Why do businesses care about sustainability?
Businesses are investing heavily in sustainability. Indeed, in 2010, U.S. companies spent approximately $28 billion on sustainability (Verdandix, 2010). This figure is expected to rise to $60 billion by 2014. Sustainable business jobs have experienced 19% growth, as compared to U.S. economic growth projections of 1-2.5% for the same time period.
Why are 92% of companies addressing issues of sustainability (MIT, 2009)? Here are a dozen reasons:
- Increased market share
- Enter new markets
- Increased revenue
- Customer retention - 16% increase
- Enhance competitiveness
- Increased productivity
- Identify inefficiencies and drive down operating costs - e.g., nearly 6% reduction in energy costs
- Access to capital (lender and investor appeal)
- Reduced legal liability/risk
- Employee recruitment and retention
Benefits of Sustainability (Aberdeen Research Group, 2009; Blackburn, 2008; MIT, 2009)