual dressing rooms help consumers make informed buying decisions so they can avoid buying many sizes and colors (only to return most of their orders). AI-powered return policies can be flexible based on the customer profile, such as giving high-value customers more return options or a more lenient returns policy.

    For more sustainable returns, AI can compare a return’s condition against geography, seasonality and other factors to determine the best location for routing the return and capturing the highest resale value.

    The future of tech-driven returns is AI, and AI is happening now. Retailers that use returns technology are capitalizing on faster returns processing, lower costs, happier team members and customers who are delighted at every phase.

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    Gaurav Saran

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  • 8 Practical Ways to Reduce Your Office’s Environmental Footprint | Entrepreneur

    8 Practical Ways to Reduce Your Office’s Environmental Footprint | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    The world is increasingly aware of the importance of environmental conservation and businesses are under growing pressure to adopt sustainable practices. Companies can start by making a positive impact within their own offices. Reducing their environmental footprint allows businesses to attract environmentally-conscious customers and contribute to a healthier planet.

    Consumers are becoming more conscious of the businesses they support, with 85% admitting to shifting their purchasing habits toward green companies, and 34% would pay more for a product or service from a sustainable business. To remain up-to-date and keep a loyal customer base, businesses must establish more eco-conscious practices. Here are eight practical ways you can reduce your environmental footprint from the office.

    1. Reduce, reuse, recycle

    Implement a comprehensive recycling program in your office. Provide clearly labeled bins for plastic, glass, paper and other recyclable materials. Encourage employees to reduce waste by printing documents only when necessary and selecting double-sided printing. Reusing items like envelopes, binders and office supplies can also make a substantial difference.

    2. Implement energy efficient measures

    Optimizing energy use is one of the most effective ways to reduce an office’s environmental impact. Start by switching to energy-efficient lighting, like LED bulbs and ensure you turn lights and electronics off when not in use. Consider investing in programmable thermostats to regulate heating and cooling systems efficiently. Additionally, encourage employees to use natural light when possible, reducing the need for artificial lighting.

    Opt for automated appliances with smart technology designed to save energy. Monitor your utility bills and energy usage, saving your building between 10%-15% in costs. Determine where you can further cut costs by investing in automated appliances, like your heating and cooling systems, bathroom appliances and updating office equipment.

    3. Consider telecommuting and flexible work arrangement

    Telecommuting and flexible work arrangements reduce an office’s carbon footprint and improve work-life balance for employees. Fewer employees commuting to the office means reduced vehicle emissions and lower fuel consumption within the office itself. Embracing remote work can also lead to cost savings on office space and utilities.

    Related: Remote Work Is Here to Stay: Are You Ready for the New Way of Life?

    Additionally, working from home can improve employees’ mental well-being and boost their productivity, allowing them to maintain a better work-life balance.

    4. Invest in renewable energy

    Transitioning to renewable energy sources, like solar panels or wind turbines, can significantly decrease your office’s reliance on fossil fuels. While the initial investment may be substantial, the long-term benefits include reduced energy bills and a smaller carbon footprint. Depending on your location and budget, explore options for clean energy that best suit your needs.

    More and more companies are moving toward renewable energy options. In the U.S., 20% of all electricity generated comes from renewable sources. These companies include Estee Lauder, Bank of America, Sephora and Google.

    5. Offer green transportation options

    Encourage eco-friendly transportation options for employees. Promote carpooling, biking, walking or using public transport to reduce the number of single-occupancy vehicles on the road. Consider providing incentives, like subsidies for public transport or bike-sharing memberships, to encourage sustainable commuting choices.

    Not only does this benefit the planet, but businesses can save between $2,000–$6,000 per employee per year by allowing them to telecommute half the time.

    6. Implement water conservation measures

    Water conservation is another vital aspect of reducing your office’s environmental impact. Fix any leaks immediately, install low-flow faucets and toilets and educate employees about the importance of using water sustainably. Collect rainwater for landscaping and consider xeriscaping (using drought-resistant plants) to reduce the need for irrigation.

    Other ways you can save water in an office include:

    • Implementing water recycling systems
    • Considering sensor taps and toilets
    • Monitoring water usage
    • Using water-efficient appliances
    • Regularly maintaining and updating water fixtures

    7. Source sustainable office supplies

    Choose office supplies and equipment that are manufactured using sustainable materials and practices. Look for products with certifications like Energy Star, FSC (Forest Stewardship Council) or Cradle to Cradle. Additionally, buy office furniture made from recycled or reclaimed materials and opt for refurbished electronics when possible.

    Related: 4 Reasons Sustainability Will Benefit Your Business and Satisfy The Growing Trend of Green-Hungry Customers

    Here are some sustainable office supplies to consider sourcing for your eco-friendly office:

    • Recycled paper and notebooks
    • Refillable ink and toner cartridges
    • Pens and pencils made from sustainable materials
    • Reusable and washable cloth napkins and cutlery for the kitchen
    • Eco-friendly cleaning products
    • Sustainable packaging for shipping and storage

    8. Create a culture of sustainability

    Creating a culture of sustainability within your office is essential for long-term success. Encourage employee engagement by organizing workshops, green challenges or sustainability committees.

    Recognize and reward employees who actively contribute to reducing the office’s environmental footprint. Leading by example and promoting eco-friendly practices can inspire positive organizational change.

    A Greener future

    Reducing your office’s environmental footprint is a responsible step toward greener business practices. When you implement a few practical measures, you contribute to a healthier planet, save on operational costs and position your company as a socially responsible organization. Embracing sustainability in the workplace is a win-win situation.

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    Under30CEO Staff

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  • Understanding the Latest Trends in the Global Energy Industry | Entrepreneur

    Understanding the Latest Trends in the Global Energy Industry | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    From the energy proposals in the Inflation Reduction Act to new concerns about fuel dependency following the war in Ukraine, it’s been a hectic couple of years for the energy industry, both in the United States and globally. There are several important current trends worth keeping an eye on in 2023 to see how the energy industry, particularly renewables, responds.

    Here are several of the most important trends I’ve noticed for renewable energy companies (and investors). These forces are having the biggest impact right now.

    Fuel costs remain high, with mixed results for renewables

    I expect fuel costs to remain very high, especially natural gas, coal and oil. Global prices have decreased somewhat in 2023, but reports still indicate that energy prices are hovering at an incredible 75% above the average heading into next year. Reasons for this include the war in Ukraine and sanctions against Russia, new geopolitical alignments that have cut oil production, and general high demand in many sectors.

    Some nations are focusing even more on fuel production as a result. United States’ natural gas production and exports have increased, for example. But these high prices have also pushed more investment in renewable energy and helped encourage removing some of the older barriers to development. If your renewable energy business is ripe for expansion or new partners, now is an excellent time to develop a proposal and focus on the need for energy independence, regardless of what’s happening in the world.

    That also means more competition for renewables, but there’s plenty of room for growth in many sectors and energy transition plans pick up steam.

    Related: 3 Ways to Make a Commitment to Sustainability Your Customers Want to See

    Energy storage heats up

    The continued growth of renewable energy in 2023 has also led to realizations worldwide that renewable energy storage hasn’t quite been keeping up with demand. In the United States, this trend with a renewed focus on batteries, from EVs to helping regulate solar systems across the country. Japan and China are also working on increasing battery availability.

    Batteries are only one part of the supply chain issue clean energy is seeing, albeit one of the most notable. But increased production following Covid-19 is helping reduce these tensions and improve production results. Manufacturers should start looking for better supply options if they’re struggling – things are improving!

    Related: Tesla is Quietly Working on a Project to Help Texas’ Power Grid

    The nuclear pendulum swings back up

    Nuclear energy has been an infuriating prospect for energy investors in recent years. It has the potential to fill an ideal niche in the renewables market and circumvents some of the steep problems involved in transitioning to clean energy. But the public generally hates it, and research is conducted at a snail’s pace. Also, renewed fears of nuclear attack or contamination in Ukraine have not been inspiring for the sector. But there’s also lots of good news.

    In 2023, nuclear may finally be ready to assume a key place in clean energy plans worldwide. Germany is rethinking after pulling back from nuclear power in recent years. New plants are being built in Georgia (U.S.), and American research continues to unveil new ways to make nuclear energy more efficient for older reactors and safer for newer models being planned. Turkey, Egypt and China are also investing in new nuclear plants as well. Now’s the time for nuclear to show the role it will take.

