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Why is Sustainability Important? Benefits of Sustainability in Business

After the COVID-19 pandemic, global capital market investors have re-examined traditional growth models and placed more emphasis on sustainable development. Global ESG sustainability investment has ushered in a new wave of development, especially in Europe and the United States.

Table of Contents

What is ESG?

ESG stands for “Environment”, “Social” and “Governance”. Among them, environmental factor E(Environment) mainly refers to the concern about climate change, natural resources, energy use, pollution prevention and control, biodiversity and other aspects in the operation of enterprises. Social factor S(Social) mainly focuses on employees, users (consumers), product responsibility, community, industry associations and supply chain management. G(Governance) focuses on shareholder structure, composition of board of directors, executive compensation, legitimacy of corporate behavior and corporate policies.

From the above factors concerned by ESG, it is generally believed that ESG is an enterprise evaluation standard that focuses on enterprise environmental, social and governance performance rather than financial performance. It is also a value about how to develop healthily. Recently, more people believe that good ESG performance of enterprises can create value stably and continuously. Furthermore, ESG achieves win-win economic benefits, social benefits, and ecological benefits, to achieve long-term sustainable development. 

At this point, “ESG Sustainability” is a global issue. It refers to meeting our own needs without compromising the ability of future generations to meet their own needs. Recently, many business communities have been promoting sustainable business. It is not only for the protection of the natural ecology but also considerable in the commercial prospects.

Why is sustainability so important?

According to the science journal Environmental Sustainability, about 1.6 million square kilometres of plastic are floating in the Pacific Ocean. This plastic can harm marine life, and the microplastics in seafood can end up in humans. The use of plastic comes from the commercial production and packaging of products. In order to achieve rapid production and high profitability, we produce hundreds of millions of tons of solid waste every year. It is predicted that, if this continues, carbon dioxide emissions will lead to a 2°C rise in temperature by 2050, gradually leading to rising sea levels and more natural disasters.

Therefore, we should focus on the changes and extinctions that human beings have brought to nature. It is time for us to be responsible for the environment. In addition to individuals having the right awareness of environmental protection, the cooperation of the business community is important. In other words, if the business community can reduce its waste emissions substantially, it can reduce the problem by half.

The benefits of ESG sustainability to the business community
1. Reduce Cost

Building a “Green Business” does cost money, but sustainability can save costs over time. In a 2011 study of corporate sustainability conducted by McKinsey, an US-Based global management consultancy, 33% of companies were integrating sustainability practices to improve operational efficiency and cut costs. 10 years later, Elytus also says their customers have saved more than $11 million through sustainable waste management.

Reduce your business costs by going green, for example: recycling existing resources to save production costs, converting to solar energy to save electricity, etc. “Sustainability” is a long-term investment. The money you invest will not pay for itself quickly, but it will ensure that the company will continue to operate for a long time at a low cost.

2. Build a good reputation

We need to convey the right message and take action to maintain a good business reputation. Lego, a Danish company, is a good example. In addition to rolling out products made from leaves and sugar cane, they also plan to use sustainable materials in all products and packaging by 2030. This helps their company’s reputation soar.

“Sustainability” is a plus, and companies are now embracing green initiatives as an opportunity to show the world that they care about the environment more than just making money, thus increasing their reputation.

3. Increase competitive advantage

Research shows that companies that invest in sustainability have a higher return on investment in the long run because they understand that sustainable technology is being innovated. It will be noticed by society, and it is humanity’s mission to participate in the environmental movement. Therefore, companies that implement “sustainability” will have an advantage and competitive ability over those that do not.

Do you know how Cube Self Storage participates in “sustainability”? Click >> What is Sustainable Self Storage? Learn More about How Sustainable Self-storage Works.

Cube Self Storage Malaysia is equipped with LED inductive lights and offers eco-friendly Cube Mini Box Storage to provide customers with quality storage services while also caring for the environment. Kindly contact us for more information.

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