Finance Monthly September 2019 Edition

17 www.finance-monthly.com FINANCE & BUSINESS - SUSTAINABILITY STRATEGY regulations are now in force across Europe. For example, companies in Sweden with more than 250 employees must submit more thorough sustainability reports than those in the UK. This trend is only set to expand, meaning that companies across the globe are growing sensitive to the environmental impact of their operations. While you’re reading this article, it’s likely that your competitors are already in the process of tightening their sustainability credentials. Time is of the essence if you aim to differentiate yourself. When clients assess your practices, it is not enough to give a new, bespoke response. Assessment frameworks like Ecovadis consider the longevity of sustainability governance and implementation - sustainability is not something you should just consider for the future. No matter how clueless you feel you are when it comes to environmental matters, there are easy ‘quick wins’ which can be implemented straight away. Replacing disposable cups with glasses and using recycling bins instead of just general waste bins are straightforward ways to reduce waste. Switching the lights off, making sure air conditioning is functioning properly, turning down heating rather than opening windows: these are straightforward ways to lower your office energy bill. You can implement simple, standalone practices like these within weeks. This isn’t where you should stop: then the next step is to develop a sustainability policy with a longer-term focus. A good example of this is a more sustainable perspective for IT equipment. Usually, an office laptop is manufactured, shipped, used until it becomes too slow to be fit for purpose, then recycled, or perhaps thrown away. A new one can cost half a ton of CO2e to manufacture – that’s equivalent to producing around 6,000 500ml plastic bottles. Increasing the amount of IT that is reused, rather than recycled, could be the most impactful element of your sustainability policy. A way to achieve this is to implement a circular economy model and remove, refurbish and resell your old laptop for a second life. Creating your own infrastructure to handle this is impractical, but IT lifecycle specialists can help. They can help make your IT more sustainable and reduce your costs, as you get a share of the equipment value they preserve. Creating more sustainable business practices isn’t as difficult as you may think, and can help your company to stand out from the crowd. Begin by focussing on the small things your business can do and expand this by incorporating the circular economy. IT lifecycle service providers in the circular economy remove the complexity and security challenges of reducing e-waste. When trying to impress sustainability-savvy clients and potential employees, this part of your sustainability strategy could be what clinches the deal. While you’re reading this article, it’s likely that your competitors are already in the process of tightening their sustainability credentials. “ “