    States war between renewables and the old guard

    This trend is most noticeable in solar states like California and Florida. Still, it is happening in many ways across the U.S. Existing power producers, fiercely protective of their rate management and grid operation, are lobbying hard to prevent consumers from benefiting from their solar use. That includes getting rid of credits from selling excess power and limiting future solar installation opportunities. This underlines the need for the renewables industry to spend time on representation and answering proposals like this with quick, decisive alternatives.

    Offshore wind is continuing its march in the United States, with wind companies looking to the 19 GW of offshore wind power working through the permitting phase in 2023. This will unleash a wave of new development in the coming years. Wind is just getting ready for a very eventful decade, but long-term planning is required.

    Related: Top Solar Energy Trends To Look Out For in 2023 and Beyond

    How clean hydrogen has new potential

    One exciting development I noted from the Inflation Reduction Act changes was a new emphasis on clean hydrogen. Also called green hydrogen, this type of hydrogen is safely produced and disposed of without creating a significant carbon footprint. It’s fairly rare in the United States, which uses mostly “gray” hydrogen production. But the IRA includes big tax credits for clean hydrogen, which will likely prompt a mass transition through the United States and open up many new opportunities for carbon reduction programs.

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    Abe Issa

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  • Are Smart Cities the Future? | Entrepreneur

    Are Smart Cities the Future? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over half of the world’s population lives in urban areas, and by 2050, this number is expected to rise to over 68%, adding another 2.5 billion inhabitants in cities. The strain on existing infrastructure and resources is becoming more apparent as the global population increasingly gravitates toward urban centers. This is also where the significance of smart cities becomes evident.

    Imagine a city where technology seamlessly intertwines with urban life, revolutionizing the way we live, work and connect. That’s exactly what smart cities hope to achieve. A smart city harnesses the power of information and communication technology (ICT) to increase operational efficiency, share information with citizens and provide improved government services and citizen welfare.

    Among these visionary endeavors, one project, in particular, has captured the world’s attention and sparked much debate: NEOM, a planned smart city in Saudi Arabia’s heart. But is NEOM a genuine catalyst for change or a mirage that dazzles the imagination? Let’s delve into it and find out.

    Related: Why Smart Cities Are the Path to a Sustainable Future

    How smart cities are transforming urban living

    Advancements in digital technology, IoT, AI and big data analytics have facilitated the growth of smart cities in recent years. These cities incorporate such technologies into their urban infrastructure to enhance mobility, encourage public engagement and optimize resource allocation.

    From using IoT-enabled sensors and devices to manage and maintain infrastructure to implementing intelligent energy grids and transportation networks to adopting data-driven governance and citizen-centered services, the potential advantages that smart cities can offer are extensive.

    The city of Dublin in Ireland is a great example of a city transitioning towards being a smart city and other cities are following suit, with many countries even embarking on ventures to develop planned smart cities. The Saudi NEOM is just one of them.

    Related: What Makes Smart Cities Smart

    Is NEOM a vision or a mirage?

    NEOM, Saudi Arabia’s planned city, has been positioned as a pioneering smart city project that aims to reinvent urban living. NEOM strives to build a vibrant ecosystem driven by innovation, sustainability and economic diversity across a wide span of approximately 26,000 square kilometers. The city pledges to develop a vibrant, technology-driven city by focusing on essential industries such as energy, biotechnology, tourism and entertainment.

    Let’s look at the potential NEOM holds to influence planned city projects around the globe and the skepticism surrounding it.

    Related: Why Smart Cities Are a Golden Opportunity for Entrepreneurs

    The potential of NEOM

    NEOM holds the promise of being a blueprint for future smart cities worldwide. Its emphasis on technology-driven solutions has the potential to improve energy efficiency, enhance mobility and bolster public safety, making it an attractive model for urban development.

    One area of potential impact lies in sustainable infrastructure. NEOM’s commitment to being powered entirely by renewable energy sources showcases a strong dedication to mitigating carbon emissions and promoting environmental sustainability.

    Another key aspect is the integration of autonomous transportation systems. NEOM envisions a network of smart mobility solutions, including autonomous vehicles and intelligent traffic management.

    Furthermore, NEOM’s emphasis on technology-driven solutions presents opportunities for innovation and collaboration. It aims to create an ecosystem that nurtures research and development, fostering partnerships between businesses, academic institutions and startups.

    Concerns about NEOM

    Critics have raised valid concerns regarding NEOM’s feasibility and sustainability. The massive scale of the project and its potential environmental impact have raised eyebrows. The successful realization of NEOM’s ambitious goals, such as being entirely powered by renewable energy and implementing autonomous transportation, is no small feat. Skeptics question whether such grand ambitions can be effectively executed in practice.

    Moreover, NEOM has also been at the forefront of several controversies, including the forced eviction of the Huwaitat tribe from their homes and human rights violations against migrant workers.

    The geopolitical context surrounding NEOM also raises additional questions. Its location near the borders of Egypt and Jordan and regional dynamics introduce uncertainties that could impact the project’s success. Political stability, collaboration with neighboring countries and the management of potential conflicts are among the key challenges NEOM must address.

    Related: Saudi Arabia’s NEOM: A US$500 Billion City Being Built ‘For A New Way Of Living’

    Can NEOM revolutionize urban development?

    NEOM’s ambitious vision for a smart city represents a bold endeavor that, if successful, could revolutionize urban development. However, it is essential to approach NEOM with a critical lens, considering the challenges and skepticism it faces. Monitoring its progress, addressing environmental concerns, ensuring long-term sustainability and navigating geopolitical complexities will be crucial for NEOM’s future.

    As NEOM unfolds, further analysis and evaluation will shed light on its potential as a transformative project. Balancing visionary goals with practical considerations is key to discerning whether NEOM will emerge as a visionary city of the future or remain a mirage in the desert.

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    Asim Rais Siddiqui

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  • What Sustainability Does To Your Bottom Line — Entrepreneur Magazine | Entrepreneur

    What Sustainability Does To Your Bottom Line — Entrepreneur Magazine | Entrepreneur

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    Sustainability initiatives are good practice and something we urgently need to save our planet. But are they also good marketing? Yes.

    I write a newsletter called Ariyh, short for Academic Research In Your Hands (find it at ariyh.com), where I summarize the latest scientific research in marketing and sales. And I see a consistent theme: When brands have well-executed sustainability initiatives, they increase nearly every metric a business needs to succeed. It’s even true with little-known startups and small-to-medium businesses.

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    Thomas McKinlay

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  • How to Choose Carbon Credits That Actually Cut Emissions | Entrepreneur

    How to Choose Carbon Credits That Actually Cut Emissions | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Across industries, businesses are taking drastic action to minimize their environmental impact — from slashing carbon emissions to utilizing recycled materials to minimizing corporate travel. Carbon offsets have become a major tactic for forward-thinking companies looking to meaningfully reduce their climate impact.

    The voluntary carbon market is expected to grow from $2 billion in 2020 to roughly $250 billion by 2050, indicating its immense viability to deliver meaningful climate solutions.

    However, for the industry to achieve its full potential, companies need clarity and transparency in the process of selecting carbon credits. For companies looking to meaningfully reduce their carbon footprint, there can be concern and confusion over picking the “right” credits — those that actually deliver the impact being paid for. The voluntary carbon markets lack clear standards, which can make it challenging for businesses that want to do the right thing to navigate.

    Related: The Carbon Credit Market Could Grow 50X Bigger: How One Pioneering Platform Is Meeting the Demand

    What are carbon credits?

    It’s crucial that companies make major strides in reducing the carbon that they produce. However, there will inevitably come a point when organizations have reduced their total emissions as much as possible. In order to bridge that carbon gap, companies rely on carbon credits — which represent the removal or protection of carbon by others.

    Companies purchase carbon credits from projects that draw down legacy carbon trapped in the atmosphere and protect existing stores of carbon from being released – both of which are needed to reverse the climate crisis.

    For instance, the crops of the globe’s two billion smallholder farmers naturally pull down carbon from the atmosphere, storing it back in the soil. Using sensors, satellite imagery, AI and regular monitoring, this stored carbon can be tracked and quantified then sold as a carbon credit.

    Most companies purchase carbon credits via the voluntary carbon markets, which are fast-emerging as a vital tool to help companies achieve their climate targets. While these carbon credits are a proven tool for offsetting emissions, there are a multitude of options that vary in quality and impact.

    Why carbon credits?

    Risk is the biggest driver in business and — with trillions of dollars in annual climate-related costs and damage – the climate crisis is fast becoming a business crisis. Corporations must act now to minimize losses, illustrate meaningful climate action to shareholders and comply with fast-approaching climate regulations.

