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Tag: SUSTAINABLE-BUSINESS

  • How This Startup Plans to End Restaurants’ Most Wasteful Habit | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Life is full of minor inconveniences. Most people see them as annoyances, but entrepreneurs see opportunities. Small frustrations can spark ideas that lead to big solutions, and many of the best companies are built by solving problems others overlook.

    That’s exactly what Dylan Wolff has done with his water conservation startup, CNSRV.

    A cooler way to thaw

    Wolff, a Southern California native, was introduced to the issue that now dominates his life through a bartending friend.

    “He told me the restaurant wasn’t serving drinking water to customers unless they asked for it — a policy to conserve water. But in the back of the house, in the kitchen, they were running the faucet for 10 hours a day to defrost frozen food. That’s over 4,000 gallons of water straight down the drain.”

    This isn’t an isolated issue. Every year, billions of gallons of water are wasted in the U.S. food industry during the defrosting process. One turkey breast can take 5 hours of running water. It seems like small potatoes, but when you multiply that across every restaurant in America, the environmental cost is staggering.

    After this epiphany, Wolff immersed himself in the wondrous world of food defrosting. He found that restaurants use three main methods: refrigerating the food, microwaving it or running it under cold water.

    The fridge method takes days to defrost, creating an “inventory nightmare”, and we all know that microwaved food isn’t quite the same. That leaves the cold water method, which would be perfect if not for the thousands of gallons wasted each day.

    “I spoke with as many people in commercial kitchens as I could, and kept hearing the same thing,” Wolff says. “It’s just the nature of the business.”

    Undeterred, Wolff turned words into action, meeting with health departments to fully understand the code and reverse-engineer a solution. Working with his partner, Brett Abrams and Tim Nugent, head of R&D, he developed an early prototype that uses a proprietary defrosting method combining water agitation and precise temperature control.

    That prototype would become the DC: 02, a defrosting machine that cuts thawing time in half using 98% less water than traditional methods, and improves food quality, all while saving thousands in utility expenses.

    Related: I Interviewed 5 Entrepreneurs Generating Up to $20 Million in Revenue a Year — And They All Have the Same Regret About Starting Their Business

    Efficiency meets affordability

    When Wolff started, there were hardly any players in the defrosting industry, and none with a completely portable technology.

    “There are alternatives, but they’re $35,000 blast chillers that need a dedicated 220 outlet and a lot of kitchen space,” Wolff says. “We’ve built something that uses the space they’re already defrosting in, plugs into a standard 120 outlet, uses little power, and completely optimizes the process.”

    For customers who don’t care about water savings, Wolff jokes that he can “Trojan horse” it in.

    “They’ll care about the improved quality and saving time,” he says.

    They’ll also care about new rebate programs from municipalities in Southern California ($800 per unit) and Tampa, Florida ($1,000 per unit).

    “The Metropolitan Water District has a program that provides grants to innovations in the water conservation space,” Wolff explains. “I received that grant, along with the third-party validation of our technology that came with it.”

    For consumers, that means when you buy a DC:02, you’ll get a check back from the Metropolitan Water District. Wolff envisions this resonating with smaller restaurants and grocers, who benefit personally from the savings while contributing to the larger cause of water conservation.

    Related: 7 Water-Saving Strategies for Your Business

    Though passionate about the environment, Wolff has no formal training in sustainability or water conservation. What he does have is a background in product development, management, and an entrepreneurial drive. He bootstrapped CNSRV through its early stages, raising capital from friends and family before catching the attention of venture group Burnt Island Ventures, which provided the funding to take the next step.

    “I always knew I wanted to do something entrepreneurial,” Wolff says. “I just needed that spark—the problem to solve. This was a serendipitous intersection of my strengths in business and my passion for sustainability. Finding this solution is exactly where I want to focus my time and energy.”

    Life is full of minor inconveniences. Most people see them as annoyances, but entrepreneurs see opportunities. Small frustrations can spark ideas that lead to big solutions, and many of the best companies are built by solving problems others overlook.

    That’s exactly what Dylan Wolff has done with his water conservation startup, CNSRV.

    A cooler way to thaw

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    Leo Zevin

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  • How to Profitably Integrate Eco-Friendly Practices into Your Business | Entrepreneur

    How to Profitably Integrate Eco-Friendly Practices into Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Today, consumers are increasingly prioritizing doing business with companies that can clearly demonstrate a commitment to improving the world around them. These drivers can range from supporting important social issues to providing eco-friendly products. In fact, over 40% of consumers admit that they are more likely to purchase products or services from businesses that embrace sustainability. For this reason, it should come as no surprise that nearly 100% of all S&P 500 companies have environmental and sustainability goals.

    Within the small business community, there is a misconception that ESG (environmental, social, and governance) initiatives are something only large corporations can afford to implement. This couldn’t be further from the truth. For small businesses and entrepreneurs, sustainability efforts can actually improve operational efficiency, increase customer demand and boost profitability. Here are six easy ways small businesses can capture the financial benefits of sustainability.

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

    1. Implement energy-efficient solutions

    Many businesses require a lot of energy to operate, especially if they have a manufacturing center. One of the easiest and most effective ways to embrace sustainability is by implementing solutions that reduce the amount of energy consumed by the business. These actions include upgrading to LED lights, installing smart thermostats, replacing fossil fuel vehicles with EVs and changing out appliances for energy-efficient models.

    In addition to reducing energy consumption, businesses can also embrace clean energy generation by installing solar panels or purchasing renewable energy credits to help offset the use of fossil fuels. Ultimately, lower energy costs can directly reduce your operating expenses increasing your profit margins. Also, promoting your commitment to renewable energy is a powerful marketing tool to help attract environmentally conscious consumers and enhance your brand reputation.

    2. Develop eco-friendly products

    Consumers are becoming increasingly aware of the toll that consumerism plays on the world’s natural resources. Cheap, disposable products like single-use plastic and fast fashion are quickly losing their appeal. Durable products, especially those made from recycled or sustainable materials, are currently in high demand.

    Depending on the materials used, businesses can save money on raw materials by building eco-friendly products. Even better, some products could transition to entirely digital formats requiring no physical resources. For example, a small publishing company could move to eBooks rather than physical print. Another benefit is that consumers will often pay a premium for products that are sustainably produced.

    3. Embrace circular economy principles

    The circular economy is an economic system that is based on the reuse and recycling of products and materials. Designing products that use recycled materials is just scratching the surface. Additional circular economic practices include take-back schemes, refurbishment programs and refill systems. For example, a technology company can incentivize customers to return old devices for refurbishment, which reduces waste while encouraging repeat purchases. These old devices can then be resold at a discount on second-hand markets, creating a new source of revenue.

