Is Your Business Adopting Best Practices for Corporate Sustainability in 2023?

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Is Your Business Adopting Best Practices for
Corporate Sustainability in 2023?
First, the COVID-19 pandemic shook the global
healthcare infrastructure. Next came
geopolitical tensions, which disrupted the global
energy and grain markets. The need to go green
has been evident for a long time, but the recent
socio economic turmoil has given the world a
concrete reason to shift focus to
sustainability. Besides, the threat posed by
climate change is constantly growing. The
current state of the environment is a major
concern, and businesses shoulder a significant
part of the blame due to their footprint. Corporat
e sustainability is essential to ensure that
businesses minimize their environmental impact
and promote the responsible use of natural
resources. A business market research study
estimates that the world is at risk of losing
US23 trillion in economic output if net-zero
climate targets arent met. Have you adopted
corporate sustainability practices? If not, read
this blog as we look at the best practices for
corporate sustainability to adopt in 2023 and
beyond.
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• What Is Corporate Sustainability and Its
  Importance?
• Businesses have a responsibility to society,
  including their customers, employees, and the
  communities in which they operate. Corporate
  sustainability ensures that businesses act in a
  socially responsible manner, addressing social
  issues and promoting ethical behavior. In
  laymans terms, it is the idea of meeting the
  needs of the present without compromising the
  ability of future generations to meet their
  necessary needs. Creating successful
  sustainability strategies is essential for
  businesses and organizations to achieve
  long-term success while minimizing a negative
  impact on the environment. Here are some reasons
  why businesses should invest in sustainability
  strategies
• Risk management Sustainability strategies help
  organizations to identify and manage risks
  associated with environmental, social, and
  economic factors. They can mitigate the impact
  of environmental regulations by adopting cleaner
  technologies and reducing pollution.
• Brand reputation Sustainability is becoming
  increasingly important for consumers, many of
  whom now prefer to buy products from
  environmentally
• and socially responsible brands. Adopting a
  successful sustainability strategy can enhance
  your brand reputation and appeal to your target
  customers.
• Cost savings Depending on the industry,
  implementing sustainable practices
• can help organizations reduce costs associated
  with energy consumption, water, and raw
  materials.
• Regulatory compliance Organizations need to
  comply with local and international regulations
  related to sustainability. Developing a
  successful sustainability strategy can help
  organizations comply with these regulations
• and avoid penalties.
• 4 Corporate Sustainability Trends That Will Grow
  In 2023
• Here are the top 4 corporate sustainability
  trends to watch out for in 2023
• Reduced carbon emission
• When we talk about sustainability, the discussion
  is usually about carbon emissions. Carbon
  emissions remain one of the biggest hurdles in
  attaining complete sustainability. Thankfully,
  many corporations are rolling up their sleeves
  to make a change. Yours could be the next
  innovative force in the

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• field of corporate sustainability, such as Apple,
  which has decided to go supply chain
  carbon-neutral by 2030.
• New breed of workforce
• The modern workforce is vastly different from
  that of the previous century.
• Todays workers are multicultural, international,
  and goal-oriented. They want flexibility,
  occupational safety, and growth opportunities.
  The good news is that businesses are taking
  these demands more seriously than ever. One big
  name that has led the way is NASA, which recently
  published its Diversity, Equity, Inclusion,
  Accessibility (DEIA) plan for 2022-26. Its four
  strategic goals included in the paper are as
  follows
• Workforce diversity
• Workforce equity and inclusion (employee
  experience)
• Accessibility and accommodation
• DEIA integration into the NASA mission
• Minimizing waste
• Man-made waste cannot be completely eliminated,
  but systematic minimization is possible. This is
  where intelligent corporate sustainability
  strategies can play a significant role. You can
  take a cue from Amazon, which has created a
  circular economy where waste generation is
  negligible. It reduced the weight of outbound
  packaging by 33, leading to the elimination of
  900,000 tons of packaging material, which equals
  approximately 1.6 billion shipping boxes.
• Ethical sourcing and manufacturing
• Ethical sourcing of raw materials and sensible
  manufacturing of consumer goods has been a topic
  of discussion for the past few years, but its
  only recently that industry players have started
  responding to it. They have started adopting
  ethical sourcing practices to minimize the
  environmental impact.
• Many brands are shifting to sustainable
  procurement by minimizing animal- origin
  material usage and using renewable energy.

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Final Word Corporate sustainability is all about
staying relevant to the changing environmental
scenarios, even if that means ditching one or two
old traditional practices and changing how you
operate. Businesses must keep a watch on
existing opportunities for change. This is where
the significance of business research is
apparent. Conducting market research studies will
enable you to keep an eye on the future and lay
a concrete pathway to reach there, sustainably.
When looking to craft and execute a business
market research plan, always partner with a
reputable market research consulting firm that
offers proven primary market research services.
Unimrkt Research integrates advanced technology
into business market research services for
startups to deliver the best results. To know
more about our market research services, call
91-124-424-5210. You can also email
sales_at_unimrkt.com or fill out our contact form,
and we will respond at the earliest.