    Carbon credits are an important approach to scaling climate action globally and are a fast-growing strategy for delivering on corporate ESG goals. While these offsets are part of nearly every scenario that keeps global warming to 1.5 degrees Celsius, legacy carbon markets lack broad public trust: Impactful carbon solutions require clear guidelines and proven, verifiable data.

    Delivering transparency via data

    In selecting carbon credits, consider the data:

    • What kind of data is provided — Is it clear who is responsible for carbon sequestration (i.e., smallholder farmers), and how they’re doing it (i.e., through the crops of their regenerative farms?
    • How is carbon removal calculated?
    • Who is verifying the data — Is it a third-party entity?
    • Is the carbon data auditable (this is especially important for public companies in light of fast-approaching SEC climate disclosure rules)?

    Businesses need auditable, transparent climate and social impact data to convey their actions to key shareholders.

    Without transparency about where carbon comes from, the positive and negative impacts of how it’s being captured and stored, and how it’s being calculated, there is a tremendous corporate risk for faulty carbon credits.

    Investors should turn to carbon credits that allow them to track the sourcing of their credits back to the specific farm and community they came from, and that robustly quantify how those communities are benefiting from the carbon markets.

    Climate justice: Merging social and environmental impact

    While legacy carbon markets rarely have focused on socio-economic impacts, the burgeoning generation of carbon markets will prioritize both social and environmental impact in their models. In action, these carbon credits will benefit the environment while equitably compensating those responsible for the carbon sequestration. Often, these carbon stewards are among the most vulnerable populations – including smallholder farmers, women and indigenous communities.

    When buying carbon credits, ensure that carbon stewards are equitably compensated by asking some basic questions of those selling carbon credits:

    • What language do they use to discuss the partnership with carbon stewards?
    • Is their data auditable?
    • Is the financial model of carbon credits disclosed? Are carbon stewards paid equitably and in a timely manner?
    • Is socioeconomic improvement data shared with investors according to accepted third-party standards?

    Incorporating social and environmental impacts into the next generation of carbon markets can further enhance their value, potentially benefiting vulnerable communities that play a key role in carbon sequestration. A well-designed carbon credit protocol can financially incentivize carbon stewards to bolster their future work – which increases the positive socio-economic and environmental impacts for generations to come.

    Other tactics for carbon removal

    Mechanical carbon capture comes in the form of big machines that effectively suck carbon dioxide out of the air to store, either by putting it underground or repurposing it in other ways. While mechanical carbon capture is promising, this technology is largely still in its infancy, enormously expensive, and still proving its ability to scale.

    Related: Blockchain Could Help Us Combat Climate Change — Here’s How.

    The time is now

    Forecasts now show that the planet will hit a threshold of 1.5C in global temperature change by 2027, which is far sooner than ever expected and carries the potential for massive damage, loss of human life and trillions of dollars in incurred damages for the global economy.

    This is an all-hands-on-deck moment. We must engage proven, reliable, and equitable methods to meet what may be the greatest threat to the future of humanity and the planet we inhabit. Carbon credits, when implemented responsibly and at scale, can be a very effective tool for humanity to use in the fight to limit the damages from climate change. However, the industry’s growth hinges on increasing transparency and standardization to ensure that carbon credits truly deliver the promised impact.

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    Josh Knauer

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  • Make Your Office More Eco-Friendly — and Save Money —With These Steps Toward Sustainability | Entrepreneur

    Make Your Office More Eco-Friendly — and Save Money —With These Steps Toward Sustainability | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As concerns over climate change and environmental sustainability grow, green buildings represent a significant shift in the real estate development landscape. Defined as structures designed and managed to reduce their environmental impact, green buildings have become a focal point for businesses committed to environmental sustainability.

    For entrepreneurs and business leaders, there’s an increasing responsibility — and indeed an opportunity — to transition their existing buildings or offices into greener spaces. Rooted in ecological stewardship, these architectural marvels are designed to minimize environmental impact through resource conservation and sustainability.

    Related: You Can Embrace Green Building Without Breaking the Bank

    Energy efficiency: The first step toward green buildings

    While green buildings represent a significant evolution in real estate, their implications go beyond the initial construction phase. Entrepreneurs and business leaders have a significant role to play in this green revolution. By transforming their offices into eco-friendly spaces, they can contribute to environmental preservation while fostering a healthier work environment and reducing operating costs.

    Transforming an office into a green building involves several interconnected steps. The first is energy efficiency, a cornerstone of the green building philosophy. Efficient energy use not only reduces carbon emissions but also lessens reliance on non-renewable power sources. Energy efficiency is the backbone of any green building. By optimizing energy use, businesses can significantly reduce their carbon footprint. Replacing conventional lighting with energy-efficient LED or compact fluorescent lights (CFLs) can reduce energy consumption by up to 75%. Furthermore, intelligent lighting systems, such as those with occupancy sensors or natural light adjustments, can further minimize energy wastage.

    High-performance appliances, rated by programs like ENERGY STAR, can offer significant energy savings over their conventional counterparts. Building automation systems, managing HVAC, lighting and other power systems, ensure energy is used only when needed, leading to substantial energy conservation. Green buildings, through energy-efficient design and sustainable practices, can lead to significant cost savings in the long run.

    Harnessing renewable energy

    To take the leap from energy efficiency to green energy, businesses can transition to renewable energy sources. Green buildings ideally source their power from renewable resources, thus reducing reliance on fossil fuels and minimizing carbon emissions. Installing solar panels, for instance, can help offset a significant portion of a building’s energy consumption.

    If on-site generation is unfeasible, business leaders can explore renewable energy contracts. Numerous energy providers offer “green power” plans where the electricity is sourced from renewable energy projects. If installing renewable energy systems is not feasible, consider green energy contracts. Many energy providers offer plans where the electricity is sourced from renewable sources.

    Related: Want to Be More Sustainable? 4 Ways To Take Advantage of the Inflation Reduction Act

    Water conservation and management

    Water is another critical resource that can be managed more effectively. Small changes, like installing low-flow taps, toilets and urinals, can significantly reduce water consumption in the office. Going a step further, consider implementing a rainwater harvesting system. Rainwater can be collected, stored and used for non-drinking purposes, such as watering plants or flushing toilets. Low-flow fixtures, such as taps, toilets and urinals, can reduce water consumption by up to 20%.

    Aside from installing low-flow fixtures and rainwater harvesting systems, businesses can explore other methods of conserving water. Greywater recycling systems, for instance, can treat and reuse water from sinks, showers and washing machines for non-potable uses like flushing toilets and irrigation. Businesses can also implement water-efficient landscaping, using native or drought-resistant plants, which require less water and maintenance. Ensuring regular maintenance to prevent leaks, which can lead to significant water wastage over time, is another practical step toward water conservation.

    Waste management

    Waste management is an essential component of a green office. Establishing recycling programs can ensure that waste materials such as paper, plastic, metal and electronics are properly disposed of and repurposed. If the office has a kitchen, consider composting food waste. Not only does this reduce the amount of waste going to landfills, but the resulting compost can be used to nourish office plants or donated to local community gardens. By establishing recycling programs, businesses can ensure that waste materials like paper, plastic and metal are properly disposed of and repurposed. Composting organic waste reduces the amount of waste going to landfills while producing nutrient-rich soil for use in landscaping.

    Beyond recycling and composting, businesses can implement waste reduction strategies. This could involve going paperless, using digital alternatives for meetings and note-taking, and reducing unnecessary packaging in the office. Moreover, businesses can explore the concept of a circular economy, where resources are used for as long as possible, and at the end of their life, components are recovered and regenerated. This could involve initiatives like leasing office equipment or using modular furniture that can be easily repaired, upgraded or disassembled for recycling.

    Related: Meet BlocPower, the Startup That Dreams of Green Buildings Throughout the United States

    Enhancing indoor environmental quality

    Good ventilation not only ensures an adequate supply of fresh air but also helps control indoor humidity levels, reducing the risk of mold growth. Businesses can also consider “thermal comfort,” which refers to maintaining a temperature range in which people feel comfortable. Thermal comfort depends on factors like air temperature, humidity, air movement and the type of clothing worn by people. The indoor environmental quality significantly affects occupant health and productivity. Using low-VOC (volatile organic compounds) or VOC-free paints, adhesives and cleaning products reduces exposure to harmful chemicals. Additionally, incorporating indoor plants can improve air quality while creating a more calming and attractive environment.