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

    4. Promote remote work and flexible schedules

    Labor is often one of the highest operating costs for small businesses. Many companies are embracing and promoting opportunities for their team to work remotely or switch to flexible, hybrid schedules. From an environmental standpoint, this can help reduce the company’s overall carbon footprint by eliminating or minimizing greenhouse gas emissions from commuting.

    From a business perspective, offering remote work can support employee well-being and productivity. It can also help the company save money on office space and salaries by allowing them to recruit employees from regions that have a lower cost of living.

    5. Leverage lean manufacturing

    Another effective strategy to cut costs and reduce resource consumption is by embracing lean manufacturing processes. By streamlining production processes and minimizing waste, businesses can improve their manufacturing timeframes and lower production costs. The savings associated with improved efficiency can then be applied to widening your profit margins or allowing you to offer better pricing compared to your competitors.

    6. Use local suppliers

    Consumers are tired of the same old, mass-produced products. Sourcing materials and products from local suppliers can provide the perfect balance between customer demands and sustainability. By working with local suppliers, small businesses can lower their carbon footprint by reducing transportation emissions and save on shipping costs while stimulating the local economy.

    Related: I Use These 7 Methods to Make My Business More Eco-Friendly — Maybe You Can Use Them, Too.

    Integrating eco-friendly practices into your business isn’t just the right thing to do for the planet. It can also lead to significant financial benefits. By embracing sustainability, companies can deliver the services and products that consumers want while setting themselves up for long-term success.

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    Nicholas Leighton

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  • 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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  • 5 Books That Will Change The Way You Think About Being an Effective Leader | Entrepreneur

    5 Books That Will Change The Way You Think About Being an Effective Leader | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Innovation has become synonymous with success for modern business leaders. Industry landscapes shift faster than ever due to technological leaps, and leaders must quickly adapt to better meet the challenges of today and tomorrow alike.

    While real-world experience is invaluable to gaining knowledge specific to your field, I have found that reading the right books can rapidly transform my perception — and ultimately enhance my ability to lead teams through even the most challenging circumstances.

    As an estimated four million new books are released annually, it can quickly become a slog of a job in itself to find the gems among the rubble. The following books challenged my perception of innovation and left me a more effective leader. The information within them can improve anyone’s ability to innovate and steer their brand toward true and lasting success.

    Related: How to Tap Into Innovation, the Most Essential Part of Your Entrepreneurial Journey

    1. ‘Deep Work‘ by Cal Newport

    For a team to fully flourish and innovate, they must first find the ability to focus deeply. This is easier said than done in the age of distractions, though. Since 2000, the average adult attention span has plummeted by 25%, leaving it at a paltry 8.25-second average.

    “Deep Work” steps in to challenge conventional norms about productivity and reevaluate habits, communication and accessibility. Newport leads the reader through how to best approach complex problems that require long periods of focus to overcome.

    All modern teams face significant obstacles between themselves and performing their best work. This book provides a framework to clear the mind and truly focus on what matters in the moment, creating the best setting possible for innovation to occur.

    Related: 3 Proven Ways to Achieve Superhuman Focus In 14 Days

    2. ‘Shoe Dog‘ by Phil Knight

    Sometimes, the best way to learn to lead isn’t from straightforward advice but by following the story of someone who experienced unprecedented success. “Shoe Dog” chronicles the rise of Nike from the early sixties into the digital age. From humble origins to an annual revenue of almost $19 billion, Knight led Nike with a series of daring, innovative moves that bucked the trends of his time.

    His choices and ability to lead led to the creation of an iconic brand recognizable around the world, and the lessons from this rise are readily applicable beyond the footwear world. If you’re looking for a book about how to succeed and lead with grace, then “Shoe Dog” is a near-perfect fit.

    3. ‘Going On Offense: A Leader‘s Playbook for Perpetual Innovation‘ by Behnam Tabrizi

    Far too often, after a business achieves initial success after early innovation, it rests on its laurels. This gives competitors time to catch up while their lead diminishes, squandering an opportunity to cement themselves at the top of their industry.

    In “Going on Offense: A Leader’s Playbook for Perpetual Innovation,” Tabrizi outlines exactly how to not just innovate once but to ingrain creativity throughout your business. For businesses looking to regain their innovative stride and reclaim their spot at the top of their industry, Tabrizi’s work is essential reading.

    Based on a comprehensive seven-year study that covers trends of industry leaders like Apple, Facebook and Amazon, Tabrizi’s work gives the precise knowledge base and actionable insights modern leaders need to continually innovate and improve past initial success. There are few works as fitting or relevant for those looking to set themselves and their team up for long-term, sustainable innovation and success.

    Related: How to Use Entrepreneurial Creativity for Innovation

    4. ‘The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses‘ by Eric Ries

    This book provides a methodology for entrepreneurs to create and manage startups effectively. It emphasizes the importance of experimentation, customer feedback and rapid iteration and advocates for the development of a Minimum Viable Product (MVP), which is then tested with customers to gain real-world data and insights. The concept of “validated learning” is central, encouraging entrepreneurs to gather data as quickly as possible and make data-driven decisions.

    The business model canvas helps entrepreneurs refine their business models, while customer development focuses on understanding the target market through continuous interaction. Agile development advocates for a flexible and iterative approach to product development.

    Through real-life examples like Dropbox and IMVU, the book demonstrates how startups have successfully applied their principles to achieve innovation, growth, and market success. Overall, The Lean Startup is a valuable guide for entrepreneurs navigating the uncertain landscape of innovation and seeking to build sustainable and successful businesses.

    5. ‘The 7 Habits of Highly Effective People‘ by Sean Covey

    Both positive and negative habits shape every decision and day throughout our lives. In this classic read, Covey systematically notes how to view your personal habits with objectivity so you can then improve them and become an easier individual to work with.

    While some of the concepts within, like “Win-Win,” might seem old hat at this time, there’s a reason this book has maintained relevance and steady sales since the 80s. It’s a timeless approach to accepting responsibility not for yourself but for how you interact daily with others. Covey provides a proven system that doesn’t just lead to efficient productivity but more effective leadership skills that work under virtually any conditions.

    Related: 11 Proven Habits of Highly Innovative People

    A process of continual improvement

    A quality book can be a transformative experience that imparts the lessons of a lifetime within the few hours it takes to read. The advice from these industry pioneers leaves a reader with a more nuanced understanding of both business relationships and their personal ability to lead.

