29/09/2023
Embracing sustainable practices and integrating them into business operations can bring numerous benefits and opportunities for companies.
At the recent “Enabling an Equitable Transition” conference organised by Eco-Business in Singapore, one of the most interesting panel discussions was centered around the benefits of the transformation to a net-zero economy and how they need to be shared fairly while also supporting communities who stand to lose.
“Sustainability IS good business”, declared Atty Federico Tancongco, Senior Vice President and Chief Compliance Officer, Head of Compliance and Legal Department, BDO Unibank.
In a passionate discussion, Atty said that The Philippines has always been and always will be affected by climate change.
“We have 15-20 typhoons a year, volcanoes, floods and landslides every year as well. To try and mitigate these risks makes simple economic sense” he continued.
In developing Asia, this is of strategic importance to governments who are emerging from the pandemic with increased public debt and fresh pressures to address near-term priorities of inflation, poverty alleviation and energy security.
And in Asia, especially SE Asia, implementing sustainable practices can lead to significant cost savings in the long run. For example, energy-efficient technologies and processes can reduce energy consumption and lower utility bills. Waste reduction and recycling initiatives can also minimize waste disposal costs. By optimizing resource usage and minimizing waste, companies can improve their bottom line.
As sustainability gains importance, companies that prioritize environmental and social responsibility are often viewed more favorably by customers, investors, and other stakeholders. This positive perception can differentiate a business from its competitors and attract new customers.
Sustainability can help mitigate various business risks for instance by diversifying energy sources and reducing reliance on non-renewable resources can protect companies from price volatility and supply chain disruptions.
Since the end of the pandemic, many employees changed their daily work habits. Many employees, particularly the younger generation, prioritise working for companies that align with their values and contribute to a sustainable future. By demonstrating a commitment to sustainability, businesses can attract and retain top talent who are passionate about making a positive impact.
Overall, integrating sustainability into business strategies promotes long-term viability, resilience, and success. By considering the economic, environmental, and social aspects of their operations, companies can create value for themselves and contribute to a more sustainable world.
So Sustainability really can be good for business!