    Embarking on the journey to transform an office into a green building requires commitment and often investment. Still, the benefits — from cost savings and improved employee health to promoting a more sustainable future — make it a worthwhile endeavor. By taking these steps, entrepreneurs and business leaders are not just creating healthier, more sustainable workplaces. They are joining the green building revolution, contributing significantly to the future of sustainable real estate development and shaping the way we think about the spaces in which we work.

    The evolution of the green building movement offers an array of opportunities for entrepreneurs and business leaders. By staying abreast of the latest green practices and technologies and fostering a culture of sustainability within their organizations, they can make a meaningful contribution to the environment while reaping tangible business benefits. It’s a win-win scenario, where businesses can bolster their bottom line while making strides towards a more sustainable and ecologically responsible world.

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    Ari Chazanas

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  • This Is the Solution You Need to Both Cut Costs and Go Green | Entrepreneur

    This Is the Solution You Need to Both Cut Costs and Go Green | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Representing more than 99% of all businesses across the country and employing some 60 million people, the success of small and medium-sized business (SMBs) is intrinsically linked to the economy’s well-being. But times are tough for SMBs: margins are narrowing, interest rates are rising, supply chain shortages and inflation remain rampant and to top it all off, stakeholder demands for sustainability have never been greater. Today’s pressures demand new solutions; with clean technologies, SMBs have the chance to not only address and overcome these challenges but also turn them into a competitive advantage.

    While the word “cleantech” often conjures up sprawling images of utility-scale solar arrays and offshore wind farms, this is a fairly superficial depiction of the industry — a stereotype, so to speak. In reality, many small-scale cleantech solutions are quickly becoming a regular part of consumers’ everyday lives and increasingly playing an outsized role in reducing businesses’ operating costs. For many — like locally owned and operated retail business owners — these expenses underscore a majority of their ongoing resource challenges and present a massive economic opportunity to advance cleantech adoption.

    Related: What You Can Learn From the Rise of Sustainability-Focused Entrepreneurship

    Slashing energy bills

    Rising and seldom-predictable energy costs have long been a thorn in SMB owners’ sides. Retail spaces, especially restaurants, for example, can’t turn off — or even turn down — their appliances, cooling equipment or lighting to scale back on operational costs, making them particularly susceptible to volatile energy prices.

    Fortunately, cleantech business models, such as Energy Efficiency as a Service (EEaaS) are enabling new solutions to this problem, allowing businesses to access cost-and emission-saving equipment upgrades through long-term contracts. And within just a few years, these investments pay for themselves through cumulative energy savings. From new HVAC architectures to optimized lighting, temperature and refrigeration controls, IoT sensors and heat pumps, everyday cleantech solutions are proven to drive down operating costs, freeing up time and capital that owners can deploy elsewhere.

    Determining what investments are needed might sound cumbersome, but experienced and trustworthy cleantech partners make it easy. After assessing a space’s energy footprint, EEaaS companies can quickly identify a site’s most pressing upgrade needs, facilitate immediate action and deliver measurable outcomes.

    Driving public and private favor

    Understanding macro forces that are actively reforming the U.S. economy is also key to staying profitable, as it enables business owners to align their core offerings with consumer wants and needs, minimizing commercial friction for a more pleasant experience. In recent years, sustainability, once an afterthought, now plays an often outsized role in consumer choices. Inundated with impactful reminders of climate change, including extreme weather events, rising sea temperatures and declining biodiversity, consumers want to know that the businesses they’re frequenting are aware of their environmental impact and actively looking to reduce it.

    In addition to sizable cost savings, replacing inefficient technologies with cleaner alternatives offers SMBs opportunities to leverage reputational benefits and boost customer satisfaction. From improved indoor air quality and temperature stability to quicker, more reliable service operations and sensory-friendly lighting, the opportunities of sharing one’s sustainability journey are unparalleled. Customers quickly take notice and are inclined to come back.

    And for franchisees, incorporating cleantech into your operations can help drive positive corporate relationships. Showcasing environmental proactivity and improved customer contentment is bound to impress, especially when paired with long-term overhead savings, which cleantech fruitfully delivers.

    Related: The Evergreen Action Path to Reaching 100% Clean Energy

    Getting ahead of the curve

    While the prospect of mandatory environmental, social and governance (ESG) reporting remains distant for some, this attitude runs contrary to existing policy and regulatory signals and will lead to detrimental long-term outcomes. The SEC initially proposed ESG reporting guidelines in 2022 and though it faced delays following regulatory disagreements, it’s widely expected to be finalized in 2023. Recognizing the economic imperative of ESG adaptation, other jurisdictions have also moved quickly to embrace mandatory ESG reporting. The European Union strengthened its existing regulations earlier this year, for example, whereas China, Canada and others are widely expected to roll out their own ESG frameworks by 2023 and 2024, respectively.

    Businesses that are part of a chain, franchise or other corporate structure will inevitably feel pressure from their parent companies to reduce greenhouse gasses in the coming years. Even those that are fully independent will bear some impact as consumers continue to make clear the importance of strong ESG practices. However, getting ahead of the pack by adopting cleantech can preemptively neutralize these pressures, ensuring compliance with corporate ESG policies while positioning oneself as a community leader on the environmental front — an increasingly powerful sales hook.

    Now more than ever, SMBs need real, tangible solutions to rising operating costs and evolving consumer demands. Solutions must be flexible, affordable and long-lasting; cleantech, despite its niche-sounding nature, has broad applications that can help small and medium business owners stay competitive and impress stakeholders with next-generation quality and efficiency. EEaaS companies — as key enablers of the green economy — offer SMBs streamlined access to clean technologies and their many benefits.

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    Al Subbloie

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  • 5 Ways Tech Companies Can Improve Their Sustainability | Entrepreneur

    5 Ways Tech Companies Can Improve Their Sustainability | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In an era where environmental concerns have reached unprecedented levels, businesses across all industries face the imperative of adopting sustainable practices. Among the various industries around the globe, the technology sector has emerged as a prominent player, recognizing the pressing need to prioritize green initiatives.

    With growing consumer awareness and demand for eco-friendly solutions, tech companies have realized that sustainability is no longer a mere trend but a critical driver of success that has a significant impact on their bottom line. According to research conducted by Deutsche Bank, companies with high ratings for environmental, social, and governance (ESG) have a lower cost of debt and equity. These findings were corroborated by MSCI in 2020.

    Additionally, the findings show that companies with high ESG ratings outperform the market in the medium and long term. Further, by implementing stewardship-focused programs, companies have not only seen growth in their financials but also in brand awareness.

    By adopting circular economic models, implementing waste reduction programs, and increasing their focus on extended life cycles of their assets, companies are creating a shift toward doing business from an eco-friendly perspective. This shift has created the need for companies that specialize in helping large organizations develop sustainability plans, operate with a focus on being eco-friendly, reduce waste, and implement strong stewardship practices.

    Here are five strategies that tech companies around the globe are using to level up their green credentials while decreasing their negative impact.

    Related: This Is Why Your Business Should Prioritize Environmental Efforts

    1. Embrace the circular economy

    The circular economy model is an economic framework that aims to minimize waste and maximize the efficient use of resources. In contrast to the conventional linear economy, circular economy promotes a closed-loop system where materials and products are continuously reused, repaired, remanufactured, or recycled to create new value.

    According to McKinsey, the European circular economy market size for electronics is expected to grow from €60 to €95 billion by 2030. Additionally, resource productivity is estimated to grow by 3 percent, which will generate cost savings of around €600 billion as well as €1.8 trillion in other economic benefits annually.

    For businesses, one of the most important resources they have at their hands is technology, be it software or hardware. Often, the largest and most impactful investments an organization makes are technology-related.

    With computer hardware accounting for around 30% of overall IT budgets, hardware spending is the largest portion of overall tech spending. Consequently, hardware products, such as laptops, tablets, and smartphones, are often at the top of the list in both cost and volume.

    The circular economy is based on the principles of designing for longevity and efficiency while minimizing waste and pollution. This is achieved by keeping assets and materials, such as smartphones or laptops, in use for as long as possible. Additionally, efforts are made to regenerate natural systems. In 2021, ATRenew reduced emissions by a total of 464,000 metric tons through re-commercializing pre-owned phones. This is equivalent to the carbon sink of about 1,533 square kilometers of urban forests in one year.

    2. Invest in eco-friendly products and manufacturing

    One of the key benefits of the implementation of a circular economy model is the reduction in waste. By prioritizing the reusing, repairing, and recycling of resources, the circular economy model minimizes the amount of waste that ends up in landfills or incinerators.