    Give them a read, and I’m confident you will find relatable insights that can help further fuel your ability to innovate and thrive.

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    Lucas Miller

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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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  • 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 Business Leaders Can Embrace Social and Environmental Responsibilities | Entrepreneur

    How Business Leaders Can Embrace Social and Environmental Responsibilities | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a connected and digital world, consumers aren’t interested in just the products they’re buying – they want to know the faces behind them.

    Entrepreneurs today have corporate social responsibility. Profit results from motivated employees, loyal customers and new investors wanting to be involved with a business that is mindful of its surrounding community and environment. To be successful, entrepreneurs need an eye for sustainability.

    What does social responsibility look like? What falls under the umbrella of environmental sustainability? This article will explore ethical entrepreneurship and what it means to run a business and understand consumer behavior.

    Related: Ethics in Entrepreneurship: Learning from Elizabeth Holmes’ Lies

    Ethics explained

    Broadly defined, ethics is the theoretical study of “right” versus “wrong” – it provides a lens into morality and judgment.

    • Applied ethics assesses what a person should (or shouldn’t) do in a given situation. Many fields — from engineering to science, public service to business — incorporate applied ethics.
    • Business ethics pertains explicitly to the trust built between consumers and business owners. The discipline rose in prominence in the 20th century as society became consumer-based and held corporations accountable for their influence on the environment and social causes.
    • Clarity and transparency about core values are key to cultivating this public trust.

    Related: 7 Critical Pieces of Business Advice for Entrepreneurs Just Getting Started

    Being an ethical entrepreneur

    When starting a new business, entrepreneurs today must focus on well-defined goals. They consider their personal aspirations, tolerance of risk, the strength of their strategy and their potential to execute said strategy. Forward-thinking is critical: What impact will their businesses have, what values will they endorse, and how will they be consistent in doing so?

    Communicating corporate values to employees ensures business representatives act with the customer in mind rather than themselves. Entrepreneurs can develop an ethics statement and make it public. A strong foundation allows leaders to highlight scenarios that show ethics in practice and clarify what to do when those values are broken. Allocating the time to define and communicate core values encourages workplace integrity, attracting stakeholders.

    Related: Are Employees Truly More Ethical in the Office? A Behavioral Economist Debunks This Deeply Rooted Belief.

    Why transparency matters

    By 2025, millennials will comprise an estimated 75% of the American workforce. This generation wants to be led by business leaders who are driven and accomplished, act as willing mentors, and don’t shy from transparency in their personal and professional lives.

    Similarly, millennials, as consumers, expect businesses to be transparent on social media. They want brands and CEOs to share their values and be reassured that these individuals are fair, respectable, and considerate – and worth their money.

    While millennials have a strong presence on Instagram, Gen Z leads consumer behavior on TikTok. In fact, out of all the age demographics, Gen Z has the biggest influence on consumer trends. They have an estimated buying power of over 400 billion dollars in the United States alone.

    As digital natives, Gen Zers expect businesses to be authentic and relevant on social media. They want to buy – and accept brand deals – from businesses spearheading social change and prioritizing fair labor, diversity, inclusivity, and sustainability.

    Across the board, 70% of consumers feel a stronger connection to brands with CEOs with active social media accounts. They like brands that positively contribute to society and help people in need. Overall, 81% of people think brands are responsible for being transparent on social media. Entrepreneurs are expected to:

    • State company values.
    • Welcome discussion.
    • Clarify how and when customer data is used.
    • Explain all facets of billing and fees.

    Above all, entrepreneurs should stand by their word and keep their social and environmental stewardship promises.

    Related: How to Balance Ethical Growth and Competitive Advantages

    Social responsibility

    Having a core ethics statement and being transparent about it is necessary for ethical entrepreneurship — but what activities do business leaders actually participate in? How do they engage their social responsibility?

    Entrepreneurs can take part in philanthropic work, whether donating money, products, or services, volunteering with nonprofits, or partnering with charities and local community groups. Business leaders might also encourage their employees to volunteer. According to a 2017 Deloitte Volunteerism Survey, 74% of working Americans thought corporate volunteerism provided an improved sense of purpose. In addition, 89% believed companies that sponsored volunteer activities boasted a better work environment overall. Social impact is a significant motivator, as well. Of the millennials surveyed, 75% felt they would volunteer more often if they had a better understanding of the impact of their work.

    Ethical entrepreneurship ensures fair wages, treatment, and working conditions, and it promotes community engagement in matters that truly resonate with the business. This authenticity radiates to all stakeholders: investors, employees, suppliers, and customers.

    Environmental sustainability

    Business owners also have a responsibility to the environment. Sustainability (defined by the UN World Commission on Environment and Development) is the balance between meeting the needs of the present without compromising the future. It operates under the assumption that resources are finite.

    As suppliers of a service or product, entrepreneurs are part of a cycle that requires giving back and doing their part to ensure the longevity of resources. Business owners can adopt green habits, such as reducing paper waste, incorporating reusable products into their practice, lowering emissions, and improving energy efficiency by using LED bulbs, for instance.

    Consumers look for companies with a dedicated mission to environmental sustainability and are willing to pay more for sustainable products. While millennials and boomers think about the materials a company uses, Gen Z is starting to focus on the manufacturing process itself. A company focused on sustainability – from material sourcing to manufacturing, shipping, and selling – benefits not only from a strong reputation but also from the long-term cost savings of improved operational efficiencies.

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    Prabhat Sharma

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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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  • 3 Things Businesses Should Remember When Handling Used Consumer Electronics | Entrepreneur

    3 Things Businesses Should Remember When Handling Used Consumer Electronics | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Recycling or handling used consumer electronics is a complex endeavor for all involved parties. Employers, consumers, electronics manufacturers, repair services, and recycling companies all need to play their part since there are many factors to consider when recycling consumer electronics.

    For example, consumers often lack convenient ways to dispose of consumer electronics properly. Additionally, after a product has been recycled, there will most likely be some toxic waste that has to be properly stored and disposed of. This electronic waste, or e-waste, is a big issue for the environment and people’s health.

    Some components, such as batteries, must be fully disassembled to extract toxic elements for proper disposal. Additionally, capacitors, resistors, and other electronic components that can be reused need to be removed and properly stored instead of being thrown on massive piles of e-waste in a landfill.

    So, to effectively recycle consumer electronics, a circular economy is necessary. That being said, there are some things to keep in mind when handling or recycling used consumer electronics.

