As SVP, Professional Services at BairesDev, Damian oversees the entire customer relations life-cycle, safeguarding the company’s operations.
Environmental sustainability has become a global concern. Being green is no longer just a positive little extra you can say about your company. It’s becoming less of a competitive differentiator and more of a requirement in today’s business environment.
While technology has enabled fewer emissions—consider the environmental impact of meeting a client over a video call rather than flying to a different continent or having a remote workforce who doesn’t commute to an office every day—the truth is that tech still has a large share of the total amount of energy expenditure.
According to a report by the U.K. Parliament, information communications technologies consume almost 4%–6% of global electricity production. While energy efficiency across the sector, particularly inside the information technologies branch, has improved, the demand for electricity has also increased.
So, it is no surprise that tech leaders and politicians are looking at ways to reduce global emissions. “We are at the beginning of a technological revolution based on green technologies,” said Rebeca Grynspan, secretary-general for the United Nations Council on Trade and Development. “This new wave of technological change will have a formidable impact on the global economy.”
There is no single action or step to prioritize sustainable innovations, but let’s explore a few options for how executives can champion sustainable innovation and pave the way for a greener, more prosperous business world.
Embrace The Triple Bottom Line
The triple bottom line refers to people, the planet and profit. However, sustainable innovation goes beyond just the planet aspect. It is achieved by integrating social, environmental and economic factors into decision-making. This way, leaders can ensure that their organizations prioritize sustainability holistically. This approach, in turn, can lead to enhanced employee engagement, improved brand reputation and long-term financial viability.
According to a Deloitte survey, 67% of consumers are willing to pay extra for sustainable products. Another Deloitte report indicates that 97% of the participating C-suite executives have experienced drawbacks from climate change, indicating that they are looking for sustainable solutions. Leaders who seriously consider this and make the necessary adjustments are more likely to be ready to reap the benefits in the near future.
Set Clear Sustainability Goals
Establishing clear and measurable sustainability goals is essential for driving change within an organization. Executives should define targets that align with their business objectives and integrate them into the company’s overall strategy. Whether it’s reducing greenhouse gas emissions, increasing energy efficiency or implementing renewable energy sources, these goals should provide a roadmap for sustainable innovation and create a sense of employee purpose.
According to the Science Based Targets initiative, an excellent way to set good goals is by understanding your starting point, making your targets specific, making your targets ambitious yet realistic, aligning the targets with your core business, establishing both short-term and long-term targets and, finally, measuring and tracking your efforts.
Foster A Culture Of Sustainability
Sustainable innovation requires a shift in mindset and behavior at all levels of an organization. Executives should foster a culture of sustainability by promoting awareness, education and accountability. This can be achieved through training programs, internal communication campaigns and recognition of employee-led sustainability initiatives. By empowering team members to contribute to the company’s sustainability efforts, execs can harness the collective power of their workforce.
To do this, make and track company-wide goals. You can create contests for teams or individuals involving green initiatives, like biking to work, for example. Leaders can further facilitate engagement by adding bike parking outside the office or installing showers for team members who ride to work.
For remote workers and teams, provide incentives to be greener at home. For example, help them pay for a percentage of the installation of solar panels or make sure the IT equipment you send them is set up with energy-saving parameters. Remote work is a great way to reduce emissions. According to a recent Forbes article (paywall), not commuting and working from home can reduce our personal emissions by up to 80% in some cases. At my company, our workforce of 4,000 professionals works remotely, partly as a strategy to contribute to the planet.
Leverage Partnerships And Collaboration
No company operates in isolation. Leaders must seek partnerships and collaborations with other organizations, suppliers, vendors and industry peers to drive sustainable innovation collectively. By sharing best practices, knowledge and resources, companies can accelerate the development and adoption of green technologies. Collaborative initiatives can also create new business opportunities, promote industry standards and shape regulatory frameworks conducive to sustainability.
These collaborations can be corporate collaborations, which include all players in a business value chain, such as distributors, manufacturers and retailers. Other players, like the government and NGOs, can contribute, but the main change has to come within the value chain. Extended collaborations happen when noncorporate partners and businesses, like local stakeholders, participate in the collaboration effort.
At my company, we’ve seen a 200% increase in green tech projects since 2019—everything from platforms for solar panel providers to tools for managing renewable energy and monitoring greenhouse emissions. Along the way, we’ve also adopted some of the knowledge gained while developing those projects.
In conclusion, the time for sustainable innovation in business has arrived. Executives who prioritize green technologies and embrace sustainable practices can contribute to mitigating climate change and position their companies as leaders in a rapidly evolving market. By embracing the triple bottom line, setting clear goals, fostering a culture of sustainability and leveraging partnerships and collaborations, they can stay ahead of the curve and reap the benefits.
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