The Business Benefits of Going Green
posted 4th February 2022
In addition to contributing to a global cause, going green can benefit your business in many ways, including increasing sustainability, improving staff retention, and in turn adding value for stakeholders.
In June 2020 the United Nations launched the "Race to Zero" to kick start organisations going green. Whilst thousands of organisations, both large and small have joined the Race to Zero, the UK Government is encouraging businesses of all sizes to pledge to go One Step Greener and sign up to the globally recognised Campaign.
The Race to Zero campaign is inviting businesses to join with two options:
1. Larger businesses to join through Business Ambition 1.5 (https://unglobalcompact.org/take-action/events/climate-action-summit-2019/business-ambition); or
2. Smaller businesses to visit UK Business Climate Hub to make a commitment and receive guidance on becoming greener (https://smeclimatehub.org/uk/).
Organisations should consider introducing or amending policies to incorporate and build on The Race to Zero goals and values, creating a greener culture at work. These amendments will give your business a competitive advantage and add value for employees and other stakeholders.
Whether you are looking to raise investment for growth or searching for an acquirer for your business sale, going green can benefit your business. As investors and companies looking to make acquisitions are likely to be focusing on environmental policies, and companies at the top of the supply chain are likely to be under a duty to take these actions, suppliers of goods and services within a supply chain will be at an advantage if they are, and are seen to be, going green.
Encouraging employees to contribute to climate change action will lead to those employees feeling proud of where they work which ultimately will lead to happier, more engaged and productive employees. In addition, being greener will reduce costs and make organisations more sustainable.
As part of the SME Climate Hub, employees can access the Climate Hero Carbon Calculator to help individuals calculate their carbon footprint. This could be a first step in getting employees involved and thinking about how an organisation can make changes or introduce new policies to join in the Race to Zero.
These changes could simply include policies around recycling, reducing use of paper, introducing benefits for employees relating to travel to and from work to reduce carbon emissions, bringing in volunteering days for employees and introducing hybrid working.
If you have any queries about this, or any employment or HR matter, please do not hesitate to contact our Employment and HR Team.
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