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

    1. The importance of properly dealing with consumer electronics waste

    The proliferation of consumer electronics in the last decades has led to a rapid surge in electronic waste generation. Globally, more than 53 million metric tons of e-waste are being produced each year, and it is projected that the global e-waste generation will reach 75 million metric tons annually by 2030.

    Due to the presence of toxic substances, such as lead, mercury, and cadmium, e-waste poses a severe threat to the environment. Consequently, many countries worldwide have set regulations to ensure the responsible handling of e-waste. For example, China banned the import of e-waste over two decades ago. While this helped immensely, there are still tons of e-waste being imported illegally.

    Since proper electronic waste disposal practices demonstrate commitment to environmental responsibility, it shouldn’t be surprising that companies with high ratings for environmental, social and governance (ESG) and corporate social responsibility (CSR) factors have been found to have lower debt and equity costs. Further, consumer electronics contain valuable resources, including precious metals and rare earth elements.

    As a result, the production of consumer electronics leads to the depletion of finite natural resources. Not only does extracting these materials through recycling reduce the impact of environmentally damaging mining practices, but it is also a massive value gain since the raw materials found in e-waste are estimated to be worth around $60 billion.

    Additionally, recycling conserves energy and reduces greenhouse gas emissions that occur while producing new electronics. So, it is imperative to understand the benefits and necessity of recycling and properly disposing of consumer electronics. Further, ensuring accessible and sustainable disposal or recycling options for consumers is crucial to encourage responsible e-waste management.

    Related: Why Many Tech Execs Are Skipping the Consumer Electronics Show

    2. Challenges associated with handling used electronics

    While selling or donating used electronic devices can extend their lifespan and reduce e-waste, it comes with its own host of challenges. For example, neglecting to wipe clean electronic devices from data can pose a significant risk, especially if they are not properly disposed of.

    When an intact storage medium, like an SD card or an SSD, is found and still contains data, the information that’s on it can be extracted. This can potentially lead to identity theft or data breaches. So, it is vital to properly wipe data or physically destroy storage mediums before disposing of a device.

    Another factor to consider when handling used consumer electronics is proper storage. Of course, this is usually not a big issue when devices are being repaired. However, the situation is more complex when devices get recycled.

    Toxic elements found in electronics can contaminate soil, water, and air if not handled correctly. This can not only lead to serious health issues, but it can also negatively affect the environment. Hence, proper e-waste management is essential. This involves separating hazardous materials, recycling reusable components, and ensuring the safe disposal of toxic substances.

    Since only around 17 percent of the global annual e-waste is recycled, implementing appropriate disposal methods, such as sending e-waste to certified recycling facilities, can have a huge impact, especially if the recycling infrastructure is made accessible to consumers.

    3. How to properly recycle or dispose of used electronic devices

    While there are challenges associated with handling or recycling used electronic devices, the demand for refurbished and used consumer electronics is increasing. Even though supply chains for pre-owned consumer electronics are still underdeveloped across the globe, consumer sentiment is shifting, and people are looking for sustainable ways to handle their used devices. Accordingly, ATRenew has seen a rise in engagement and has transacted more than 32 million used devices via its nearly 2,000 offline stores in 2022.

    To effectively handle consumer electronics, both consumers and businesses should follow some guidelines. For example, consumers should consider donating or selling their device to extend its lifespan if it is in good working condition. Further, they should avoid throwing away electronic devices in regular waste bins.

    Instead, they should look for certified local e-waste recycling centers or collection events. Additionally, consumers should always ensure that all personal data is erased before they dispose of any electronic device. For example, at ATRenew, we’ve developed a data cleaning system, dubbed AiQingChu, that protects users’ data security through multiple times of data erasure and overwriting, thus preventing malicious recovery of data.

    On the other hand, businesses should ensure that these options are as accessible to consumers as possible. Further, they should collaborate with certified e-waste handlers to build the necessary infrastructure.

    By offering trade-in or recycling programs, companies can encourage consumers to return old devices for proper recycling or disposal. Not only does this promote convenience and encourage responsible e-waste management, but it also enables businesses to educate consumers.

    Closing thoughts

    Handling and recycling consumer electronics requires careful consideration and responsible practices from all involved parties. While consumers and businesses have a big role, legislation worldwide is also essential when properly recycling used consumer electronics. Fortunately, many countries already have legislation in place.

    For example, China implemented e-waste regulations decades ago, and Germany has been known for its advanced recycling infrastructure and collection systems for ages. Further, it has pioneered initiatives that hold manufacturers responsible for recycling their products.

    By prioritizing proper disposal methods, addressing data security concerns, and promoting accessible recycling options, the amount of e-waste and its detrimental impact on the environment and human health can be reduced. Embracing a circular economy approach ensures that valuable resources are extracted, toxic substances are safely disposed of, and electronic devices are given a second life.

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    Kerry Chen

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  • Strike at Canada’s Pacific ports ends with tentative, 4-year deal

    Strike at Canada’s Pacific ports ends with tentative, 4-year deal

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    [1/5]Union members with the International Longshore and Warehouse Union Canada (ILWU) remove strike signs from a picket line outside the despatch hall in Vancouver, British Columbia, Canada July 13, 2023. REUTERS/Chris Helgren

    VANCOUVER, British Columbia, July 13 (Reuters) – Dock workers at ports along Canada’s Pacific coast and their employers accepted a tentative wage deal on Thursday, ending a 13-day strike that disrupted trade at the country’s busiest ports and risked worsening inflation.

    “The British Columbia Maritime Employers Association (BCMEA) and International Longshore and Warehouse Union (ILWU) Canada are pleased to advise that the parties have reached a tentative agreement on a new 4-year deal,” the BCMEA said in a statement.

    The ILWU also said there was an agreement, which must now be ratified by both sides. The union had made demands including wage increases and expansion of their jurisdiction to regular maintenance work on terminals.

    Some 7,500 dock workers represented by the ILWU walked off the job on July 1 after failing to reach a new work contract with the BCMEA representing the companies involved.

    The strike upended operations at two of Canada’s three busiest ports, the Port of Vancouver and the Port of Prince Rupert – key gateways for exporting the country’s natural resources and commodities and bringing in raw materials.

    Economists have warned that the strike could trigger more supply-chain disruptions and fuel inflation while the Bank of Canada tries to cool the economy.

    “The scale of the disruption has been significant,” Labour Minister Seamus O’Regan and Transport Minister Omar Alghabra said in a joint statement.

    “We do not want to be back here again. Deals like this, made between parties at the collective bargaining table, are the best way to prevent that.”