    According to the European Environment Agency, waste management, industrial processes, and product use account for over 12% of greenhouse gas emissions in the EU. Consequently, a circular economy model reduces the environmental impacts associated with waste disposal and mitigates pollution and greenhouse gas emissions during manufacturing.

    Investing in eco-friendly manufacturing processes and products is crucial for minimizing environmental impact. According to the Ellen MacArthur Foundation, 80% of a product’s environmental impact is decided in the initial design stages. Companies can increase their green credentials by using sustainable materials, reducing energy consumption, and minimizing waste.

    Further, sustainable practices attract environmentally conscious customers, positioning sustainable businesses as leaders in a competitive marketplace. In other words, embracing sustainability is both a moral and strategic imperative for the long-term success of any business.

    Related: How to Overcome the Shortage of Tech Talent in the US

    3. Encourage and facilitate recycling

    Recycling plays a crucial role in reducing electronic waste (e-waste), so encouraging it is important in promoting and advancing a sustainable approach to technology. With technological advancements continuing to happen at an astonishing rate, it is becoming increasingly important for tech companies to take responsibility for the lifecycle of their products.

    Companies can help reduce e-waste and minimize their environmental impact by implementing effective strategies, such as trade-in programs or recycling events that incentivize consumers to recycle their old devices. For example, tech companies can establish partnerships or in-house programs that allow consumers to trade in their used devices in exchange for credit toward a new purchase.

    Not only does this encourage the recycling of devices, but it also promotes brand loyalty and customer satisfaction. Education and awareness campaigns can also be powerful tools, especially considering that many electronic devices contain valuable and limited resources. Materials like lead, silver, copper and gold are essential for manufacturing new technology, making recycling even more attractive.

    Related: The U.S. Has a Huge E-Waste Problem. But There Is Money To Make in Its Disposal.

    4. Extend the lifecycle of devices

    Extending the lifespan of electronic devices offers both financial and environmental benefits. By offering repair services, manufacturers and third-party providers can help consumers prolong the lifespan of their electronic devices. Not only is this often cheaper than buying a new device, but it also reduces e-waste and minimizes the environmental impact of manufacturing a new device.

    Another approach businesses can take to extend the lifecycle of electronic devices is to sell their used devices. By selling thoroughly tested and repaired used devices at a reduced price with a warranty, consumers bask in a vibrant array of choices, extending beyond the realm of brand-new products.

    According to Counterpoint Research, the demand for refurbished smartphones continues to grow. In 2022, the global secondary smartphone market saw growth of 5% year-over-year, with refurbished iPhone sales growing by 16%. Additionally, the secondary market of refurbished devices also creates new opportunities for businesses and consumers to get some of their investments back, reducing the overall cost of ownership and making affordable technology more accessible.

    Manufacturers can also support the environment by making affordable replacement parts available and providing repair guides or tutorials. Companies can extend the lifespan of their products and foster customer loyalty simultaneously by embracing repairability and sustainability.

    5. Foster a culture of sustainability

    Promoting sustainability within the company culture is essential for sustainable organizations aiming to make a positive environmental impact. Integrating sustainability into a company’s core values, practices, and decision-making processes becomes a shared responsibility and commitment among employees, consumers, and stakeholders. This commitment then leads to a range of benefits for all involved parties, as well as the environment.

    Weaving a strong sustainability policy into a company’s foundation as well as educating and engaging employees, sets a whole new standard that also comes with numerous benefits. Not only do sustainable organizations attract quality employees and sustainability-focused customers, but they also benefit financially.

    For example, after successfully defining and implementing a stewardship plan focusing on sustainability, REI now has one of the most successful circular commerce programs of any outdoor retail brand, taking in around 100,000 outdoor-related items to be traded or resold in their store locations in 2022. By integrating sustainability into all operations, tech companies can drive change and contribute to a more sustainable future.

    Related: 3 Ways You Can Bring Sustainability to Your Workplace

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    Kerry Chen

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  • Blockchain Could Help Us Combat Climate Change — Here’s How. | Entrepreneur

    Blockchain Could Help Us Combat Climate Change — Here’s How. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    90% of corporations now view sustainability as a crucial part of their organization’s strategy. But turning recognition of the importance of sustainability into concrete action is often easier said than done. Notably, only 60% of organizations actually have a sustainability strategy in place — representing a 30% gap between the number that view this as important and the number that are actually taking action.

    As part of the effort to get more companies to adopt eco-conscious initiatives, carbon credits have become an increasingly important part of the modern sustainability narrative. But challenges to the effective adoption and use of carbon credits remain. However, with digital carbon spurring a new wave of green entrepreneurship, this is poised to change.

    Read on to learn more about digital carbon credits and how they could potentially play a role in your own efforts to go green.

    Related: Digital Ads Are Fueling a Climate Disaster. Take These Steps to Offset The Industry’s Hidden Toll on Our Planet.

    So, what are carbon credits?

    First, it’s important to understand what carbon credits are and what their role looks like in the current corporate environment. Carbon credits are designed to offset the greenhouse gas emissions of corporations and nations.

    There are two main types of carbon credits. The first is often referred to as a “permit to pollute” or “regulatory compliance credits,” in which a company essentially buys carbon credits equivalent to the amount that they went over the allowed rate. As Investopedia explains, companies are granted a specific number of credits, with each credit allowing for the emission of one ton of carbon dioxide.

    These credits are designed to decline over time, and companies can sell or trade their excess credits. Essentially, the idea is that having credits to “cap” carbon emissions will create a financial incentive for businesses to lower their emissions.

    For example, a country might require companies to limit their greenhouse emissions to 50,000 tons per year. A business that previously produced 70,000 tons of emissions per year must either buy carbon credits or find a way to lower its emissions. Even for smaller businesses, these guidelines can serve as a good way to consider how you can lower your emissions over time.

    The other type of credit (known as “voluntary offset credits”) is obtained when a company offsets its own emissions through its voluntary participation in an environmental project. An organization that invests in a project in areas such as renewable energy or forestry can then obtain carbon offset credits as a way of quantifying their environmental impact.

    Related: Sustainability In Business: Why Change Is Needed Now

    How digital carbon enhances the existing carbon credit market

    Currently, the standard market for creating, selling and trading carbon credits leaves a lot of room for interpretation. “Permit to pollute” credits are government issued — but in many parts of the world, participation in these carbon credit exchanges is relatively limited.

    For example, the United States only has two state-based emissions trading programs. These are the Regional Greenhouse Gas Initiative (RGGI), which is limited to power sector emissions in several Northeastern states, and California’s AB-32 Cap-and-Trade Program.

    Because of this, most businesses only participate in the carbon offsets voluntary market — obtaining carbon credits by investing in sustainability projects. However, offset credits aren’t regulated by the government, which can create challenges for selling, trading and verifying carbon offsets. How can your business manage carbon credits effectively without a clear system in place?

    This is where digital carbon can help level the playing field, improving accessibility and streamlining processes. As a report from Changeblock reveals, digital carbon offers digital credits representing proportional ownership of climate-backed tokens. A central digital platform enables these tokens to be gathered as a single asset that is easily traded. Rather than needing to buy individual tokens from different sellers or marketplaces, digital carbon credits can represent one ton’s worth of emissions from several offsetting projects.

    With blockchain management, each digital carbon credit comes with a comprehensive data packet detailing the transaction. This includes details on emissions reductions quantity and pricing. In some cases, it could even provide transparent access to raw data from sensors such as gas chromatography devices, scales, pressure monitoring systems and more to verify the amount of carbon offset associated with each digital credit.

    This actionable insight and the accessibility of a digital platform help bring offset carbon credits to a significantly broader audience, incentivizing more organizations and individuals to participate in climate change initiatives. Digital carbon credits open up this concept to the masses — so even if you’re “too small” for a traditional carbon credit program, you can still access digital credits.

    Key advantages of digital carbon

    Digital carbon offers several noteworthy benefits that, when properly implemented, allow carbon credits to become more effective in driving the transition to a global net-zero economy.

    By using a digital platform as a central location for tracking and trading carbon credits, these processes will naturally become more efficient and transparent. For organizations that are seeking to sell, trade or verify their carbon credits, this provides a much-needed layer of trust in what is still a largely unregulated industry.

    A digital platform also enhances the potential for organizations to offset emissions on a global scale by being able to support and gain carbon credits for sustainability projects anywhere. This also makes carbon credits more easily accessible to individuals and organizations that might not have the capabilities to undertake carbon reduction projects on their own. For example, you could partner with another sustainability organization, donating whatever money or resources you can, rather than needing to spearhead a sustainability project on your own.

