{"id":104796,"date":"2021-04-22T08:10:01","date_gmt":"2021-04-22T07:10:01","guid":{"rendered":"https:\/\/www.crownoil.co.uk\/?p=104796"},"modified":"2026-01-13T12:38:20","modified_gmt":"2026-01-13T12:38:20","slug":"why-is-becoming-a-sustainable-business-important-because-its-the-right-thing-to-do","status":"publish","type":"post","link":"https:\/\/www.crownoil.co.uk\/news\/why-is-becoming-a-sustainable-business-important-because-its-the-right-thing-to-do\/","title":{"rendered":"Why is Becoming a Sustainable Business Important? Because it\u2019s the Right Thing to Do"},"content":{"rendered":"\n
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Sustainability is No Longer an Option<\/h2>\n\n\n\n

Climate change and environmental sustainability are becoming increasingly important in the minds of the modern consumer. Not only this, but the UK government is set to bring forward its target for reducing emissions by almost 15 years, with a mission to reduce 78% of carbon emissions by 2035<\/a>.<\/p>\n\n\n\n

With a radical shift in purchasing behaviour and new UK laws about to come into place, debating whether to incorporate sustainability into your business strategy is no longer an option. It\u2019s a must.<\/p>\n<\/div>\n\n\n\n

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“Purchasing behaviour is increasingly being driven by ethical and renewably sourced products and purchasing decisions can no longer be achieved solely by price or product.”<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n

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Consumers now look for more, and sustainability and ethical sourcing are both high on their list.<\/p>\n\n\n\n

Among consumers, millennials are considered to be those who are driving the sustainable movement through their lifestyle choices and behavioural changes (Sheahan 2005<\/a>; Smith 2011<\/a>; Hanson-Rasmussen and Lauver 2018<\/a>). This \u201cGreen Generation\u201d also claim that they would be happy to pay more for eco-friendly and sustainable products (Young 2018<\/a>).<\/p>\n\n\n\n

Even at the peak of the Coronavirus pandemic, the climate crisis was high on the agenda of millennials, which perhaps suggests how important sustainable purchasing behaviours have become.<\/p>\n\n\n\n

This article takes a look at the value of becoming a sustainable business, the challenges and the steps you can take to improve your environmental impact while improving your bottom line.<\/p>\n\n\n\n

At Crown Oil, we\u2019re on a journey to become the UK\u2019s leading alternative fuels supplier and put the environment at the forefront of our business decisions. We recognise that our operations have a direct influence on our planet; however, we are actively implementing ways to reduce our own carbon footprint and our customers too.<\/p>\n<\/div>\n\n\n\n

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\"Why<\/figure>\n<\/div><\/div>\n\n\n\n
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Find out what green steps we\u2019ve been taking towards becoming a sustainable business<\/a>.<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n

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Sustainable business defined<\/h2>\n\n\n\n

Sustainable (or green) businesses are committed to jointly adding value to stakeholders, the environment and our society. To be considered sustainable, the focus must be on reducing harmful emissions whilst dynamically supporting global efforts to improve the environment.<\/p>\n\n\n\n

Sustainability creates long-term value by considering how an organisation operates in ecological, social and economic environments. Not only does it help tackle global challenges, but it\u2019s the driving force behind today\u2019s successful businesses. Being sustainable reduces the risk of debt and increases equity from initiatives that help enhance financial performance while nurturing public support.<\/p>\n\n\n\n

Heavyweight brands such as Coca-Cola, Nike, Nestl\u00e9 and Adidas are all leading the way, whilst being transparent in addressing their environmental debt. So, isn\u2019t it about time that you do too?<\/p>\n<\/div>\n\n\n\n

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\u201cDoing good and doing well go hand in hand\u201d<\/h2>\n\n\n\n

Businesses must improve their green brand image to not only help ensure that customers choose their product over someone else\u2019s but, most importantly, because it\u2019s the right thing to do for the planet and for future generations.<\/p>\n\n\n\n

There are many factors that come into play when taking the first steps to become a more environmentally conscious organisation.<\/p>\n\n\n\n

Whatever your reasons, it\u2019s clear that being sustainable is invaluable to your business\u2019s success. As the UK\u2019s net-zero carbon target approaches, each and every one of us has a responsibility to do our bit to help reduce the level of harmful emissions.<\/p>\n<\/div>\n\n\n\n

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Benefits of being a sustainable business<\/h2>\n\n\n\n

Protects your brand and reduces risks<\/h3>\n\n\n\n

Not only do poor practices damage a business\u2019s reputation, but dealing with a PR disaster can divert human and financial resources from the fundamental business activity. Being remembered as a company that allowed an oil spill or provided unsafe work conditions can wreak havoc on a company\u2019s reputation, and that can be very difficult to come back from.<\/p>\n\n\n\n

In 2016, BP PLC took a $1.7 billion charge<\/a> for expenses from the 2010 Deepwater Horizon spill. By July 2016, it had spent $61.6 billion in court fees, penalties and clean-up costs after a federal judge ruled that it was \u201cgrossly negligent\u201d. A decade later, the disaster continues to harm wildlife and the environment.<\/p>\n\n\n\n

Implementing a sustainable strategy that protects both the environment and your staff will help safeguard you from any irreversible damage to your brand.<\/p>\n\n\n\n

Reduced costs<\/h3>\n\n\n\n

Although it often requires an initial investment, you will undoubtedly save money by prioritising sustainability. A 2011 McKinsey survey on the business of sustainability revealed that 33% of businesses incorporating green practices improved operational efficiency and reduced costs.<\/p>\n\n\n\n

Examples include using more efficient lighting and reusing existing materials; both practices reduce spending over time whilst providing tangible sustainability benefits.<\/p>\n\n\n\n

Improved business image & reputation<\/h3>\n\n\n\n

A good business reputation helps establish a positive brand image by aligning key messaging with your operations. People view sustainability as a benefit, and going green shows you care about more than just profits.<\/p>\n\n\n\n

Research by The Natural Marketing Institute, a strategic consulting partner that operates in 30 countries, found that consumers are 58% more likely to buy your company\u2019s products or services when they know your organisation is mindful of its impact on society and the environment.<\/p>\n\n\n\n

The research also demonstrated that consumers are prepared to spend up to 20% more on environmentally sound products and services.<\/p>\n\n\n\n

Higher financial and investment opportunities<\/h3>\n\n\n\n

Investors are increasingly in search of sustainable businesses and look to support those that they believe will result in a high return, as well as a cause that they believe in. This change is even reflected in the popular BBC television show, Dragon\u2019s Den, where those businesses offering sustainable and eco-friendly practices or products are now heavily favoured by investors when compared to older episodes broadcast.<\/p>\n<\/div>\n\n\n\n

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“Reducing your carbon footprint is undoubtedly the right thing to do, but even if that wasn’t the case, there is the need to be compliant with increasing environmental laws.”<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n

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In April 2019, the government introduced environmental taxes to urge businesses to operate in a more environmentally friendly manner. There are different taxes and schemes for various types and sizes of businesses.<\/p>\n\n\n\n

You may also get reliefs or be exempt from taxes if:<\/strong><\/p>\n\n\n\n