    On Tuesday, O’Regan said the differences between the parties were not sufficient to justify a continued work stoppage.

    He offered terms drafted by a federal mediator and gave the union and employers 24 hours to decide if they were satisfied. The deal was reached at 10:20 am PT (1720 GMT), 10 minutes before the deadline, the ILWU said.

    The parties, with help from federal mediators, had been negotiating a new contract since late April.

    More than half of Canadian small business owners in a survey released on Tuesday said the strike at the Port of Vancouver will affect their operations, according to preliminary results from the Canadian Federation of Independent Business.

    The strike is estimated to have disrupted C$6.5 billion of cargo movement at the ports, based on the industry body Canadian Manufacturers & Exporters’ calculation of about C$500 million in disrupted trade each day.

    Reporting by Ismail Shakil and Steve Scherer in Ottawa, editing by Deepa Babington, Alexandra Hudson

    Our Standards: The Thomson Reuters Trust Principles.

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  • US ‘under no circumstances’ will pay climate reparations, Kerry says

    US ‘under no circumstances’ will pay climate reparations, Kerry says

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    WASHINGTON, July 13 (Reuters) – The United States will not pay reparations to developing countries hit by climate-fueled disasters, John Kerry, the U.S. special envoy on climate change, told a congressional hearing on Thursday.

    Kerry, a former U.S. secretary of state, was asked during a hearing before a House of Representatives foreign affairs oversight subcommittee whether the U.S. would contribute to a fund that would pay countries that have been damaged by floods, storms and other climate-driven disasters.

    “No, under no circumstances,’ Kerry said in response to a query from U.S. Representative Brian Mast, the Republican chair of the subcommittee.

    Kerry was testifying at a hearing on the State Department’s climate agenda just days before he was scheduled to travel to Beijing for renewed bilateral talks with China on climate change.

    The United States has backed the creation of a funding mechanism to address the “loss and damage” incurred by vulnerable countries as result of major or recurring disasters that was secured at the COP27 conference in Egypt last November, but the deal did not spell out who would pay into the fund or how money would be disbursed.

    However, the U.S. and other developed nations had pushed for the inclusion of a footnote to exclude the idea of liability for historic emitters or compensation for countries harmed by disasters.

    Reporting by Valerie Volcovici; Editing by Paul Simao

    Our Standards: The Thomson Reuters Trust Principles.

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  • UPS strike could be costliest in US in a century, study says

    UPS strike could be costliest in US in a century, study says

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    July 13 (Reuters) – A threatened U.S. strike at United Parcel Service (UPS.N) could be “one of the costliest in at least a century,” topping $7 billion for a 10-day work stoppage, a think tank specializing in the economic impact of labor actions said on Thursday.

    That estimate from Michigan-based Anderson Economic Group (AEG) includes UPS customer losses of $4 billion and lost direct wages of more than $1 billion. A 15-day UPS strike in 1997 disrupted the supply of goods, cost the world’s biggest parcel delivery firm $850 million and sent some customers to rivals like FedEx (FDX.N).

    Roughly 340,000 union-represented UPS workers handle about a quarter of U.S. parcel deliveries and serve virtually every city and town in the nation. A strike could delay millions of daily deliveries, including Amazon.com (AMZN.O) orders, electronic components and lifesaving prescription drugs, shipping experts warned. They added this also could reignite supply-chain snarls that stoke inflation.

    A strike by roughly 340,000 U.S. workers at the world’s biggest package delivery firm threatens to delay millions of shipments, snarl supply chains and send shipping costs higher.

    Talks are deadlocked between UPS and the International Brotherhood of Teamsters union.

    The Teamsters have vowed to strike if a deal is not ratified before the current contract expires at midnight on July 31.

    “Consumers are going to feel this within days,” AEG CEO Patrick Anderson said of a potential strike, adding his analysis does not include the human cost of disruption to shipments of critical and perishable medicines to treat cancer and other life-threatening illnesses.

    A sticking point in negotiations is pay increases for part-time workers who account for roughly half the UPS workforce. Tenured part-timers are particularly frustrated because they make just slightly more than new hires whose wages have jumped in a tight labor market.

    Anderson said a UPS employee walkout would be a bigger risk to the U.S. economy than a work stoppage by UAW workers at the “Detroit Three” automakers, who started contract talks on Thursday.

    He noted that the automaker talks cover fewer workers and have a limited geographic impact. In fiscal 2019, GM’s (GM.N) fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike that shut down its profitable U.S. operations.

    UPS is urging Teamster negotiators to return to the bargaining table, but union officials say UPS needs to sweeten its offer for workers who risked their lives during the pandemic to help the company generate outsized profits.

    UPS faces two unappealing choices, Stifel analyst Bruce Chan said in a recent note: Risk a strike and resulting customer losses or acquiesce to Teamster demands that could worsen the company’s labor cost disadvantage versus nonunion rivals in an inflationary environment.

    “Both situations would create pain for UPS, so it could just be a question of when and how the company wants to take its medicine,” Chan said.

    Reporting by Lisa Baertlein in Los Angeles, additional reporting by Priyamvada C in Bengaluru; Editing by Pooja Desai, Jonathan Oatis and David Gregorio

    Our Standards: The Thomson Reuters Trust Principles.

    Lisa Baertlein covers the movement of goods around the world, with emphasis on ocean transport and last-mile delivery. In her free time, you’ll find her sailing, painting or exploring state and national parks.

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  • As companies bring more jobs to Mexico, US wants labor rights safeguards

    As companies bring more jobs to Mexico, US wants labor rights safeguards

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    MEXICO CITY, July 3 (Reuters) – The U.S. wants Mexico’s government to build strong institutions to protect worker rights as companies aiming to avoid supply chain disruptions in far-off production spots bring more jobs to the country, a top U.S. labor official told Reuters.

    Mexico has begun to benefit from “nearshoring” in which companies seek to move production closer to the U.S. market while maintaining competitive costs.

    The trend is further testing a trade deal known as the U.S.-Mexico-Canada Agreement (USMCA), in effect since July 2020.

    The pact has tougher labor rules than its 1994 predecessor and underpins new Mexican laws that empower workers to push for better wages and conditions after years of stagnant salaries and pro-business union contracts.

    Three years into the deal, experts say, some workers have begun to benefit but broad impacts are still far off.

    “Hopefully that will ensure that Mexico doesn’t become a dumping ground for companies looking for cheap labor and lax regulations,” said Thea Lee, U.S. Deputy Undersecretary for International Labor Affairs who polices USMCA compliance.