    In many ways, digital carbon is set to support a significant expansion in new sustainability-focused partnerships worldwide by making it easier for companies of all sizes to invest in environmental projects of varied scope and focus.

    Related: 3 Ways You Can Bring Sustainability to Your Workplace

    Creating the future of sustainability

    Demand for carbon credits is only expected to increase in the coming years. As businesses and governments seek to curb their impact on the environment, the ability to effectively create, track and trade carbon and other environmental credits will become even more important.

    With the growing wave of digital carbon initiatives, much-needed transparency and efficiency can make these efforts more effective than ever before. As you consider how your own business can become more environmentally friendly, don’t overlook the potential value of digital carbon.

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    Lucas Miller

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  • How Going Green is Revolutionizing Branding and Corporate Identity | Entrepreneur

    How Going Green is Revolutionizing Branding and Corporate Identity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Changing weather patterns, disruptive floods and unprecedented forest fires have all dominated headlines over the past few years. Combined with continued warnings about the detrimental effects of climate change overall, these events have raised consumer awareness of the impact daily purchases have on the environment and society as a whole.

    Sustainability has developed into “an extraordinarily disruptive phenomenon impacting business.” The changes are not limited to measures relating to the environment in a traditional sense. Instead, a more modern take on sustainability includes environmental, societal and even economic factors.

    Brands that want to stay ahead of their competitors need to put sustainability at the heart of their identity to build a secure future.

    Related: Purpose-Driven Entrepreneurship — How to Build a Business that Makes a Positive Impact

    The importance of sustainability and green branding

    It is almost impossible to escape daily headlines about the negative impacts of climate change on entire populations. For this article, however, we will focus on the impact of the transition toward sustainability on businesses and the opportunities created by green branding.

    First and foremost, offering sustainable products and positioning a brand as one that puts sustainability at the heart of its decision-making helps businesses attract new customers. Nearly four out of five participants in a recent survey conducted by Nielsen IQ stated that they valued a sustainable lifestyle.

    In addition to that sentiment, consumers are increasingly willing to back up their intentions with actual purchases. A 2022 study by Deloitte found that two-thirds of all respondents were willing to pay a premium for sustainable offerings. The research went further and determined that those consumers would consider spending up to 41% more on environmentally friendly offerings.

    Deloitte’s findings mirror those of a 2020 McKinsey consumer sentiment survey that focused specifically on sustainable packaging. In that survey, more than 60% of respondents stated they favor brands offering sustainably packaged products.

    Green branding can help your business win new customers and become more profitable. But what about the alternative, can companies afford to ignore sustainability and the effects of climate change? The answer is no. Questioned for Deloitte’s 2022 C-Suite Sustainability Report, 97% of participants stated that their companies were already affected by disrupted supply chains and business models.

    Putting sustainability at the heart of your business, including your branding, is necessary to ensure the company’s future.

    Related: Earth Day 2023: Why Sustainability is a Win-Win for the Environment and Your Business

    Strategies for sustainability and green branding

    How can businesses implement sustainable practices? The options depend on the nature of the business.

    • Sourcing eco-friendly materials is one of the most obvious options for brands to increase the sustainability of their products. Ensuring that raw materials come from reputable, proven sources increases consumer trust.
    • Reducing waste throughout production and other business processes is another option for businesses to become more sustainable. Not every company will have the same potential in this respect. But even if your business is offering a service, there are generally areas in which wastage can be reduced to benefit the environment and reduce expenses.
    • Look beyond the environmental aspects of sustainability and consider elements like diversity and inclusivity. They all increase the brand’s sustainability and contribute toward its positioning as a responsible business.

    Implementing sustainable business practices is not something reserved for large multinational corporations. Businesses of any size have an opportunity to identify areas for improvement and work on those.

    Related: Examples of Environmentally-Friendly Business Ideas

    Case Studies

    Here are just two examples of businesses that are putting sustainability first.

    1. Patagonia

    Outdoor clothing brand Patagonia has built its reputation as much on durable, high-performing gear as on its focus on sustainability. In 2022, the company’s founder and his family went one step further. Rather than selling the business to facilitate a comfortable retirement, the Chouinard family gave Patagonia away to a non-profit and a specifically designed trust.

    The stipulations are simple: all profits will be used to fight climate change and protect undeveloped ground globally. Patagonia’s move was widely publicized and removed any doubt about the company’s standing as a leading sustainable brand.

    2. Beyond Meat

    Vegan meat manufacturer Beyond Meat is a company built on offering a more environmentally friendly alternative to traditional meat. The company also prides itself on producing a burger made from simple ingredients that require less water and has significantly less greenhouse gas emissions than classic beef burgers.

    Challenges and risks

    Like all major business transitions, green branding and moving toward more sustainable business practices do not come without risks and challenges for businesses. However, with a solid strategy in place, these can be overcome or mitigated in the first place.

    1. Greenwashing: to be successful and resonate with consumers in the long term, sustainability efforts must be genuine. The practice of greenwashing, where companies make environmental claims that are found to be untrue, can be highly detrimental to a brand’s reputation. Instead of making big claims, businesses do better when they prioritize smaller but consistent efforts.
    2. Increased costs: sustainable raw materials often come at a higher cost than other materials. However, bear in mind that customers are happy to pay more for sustainable products and services. Balance your costs against the benefits of gaining access to new audiences and ensure your business is charging a fair price to mitigate this risk.

    These are only two examples of the potential challenges and risks brands face during their transition to sustainability. Although they can pose serious challenges, neither is as dangerous to your brand as the risk of being left behind by competitors embracing sustainability.

    Related: 6 Ways Going Green Can Make You More Profitable

    Conclusion

    Over the past few years, consumer attitudes toward sustainability have changed dramatically. Sustainability, including environmental, societal and other aspects, is having a growing influence on purchase decisions. Research shows that consumers have good intentions in this respect and are prepared to back those up with actual purchases. To secure their future, brands must embrace sustainability now or risk being left behind.

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    Jessica Wong

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  • Why Smart Cities Are the Key to a Sustainable Future | Entrepreneur

    Why Smart Cities Are the Key to a Sustainable Future | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Overflowing public trash cans: Gone. Trudging to City Hall for a license: Done. Circling city blocks to find parking: Don’t have to worry about that, either.

    All of these examples are potential benefits of smart cities — that is, cities that use technology to improve efficiency, growth and well-being for individuals and organizations. These cities, which are already developing globally, are necessary to achieve an economical, convenient and more sustainable future.

    How smart cities can help people meet sustainability goals

    One of the biggest hurdles to sustainability is manual upkeep or fulfillment. Suppose you had to collect garbage for your city. Because you can’t tell which cans need emptying, you have to drive to all of them to check how full they are. That wastes both time and gas and puts more wear and tear on the garbage truck.

    But what if the trash cans had sensors? Now you can tell which cans are empty and, based on data over time, get a sense of which routes don’t need you to drive by as often.

    Smart cities can reduce the need for manual work in dozens of areas besides trash. They can use collected data to improve processes and focus manual work where it’s needed most. The improvement and focus mean that people might be more likely to engage with services or complete tasks, such as attending meetings more often because they can participate virtually and don’t have to combat traffic.

    In addition to improving sustainability through directing labor and resources, smart cities can provide real-time data people need to stay safe and have a good quality of life: An emergency response system can alert you to bad weather or accidents. Sensors and imaging can alert you that something within your infrastructure (e.g., a bridge) needs maintenance. Data also can result in increased accessibility that influences health and well-being, such as telehealth connections.

    Related: Why Smart Cities Are a Golden Opportunity for Entrepreneurs

    Smart cities are here — we just need way more of them

    As in other areas of business and investment, many people want to see some proof of concept before they’ll put money behind something. Smart cities are no different. But thanks to forward-thinking leaders, we now have multiple examples of what sustainable living can look like in real life.

    Consider Copenhagen, Denmark, which is slated to be the first carbon-neutral city in the world by 2025. Because the city naturally gets a lot of wind, it’s built enough wind turbines to power 22% of its electricity and has plans to boost that to 50% in the next three years. Copenhagen is also rethinking infrastructure and heating, mandating that vegetation and soil be part of architectural planning (i.e., green roofs), using waste heat from power plants and other sources, and establishing transportation lanes that allow 62% of residents to commute by bike.

    Other cities aren’t far behind. Zurich, Switzerland; Madrid, Spain; and Canberra, Australia, are all making massive strides toward carbon neutrality. In the United States, California is known for its climate efforts, with cities like Berkeley, San Diego and San Jose all making pledges related to electric vehicles, emissions and energy. But there are smart cities across the entire country.