    She said in an interview that Mexico was working to fulfill its commitments, backed by leadership keen on helping workers.

    Mexico’s new regulations favor companies taking on higher ethical standards, she said.

    “Maybe 20 years ago it was okay for a multinational corporation to throw up their hands and say, ‘we have no idea what’s in our supply chain, what the labor conditions are,’” she added.

    “That doesn’t seem to be acceptable anymore.”

    Mexico has made progress improving labor courts, resolving worker complaints faster and easing union organization, but needs to do more, Lee said.

    “Our hope is that Mexico will be well-poised to take advantage of nearshoring … if they continue on the path towards really building labor institutions that work, where workers can have confidence.”

    Since 2020, several U.S. labor complaints in Mexico have paved the way for independent unions to land pay raises and even expand. Lee said such examples inspire workers who in the past may have feared threats or dismissals for trying to organize.

    Four more cases are under review: At a garment factory, an auto parts plant, a Goodyear tire plant, and a mine owned by conglomerate Grupo Mexico.

    Yet one employer that faced two USMCA complaints, U.S.-based VU Manufacturing that makes interior car parts in the northern city of Piedras Negras, recently dismissed dozens of employees just months after a new union, La Liga, pressed for better wages. VU did not respond to a request for comment.

    Lee said the company risks penalties if it does not uphold an agreement around worker rights. But La Liga members have already been laid off, and fear the company aims to discourage organizing, said union leader Cristina Ramirez, who lost her job.

    “It’s very disappointing and frustrating,” Ramirez said. “We wanted to fight for things to improve.”

    Reporting by Daina Beth Solomon; Editing by David Gregorio

    Our Standards: The Thomson Reuters Trust Principles.

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  • Can Crypto Go Green? Examining the Sustainable Implications of Cryptocurrencies | Entrepreneur

    Can Crypto Go Green? Examining the Sustainable Implications of Cryptocurrencies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Since 2009, cryptocurrencies have been an innovation to watch and a subject of several debates. One such debate is its impact on our environment.

    Now more than ever before, the sanity of this debate cannot be questioned as the world continues to battle with challenges posed by climate change. Scientists fear that 2050 climate change could displace millions of people from their homes if no drastic measures are taken.

    Therefore, there is a need to explore the current environmental impact of cryptocurrencies and how it influences the emergence of eco-friendly crypto projects.

    While fossil fuels have dominated environmental discussions, in the last few years, cryptocurrencies have begun to enter the fray. So much one might wonder if the concerns are exaggerated or might hold some truth.

    Related: 7 Things to Know Before Investing in Cryptocurrencies

    Bitcoin’s environmental challenge: Weighing the costs of financial freedom

    While Bitcoin is a powerful tool for decentralization and financial freedom, its critics point to its significant carbon footprint as a major flaw. BTC’s footprint is a product of the energy-intensive mining that mints it. Bitcoin mining is powered by the proof-of-work (PoW) consensus, which requires miners to solve complex math problems through powerful computers that utilize large amounts of energy.

    Many argue that Bitcoin mining is becoming increasingly energy efficient, but a peer-reviewed study highlighted by TIME casts aspersions on these claims. Rather than the opposite, the study showed that Bitcoin’s use of renewable energy fell from 42% in 2020 to 25% in 2021. It also suggested that the regulatory crackdown in China, known for its abundant hydropower resources, may have played a role in this decline.

    However, this study suggests that the environmental concerns surrounding Bitcoin mining appear to be more regulatory-based. Bitcoin miners have demonstrated their willingness to shift entirely to renewable energy sources, despite how expensive they are. The Bitcoin Mining Council reports that 60% of mining operations utilize renewable energy. On the other hand, the Cambridge Center for Alternative Finance estimates this figure to be around 40%. Regardless of the variations, these statistics emphasize miners’ dedication to embracing renewable energy. Nonetheless, the big question remains: will governments provide the necessary support?

    Related: Potential Consequences Of Bitcoin Mining Centralization

    Ethereum’s Proof-of-Stake: A game-changer for environmental sustainability

    In its famous upgrade known as The Merge, Ethereum transitioned from PoW to the proof-of-stake (PoS) consensus and aimed to reduce its energy consumption by more than 99%. Ethereum’s goal was to create a more energy-efficient and eco-friendly environment. Now, over six months after, it is important to see if it succeeded.

    We must trace Ethereum’s energy consumption before The Merge to do this. Data obtained from the Cambridge Digital Assets Programme revealed that between 2015 and the PoS transition, Ethereum’s electricity consumed approximately 58.26 TWh. To put this into perspective, Switzerland’s annual electricity consumption is 54.88 TWh.

    However, following the transition to PoS, Ethereum’s power demand decreased significantly from 2.44 GW to a mere 224 kW, that’s a 99.991% decrease. Mission accomplished! This achievement is even more monumental considering that the Ethereum blockchain powers thousands of other crypto projects. It benefited the Ethereum network and influenced the rise of eco-friendly crypto projects throughout the broader crypto ecosystem.

    Towards cultivating a sustainable crypto ecosystem

    We can question the environmental safety of cryptocurrencies if we focus on Bitcoin alone. However, if we extend our viewpoint to other cryptocurrencies, we’d see that the crypto ecosystem is not lacking in sustainability. With Ethereum leading the march, 2023 saw several eco-friendly cryptocurrencies gaining attention.

    One notable example is the Chia Network with its proof-of-space-and-time protocol. Transactions are validated through a process called farming, utilizing tech structures such as cloud computing and data storage platforms like AWS. Chia’s unique farming process allows it to consume only about 0.12% of Bitcoin’s annualized energy.

    Similarly, Algorand has emerged as a key player in promoting a greener environment. Touted as the first pure proof-of-stake (PPoS) fundamental blockchain, Algorand took proactive steps in 2021 to offset its carbon footprint and monitor emissions through its partnership with ClimateTrade. This collaboration, coupled with Algorand’s PoS consensus, positions it as a more energy-efficient alternative to Bitcoin. In fact, a single Algorand transaction consumes just 0.000008 kWh of electricity compared to Bitcoin’s 1,206.52 kWh.

    These examples, alongside projects like Solana and Avalanche, align with the objectives of the Crypto Climate Accord. This Accord, a coalition of industry stakeholders, aims to transition the cryptocurrency sector to 100% renewable energy by 2025. Through these collective efforts, the industry moves closer to achieving a greener and more sustainable crypto landscape.

    Related: Breaking the Bank: America’s Multi-Trillion Dollar Banking Problem

    Putting money in eco-conscious crypto

    As crypto projects “clean” the earth by reducing its carbon footprint, it is also sanitizing its image in the eyes of investors. The environmental impact of cryptocurrencies can be a huge turnoff for investors, especially in this era of environmental, social, and corporate governance. (Recall that in 2021, Tesla halted Bitcoin payments citing environmental reasons.)

    The European Central Bank stated that significant carbon footprints from cryptocurrencies could affect their valuation in countries or regions where green policies thrive. They further highlighted that if EU authorities are considering banning fossil fuel cars by 2035, it is unlikely that cryptocurrencies would be spared (that is if they still impact the environment significantly). This is even a notable aspect of the European Parliament’s Markets in Crypto-assets (MiCA) Regulation.

    So where does this leave us?

    Although Bitcoin, the pioneering cryptocurrency, has faced criticism for its significant carbon footprint resulting from energy-intensive mining, the industry is moving towards more sustainable alternatives. So, while there are valid concerns about the environmental impact of cryptocurrencies, the ecosystem is evolving to address these issues. The shift towards sustainable practices, exemplified by Ethereum’s transition to PoS and the emergence of eco-friendly crypto projects, demonstrates a positive pathway.

    Governments also need to play their part in minimizing the costs of renewable energy. Through state efforts and by supporting projects that actively reduce their carbon footprint, the crypto ecosystem has the potential to contribute to a more sustainable future.

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    Vladimir Gorbunov

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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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  • 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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  • How to Build a Business that Makes a Positive Impact | Entrepreneur

    How to Build a Business that Makes a Positive Impact | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a purpose-driven entrepreneur, your primary goal is to build a successful business and make a positive difference in the world. In today’s world, consumers are becoming more mindful of their impact on the environment and society, leading to the increased demand for purpose-driven businesses.

    In this article, we’ll guide you on how to build a business that makes a positive impact.

    Related: 3 Ways to Become a Purpose-Driven Company

    1. Defining your purpose

    Your business’s purpose is the driving force behind your company’s success. It is why you established your business and the driving force behind your brand. Every decision you make as a purpose-driven entrepreneur must align with your business’s purpose.

    To determine your purpose, consider the difference you want to make in the world, addressing the societal and environmental issues you care about. Once you’ve established your purpose, integrate it into every aspect of your business, including your mission statement, branding and product or service offerings.

    2. Creating a sustainable business model

    A sustainable business model is essential in purpose-driven entrepreneurship, driven toward achieving long-term financial, societal and environmental sustainability. This allows for a balance between economic growth and social concerns while considering environmental impacts and ensuring that the business delivers value to its shareholders.

    Within this model, use renewable resources to reduce waste and carbon footprints. Opt for eco-friendly transportation options, such as electric cars or bicycles. Instead of conventional energy sources, be open to using green energy and energy-efficient systems. Be sure to use packaging materials that are recyclable or biodegradable.

    At the same time, focus on providing fair wages and benefits to your employees and creating a positive working environment. This will encourage team productivity, cost-efficiency and better customer service, all of which contribute to the long-term success of your business.

    3. Building a community

    Building a community is fundamental in purpose-driven entrepreneurship as it enables the business to create a positive impact and a thriving brand. A community can consist of stakeholders, comprising customers, employees, suppliers and peers who share your values and beliefs.

    Creating a community allows for a sense of belonging and shared purpose where your customers can share their experiences with your brand, and you can reward them for their loyalty. You can create a platform for collaborative problem-solving where customers share insights on feedback regarding your product or services.

    Through this engagement with your community, you can more effectively understand their needs, making developments that align with your purpose and creating a greater impact in the world.

    Related: 3 Steps to Forge Your Company’s Purpose-Driven Path

    4. Measuring your impact

    Measuring your impact is fundamental in building a purpose-driven business. Track your progress, identify areas that need improvement, and justify your impact to stakeholders. Establish clear sets of key performance indicators (KPIs) that align with your mission statement.

    Social or environmental audits can help identify areas for improvement, track progress over time and guide better corporate social responsibility policies. You can also use assessment tools, such as the B Impact Assessment, the B Corp certification or the Sustainable Development Goals (SDGs), to assess your company’s impact on sustainability and set targets for improvement.

    Another way to measure your impact is by engaging with your community of stakeholders, including customers, employees and suppliers. Ask for feedback on your impact, and consider their suggestions for improvement or corrective action. You can also participate in industry forums and collaborate with other purpose-driven businesses to share insights and best practices.

    5. Telling your story

    Telling an authentic and meaningful story is vital in building a purpose-driven business. Storytelling enables you to connect with customers on an emotional and personal level, creating meaningful bonds that lead to brand loyalty.

    Your story should reflect your purpose and authenticity while being compelling. Utilize storytelling techniques like videos or images that appeal to human emotions. Share success stories, testimonials and the feedback you’ve received from customers or employees.

    Leverage social media, blogs or other platforms to reach out to your customers and stay engaged with your community. Share what happens behind the scenes, and highlight efforts that contribute to making the world a better place.

    6. Collaborate with other purpose-driven businesses

    Collaboration is an essential aspect of purpose-driven entrepreneurship, allowing you to connect with other like-minded businesses to create a more significant impact. Use collaboration to seek new ideas, share key learnings and leverage best practices to achieve your business objectives.

    Collaborating is an excellent way of creating awareness of your brand while bringing diverse perspectives and skill sets to the table. Seek out like-minded organizations that share your purpose, and engage them in collaborations such as joint marketing campaigns, networking events and corporate social responsibility initiatives. Not only will it strengthen your brand’s mission and purpose, but it will also create a lasting impact on society.

    Related: 3 Steps for Making a Positive Environmental, Social and Governance (ESG) Impact

    7. Stay agile and innovative

    Purpose-driven entrepreneurship requires a mindset of agility and innovation. Entrepreneurs must be adaptable to the ever-changing business landscape, identifying new opportunities to innovate and trend with the latest developments. With that in mind, continuously review your business model and strategies while keeping abreast of the latest emerging trends and technologies.

    Stay curious and, where possible, experiment with innovative solutions or new technologies that better assist your business goals. Ask your employees and stakeholders to offer suggestions, and always be ready to pivot when necessary to deliver the best results for your business, customers and the wider society.

    Purpose-driven entrepreneurship presents a powerful way of building a successful and sustainable business while positively impacting society. By defining a clear purpose, creating an environmentally and financially sustainable business model, building a community, measuring your impact and telling your story, you can effectively differentiate your brand while creating a lasting legacy for future generations.