    Related: What Makes Smart Cities Smart

    The three main players in the smart city movement

    Businesses play one of the most important roles in supporting smart cities. They can create and implement new technologies and processes so their operations are less wasteful and more environmentally friendly. They can provide repeated exposure to sustainability values and get people used to considering how their habits influence the environment and their own health. The way they design campuses to fit within the larger community can also influence thinking and behavior. And businesses get benefits back, including reduced business costs, improved reputation with customers that value going green and better strategies that boost profit and competitiveness.

    Non-profits are also heavyweights in making smart cities a reality. They can provide sustainability education and training and raise awareness about violations and potential in the community. This includes teaching individuals and organizations how to adapt to new environmental conditions.

    Government is the third sustainability player. Representatives can introduce legislation to control what individuals and organizations do, such as with Copenhagen’s green roofs mandate, and they can provide incentives or rebates for using tools like solar power or automation. This work can stabilize the sustainability efforts people, businesses and non-profits try to make.

    Ultimately, all three of these players have to cooperate if smart cities are going to be built effectively. To collaborate well, each player has to understand the needs and requirements of the other, such as the local government seeing that forcing people to come to city hall to pay a bill is counterproductive. Solutions also need to be built based on real problems people have. But because governmental regulation can determine what people adopt, the foundational work is to help representatives understand why smart cities are a good direction to go in.

    Related: What Is Sustainability In Business?

    Ultimately, the choice is yours.

    Smart cities that can pave the way for sustainability are no longer a far-off dream — cities like Copenhagen provide proof of concept and show that people can protect the planet in practical ways. But Copenhagen has succeeded only because people made a deliberate choice about their values and how they wanted to live. To bring a smart city to where you live, you need to make a choice, too.

    Once you’re committed to sustainability, be an advocate. Get involved in a non-profit or bring sustainability ideas to your manager or board. Most of all, come together with others and let your representatives know that smart cities are something you want. When they realize how important the citizen experience is and see how new data and tools can improve their own efficiency, they’ll start putting their clout behind development to support real change.

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    Jonathan Levitt

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  • What We Can All Do Right Now to Accelerate The Electric Vehicle Revolution | Entrepreneur

    What We Can All Do Right Now to Accelerate The Electric Vehicle Revolution | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There is a chicken-and-egg dilemma facing electric vehicles (EVs). If there’s no or little infrastructure — including charging stations, purchasing an EV isn’t the most logical. But if it seems that no one is buying EVs, it’s hard to justify building the infrastructure. As businesses and consumers face the point of no return for climate change and try to save money in a sustainable way, getting out of this pickle can’t be a “someday” dream. Here’s what we can do right now to get out of the gridlock.

    Related: Sustainability: How EVs Are Trying To Make a Difference

    Tackling the pricing issue

    Just like internal combustion engine (ICE) vehicles, EVs have a price spectrum. The more power and battery life you need, the more cash you should expect to cough up. Thus, the cost of your EV connects to your daily routine.

    Do you drive 50 miles a day and live in a city like Los Angeles — which has the most charging stations in the country? If price is a factor, then you can probably settle on a more cost-effective EV with a smaller range. On the other hand, what if you’re in rural North Dakota — where chargers are harder to come by — and your commute is 150 miles round-trip? That more expensive EV with a top-level battery would start looking pretty attractive.

    The first thing you can do to help solve the EV chicken-and-egg riddle is to make your buy personal. If you buy for your own use case — not your neighbor’s, coworker’s or mom’s — you’re more likely to hone in on the most appropriate price point. Focus on what you actually need out of an EV. This will help you calculate the point when it becomes cheaper for you to buy the EV than to continue driving an ICE vehicle. Keep in mind, there are many variables that can come into play here, like how easy it is to get parts for or how often you have to do maintenance on each vehicle.

    This said, EVs can already function at half the operating cost of an ICE vehicle, so you’ll win out in total cost of ownership. And thanks to the relaxation of Covid-19-related supply chain woes (among other factors), the industry could reach price parity between ICE and EV options within the next two years. More conservative assessments say we’ll cross the parity threshold between 2024 and 2026 for short-range models and 2027 and 2030 for long-range models. And if enough consumers buy EVs based on an understanding of their individual use, they’ll drive manufacturers to increase their production. Subsequently, an increase in supply will drive down costs for general consumers and companies.

    Related: Sustainability: How EVs Are Trying To Make a Difference

    Individuals, companies and governments all have roles to play

    Some people will always be diehard ICE fans — they’ll be laggard adopters who buy an EV only when they have no other choice. But increasingly, people are becoming more socially conscious. They want to live sustainably, and they want the companies they buy from to operate sustainably, too.

    Some consumers are installing their own chargers in their homes. Companies like Walmart also are committing to EV fleets and attempting to build infrastructure. But even where people and corporations are willing to support electrification, they can’t always guarantee their power grid is going to support their goals.

    Because individuals and companies have to depend on the capacity of their power grid, public-private partnerships must be made to meet infrastructure demand. At the same time, the government looks at how sustainability connects to the larger ability to compete and maintain a good quality of life. So when they set regulations, it dramatically influences whether individuals and companies buy EVs and drive infrastructure demand.

    Related: The U.S. Is Way Behind In Driving EVs. How Do We Catch Up With the World?

    Some parts of the world are already phasing out or banning ICE vehicles. By comparison, the United States is behind. But states like California are leading regional charges toward development, and the Biden administration is taking steps to accelerate EV adoption. Through the Investing in America agenda, Bipartisan Infrastructure Law and other initiatives, the administration is adding and expanding tax credits and incentivizing support for transitioning away from ICE models. The goal is to have 50 percent of all new vehicle sales be electric by 2030. Both consumers and businesses can lobby legislators for additional regulations that might help on a local, state or national level.

    Related: Tesla’s Charging Stations Will Be Available to All EVs by 2024

    If you can’t go EV now, go sustainable where you can

    Even as public-private partnerships take shape and the government tries to speed along EV adoption, electric vehicles can still come with a higher upfront cost than ICE models. Lots of buyers can’t afford a few extra hundred bucks a month on their payment. And many are still waiting on that infrastructure to reach where they live.

    If this sounds like you and there’s just no way you can hop on the EV train right now, there are still plenty of ways to show your support for sustainability. You can start simply by expressing your interest in EVs and infrastructure to friends, business leaders or representatives. They might be able to champion your cause by proxy or help you educate others. But you can also carpool, repurpose products or recycle more, buy from companies committed to ESG initiatives or opt to eat more plant-based meals.

    Not chicken, not egg, but with everyone working together, both

    The shift to electric vehicles is already underway for economic and environmental reasons. But outpacing the sales of ICE vehicles to stay competitive and save the planet requires individuals, companies and governments to work cooperatively to build EVs and the related infrastructure simultaneously. Because no one individual or agency can solve the problem alone, you can help by committing to cooperate in whatever role you happen to have.

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    Brendan P. Keegan

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  • Energy Saving Tips for Small Businesses This Earth Day | Entrepreneur

    Energy Saving Tips for Small Businesses This Earth Day | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every small business leader I know worries about taxes, hiring and a million other things. There’s a lot to juggle and prioritize just to keep your doors open, let alone scale. It may seem overwhelming to add energy efficiency to your plate, but the early days of your small company are the ideal time to start integrating sustainability into your business model.

    As someone who once took a break from corporate America and ran my own small business, I know firsthand that being environmentally responsible is doable even when you still have lots of room to grow.

    Implementing these recommendations when you’re still the person turning off the lights at the end of the day can create a foundation of environmental awareness you can lean on for generations to come.

    1. Making greener choices

    The biggest source of greenhouse gas emissions is transportation at 27%. This includes your company cars, trucks and other vehicles. So one of the most impactful things you can do for the environment is to switch to electric vehicles (EVs) wherever possible. Although you might pay more upfront for an EV, you’ll likely save over the long haul in both fuel and maintenance costs. If you do a lot of long-distance traveling, look for airlines with carbon-neutral flights to make your air travel more sustainable.

    Next, check out where you’re spending energy. Take light bulbs. Are you using low-energy bulbs, or are you just going to your local club warehouse and getting the cheapest bulbs on the shelves? Just like with EVs, upfront costs can seem offputting. But when you do the math, the products with the high initial sticker prices – like low-energy light bulbs – often are the best long-term money savers.