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    Chris Kille

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  • In victory for labor unions, Michigan governor repeals ‘right-to-work’ law

    In victory for labor unions, Michigan governor repeals ‘right-to-work’ law

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    March 24 (Reuters) – Michigan Governor Gretchen Whitmer on Friday signed a package of bills repealing the state’s so-called “right to work” law that allowed workers to opt out of unions, a long-sought victory for labor organizers facing an era of diminished power.

    Whitmer became the first governor since the 1960s to roll back right-to-work legislation. Twenty-six other U.S. states and the territory of Guam still have right-to-work laws on the books, according to the National Conference of State Legislatures.

    “Michigan workers are the most talented and hard-working in the world and deserve to be treated with dignity and respect,” Whitmer, a two-term Democrat, said in a statement.

    Michigan House Bills 4004 and 4007 and Senate Bill 34 passed the Democratic-controlled state legislature earlier this month. House Bill 4007 requires that contractors hired by the state pay a so-called prevailing wage, the amount used when hiring union workers.

    The Michigan state legislature, controlled at the time by Republicans, in 2012 passed a right-to-work law over the objections of union activists. It was signed into law by then-Governor Rick Snyder, also a Republican.

    Republicans opposed repealing that law this year, arguing that it would hurt businesses and make the state less attractive to companies.

    Union membership has declined sharply in the United States since its peak in the 1950s, when more than a third of workers belonged to a union.

    Membership dropped to an all-time low of 10.1% in 2022 despite a surge in organizing during the COVID-19 pandemic, according to data released in January by the U.S. Bureau of Labor Statistics.

    Reporting by Dan Whitcomb; editing by Grant McCool

    Our Standards: The Thomson Reuters Trust Principles.

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  • Tweak Your Company’s Mission Statement to Inspire Sustainability With Just One Word | Entrepreneur

    Tweak Your Company’s Mission Statement to Inspire Sustainability With Just One Word | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Companies have vision statements that summarize their values for a reason — employees that get on board with your mission and vision tend to work harder for you, and according to the Dale Carnegie institute, companies with engaged workers outperform competitors by 202%. Still, as the current focus on environmental, social, and governance (ESG) demonstrates, times change. You’ll have to update your vision to keep pace with this new ESG focus, but as little as one word can be all you need to improve your relevancy and influence.

    Related: Vision Statements: Why You Need One and How to Create One

    Brief and built into everything

    Good vision statements are memorable. To achieve that memorability, your best bet is to keep your new, ESG-oriented vision statement as brief as possible.

    Take Cisco. If they had written something like “to build voice-over-IP systems that utilize the most advanced internet connection technologies, are the best in the industry, and return a great value to our shareholders,” people probably wouldn’t have given the words more than a quick skim before moving on to something more interesting. Their actual vision, “changing the way we work, live, play and learn,” is more to the point and free of jargon. It gets across that Cisco wants to be a change agent and that it understands the significance of connection and communication in our world.

    At Merchants Fleet, we adhered to this rule of simplicity first by consolidating the multiple vision statements we had for different areas of the business into just one: “Enabling the movement of people, goods and services freely.” To update this for ESG later on, we added a single word: “responsibly.”

    Once you have a concise vision statement that incorporates some ESG values, you’re not done. You then have to go back and look at all the training and messaging your company has. Are the ESG values there, too?

    Ensuring that the values are consistently visible in everything you do supports buy-in to the vision statement because it shows your team that you’re serious about the ESG shift and are going to follow it up with a real plan of action. At the same time, the concise vision statement helps workers understand why you’re approaching the training and messaging the way you are.

    Related: Why Companies Need to Think More Strategically About Their Environmental Impact

    Perspective and keeping promises matter

    When we added the word “responsibly” to our vision to ensure it had an ESG focus, we recognized a critical point — “responsibly” means different things to different people.

    If our business suddenly got rid of every gas vehicle we’ve got, it would seem responsible to clients who are fully behind electric cars, vans and trucks. But it would seem irresponsible to clients who don’t have a lot of charging stations around or who have to travel distances that are still beyond the range of an electric vehicle (EV). For one of our clients, it didn’t make financial sense to try to install the infrastructure EVs would have required.

    In the same way, our company’s diversity profiles in New Hampshire and Chicago are very different. In New Hampshire, our profile is at 5% diversity, yet that’s higher than the New Hampshire average. In Chicago, we’re 45% diverse, simply because that area is more diverse overall. To require 45% diversity would seem responsible in Chicago but near impossible in New Hampshire.

    So as you adapt for ESG, be careful to give the word or words you add careful thought and avoid absolutes, even as you push for something that’s still specific. The words should be acceptable and understandable on a broad level, but they should also be flexible enough that you can still meet the needs and expectations of your entire base. They shouldn’t alienate anyone, including your employees.

    Similarly, make sure that your mission statement is realistic and attainable. If you choose a word that makes it impossible to follow through on your promise, customers will see that you’re not doing what you said and lose faith in you. Suppose you’re an airline company. If you added the phrase “on time” to your mission statement, you’d be opening the door to a massive number of complaints, as there are just too many variables around airlines to promise you’ll hit every time point perfectly. If you add “safely,” though, that’s much easier to achieve consistently.

    The best practice is to aim for something that’s timeless and a little better than what you had. Leave buzzwords and trends on the shelf because the more you change your vision statement, the less memorable or sticky it will be.

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

    The journey, action, and accountability are all ongoing

    Keeping in mind that there’s a connection between your ESG vision statement and the practices of your company, consider your vision statement an ongoing journey. Revisit it on a regular basis to make sure it still works for you in an authentic way.

    Any time you tweak your statement and add more words, make sure you have an execution plan and accountability. When we added “responsibly” to Merchants Fleet’s vision statement, we were clear that we were adding an ESG team. But your moves could also include reorganizing, doing more training or developing checks and balances. Expect to sum up what you’re doing and the results you’re getting in reports along the way. The rule is to understand that you’re signing up to develop new goals and take additional action with whatever you add.

    Related: Why ESG Companies Are Better Equipped to Weather an Economic Storm

    ESG can deliver both stability and positive change

    Even though ESG is getting more press than it used to, it’s something great companies have always practiced, and the need to connect your ethics to your action will always be relevant. ESG values can ground your business through multiple generations in a powerful way. At the same time, they can help you continuously explore how you can still grow to be a larger help to everyone around you. If you integrate those values into your vision statement, which is the foundation for everything you do, you’ll get the buy-in necessary for the positive change you want.

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    Brendan P. Keegan

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