    Evaluate your energy provider, too. Just because a company offers energy doesn’t mean it’s an energy-friendly business — coal and solar both can provide power, but solar is cleaner and cheaper.

    Take note of your furniture and other office supplies, as well. One office chair or sofa can be much harder to produce or recycle than another. As you make swaps, let everything in the office advertise your environmental values for you. Your water fountains can display how many gallons of water are saved. Your coffee can be responsibly sourced. Your paper can be recycled. You sacrifice nothing in terms of functionality, but the fact you use a different approach to even the little things makes a statement to every employee and guest.

    Related: 3 Ways Going Green Can Boost Revenue and Employee Happiness

    2. Bringing employees on board

    Most people respond more to positive reinforcement than they do to negative reinforcement. So offer as many environmental incentives to your employees as you can. At Merchants Fleet, we offer $2,500 to workers who buy EVs, with additional reimbursement for chargers.

    Can’t spend $2,500+ per incentive? Just look for one that fits your budget and environmental goals. In addition to the EV option, we donate $10 in each employee’s name to a charity that plants trees in Kenya. The employees can see exactly where their trees are planted through video.

    We also support environmental activities and clubs on-site, such as our composting group. To get these kinds of activities going, see if you can spring for their supplies or slot time off of the workday for them to go participate. Getting people to volunteer in the community is free, too. Options are everywhere.

    The most important thing is to have open conversations about environmental responsibility and things you can do. Suppose you walk into a meeting and tell your staff you just read a great article about a company that’s doing great things for the environment, and you’d love to implement certain tactics from the article, such as evaluating the office. Team members can take on the tasks they feel comfortable with, and at the end of the meeting, everybody leaves feeling empowered and as though the environmental goals are one step closer to becoming reality.

    The more you make environmental consciousness a part of your day-to-day operations and form good habits around it, the more people will get behind environmental responsibility as part of your culture.

    Related: Three Letters That Will Make Your Company More Successful and Sustainable

    3. Partners for the cause

    The saying goes that you become the company you keep. So if you want a powerful reputation as a company that does right by the environment, make sure the people around you don’t make you guilty by association. By the same token, there are companies that may be larger and established enough to be a little more public with their stances. If you align with them, you draft off of their brand equity. Chances are, you have several business partners, such as your legal or PR firms or certain suppliers. Ask yourself if they align with where you are headed as a company environmentally. Do they share the same ESG values you do?

    You can also build your environmental reputation by going local where you can. Local products and services don’t have to be transported, which means a smaller carbon footprint as well as cost savings for your business. A simple place to start is with meals. If you have a company lunch, cater from a family-owned shop in your neighborhood rather than a big-name national chain. Having you as a client can make a big difference in their ability to stay afloat, and you’ll get the service you need in a green way.

    Related: 5 Tips for Creatively Going Green With Your Business

    If you want to grow responsibly, plant the seed

    Being a green company doesn’t have to be complicated, costly or reserved for huge businesses. You can build environmental practices into your organization from day one, as long as you are willing to plant the seed for your employees. It’s part of your role as a leader to inspire all the people around you not only to do their job but to be part of the fabric of the company. Once you open up the conversation and set the example, let them take that environmental seed and water it.

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    Brendan P. Keegan

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  • Green Corridors Are a Solution to the Shipping’s Pollution Problem | Entrepreneur

    Green Corridors Are a Solution to the Shipping’s Pollution Problem | Entrepreneur

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    A recent article in Financial Times had some bad news for the fight against climate change – the goals set by the Paris Climate Accord seem increasingly unachievable. The good news is that there are still changes that can help.

    In recent years, decarbonization has become a global imperative. Climate change is an increasingly urgent issue affecting several sectors and industries worldwide, government bodies, businesses, and modern society.

    The reduction of carbon emissions is at the forefront of many initiatives to counteract a catastrophic rise in global temperatures. One of the biggest focuses has been on looking toward low-carbon energy sources. Low-carbon energy sources currently account for 19% of all energy, but that figure is growing as decarbonization becomes a greater priority. Also known as greenhouse gas emissions, the elimination of carbon emissions or decarbonization is an area in which several major industries have a significant role to play.

    Globally, many industries and sectors are making an effort to decarbonize. However, progress must be made in particular industries, such as the maritime sector, which boasts long asset lifespans and a high dependency on fossil fuels, to achieve a global goal of net-zero emissions.

    Although most of the maritime industry is now committed to decarbonization, the sector has a long way to go. This is because the environmentally sustainable fuels needed to power the industry’s infrastructure, including more than 60,000 ocean-going vessels, are still being researched and developed. Until then, the maritime sector must find alternative methods to decarbonize.

    So how can the maritime industry begin decarbonization? And what is decarbonization for eco-friendly businesses anyway?

    What is decarbonization?

    As the name suggests, decarbonization is the act of proactively reducing and/or eliminating carbon emissions. In the context of the maritime sector, decarbonization is the industry’s transition to a system that reduces carbon dioxide emissions from both onshore and offshore infrastructure, such as ports, ships and vessels. The ultimate goal of decarbonization in the maritime sector is to eliminate carbon emissions completely and establish more environmentally sustainable processes in the industry’s day-to-day operations.

    Development is still ongoing for the alternative fuels the maritime industry requires to decarbonize. This includes over 60,000 oceangoing vessels that transport 90% of our global trade annually. In response, some shipbuilders and engine manufacturers have begun constructing vessels using duel-fuel engines that can operate on methanol and fuel oil, or on LNG and fuel oil. Currently, ships with dual-fuel engines run mostly on conventional fuels because no affordable alternatives are available. Although there are numerous fuels currently in development, including green LNG, green methanol, green ammonia, and green hydrogen, the maritime industry must make alternative arrangements if it is to begin the decarbonization process. This, of course, begs the question – can the maritime industry in its current state begin decarbonizing? The solution may lie in smaller, more achievable steps.

    Can the maritime industry decarbonize?

    When it comes to ship management, the critical steps throughout the life of a vessel are design, procurement of materials, assembly, ongoing maintenance, refitting, and eventual end-of-life recycling and disposal.

    At each phase, the maritime industry must focus on decarbonization. Options include building the vessel with an optimized hydrodynamic hull design, wind support for sailing, efficient multi-fuel engines, and digital systems that optimize routing and the distance traveled. Materials should also be sourced from suppliers utilizing low-carbon production methods.

    Of course, the kinds of vessels built will depend on the materials, engines, and fuels available. It will also come down to the overall goals of owners and operators, future regulations, locations, and the expected length of ownership and operations. This is why incentives and encouragement are needed to reduce uncertainties regarding hesitation or doubt. In this situation, market-based policies such as carbon pricing can spur the development of innovative shipbuilding technologies and hasten the transition to a decarbonized maritime industry. This is where implementing green corridors could be beneficial to the sector.

    Green corridors

    The maritime industry is a global, autonomous ecosystem compromised of numerous organizations and businesses collaborating when necessary to accomplish a shared objective. No single leader determines this ecosystem’s direction – instead, decisions are shared among the multiple participants operating within the ecosystem. As a result, adaptation is not centralized but rather organic and in response to the demands of each partner. This needs to change if the industry hopes to decarbonize by 2050, as outlined by the International Maritime Organization (IMO).

    Achieving a higher level of ongoing collaboration for innovation and transformation is challenging. This is because when it comes to the day-to-day operations of the maritime industry, there are multiple levers across the sector required to decarbonize operations completely. Owners/operators working within the maritime sector must align their strategies and goals to ensure they work simultaneously.

    This is where green corridors come in – implementing green corridors could put pressure on owners/operators who are hesitant to invest in green technologies and essentially spark change across the entire industry.

    As the name suggests, a green corridor decarbonizes a specific maritime route. As ports are a crucial component within the maritime supply chain, decarbonizing specific ports could accelerate decarbonization and provide the necessary infrastructure the sector needs to store alternative fuels and onshore supplies. Doing so would also give owners/operators the incentive to invest in green technologies for their fleets.

    The maritime sector could catalyze green growth and development across many other vital industries by implementing more environmentally sustainable processes.

    Given how significant the sector is in ensuring continuity in the global economy, you might be asking how the marine industry could be expected to decarbonize. The maritime sector must decarbonize and move away from utilizing fossil fuels as its primary energy source, just like any other major sector – especially if it hopes to minimize its impact on our planet. By investing in the right technology, driving demand, encouraging worldwide collaboration, and working with the proper government bodies to enact effective policies, the maritime sector could stimulate more investment and interest in renewable projects and effectively kickstart a green revolution that transforms the world’s major industries.

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     Connie Geer 

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