Even today, sustainable living and development pose a significant challenge. Each day we are exposed to environmental risks, including depletion of natural resources, pollution, deforestation, e-waste generation, poor air and water quality, ozone layer depletion, and more.
If proper action isn’t taken, CO2 emissions from the United States alone are projected to reach 4,807 million metric tons by 2050. That’s enough to get anyone worried, including business owners and major industry players.
Clearly, we need a solution, and we need it fast. One way businesses and individuals have begun to tackle climate change is through the use of sustainable technology.
What is Sustainable Technology?
Sustainable technology is an umbrella term that describes innovation that considers natural resources and fosters economic and social development. The goal of these technologies is to drastically reduce environmental and ecological risks and to create a sustainable product.
Sustainability in technology can be defined in a few ways:
- Substitution. The technology fosters a shift from non-biodegradable to biodegradable materials in its production. It also replaces non-renewable with renewable resources.
- Prevention. The sustainable technology prevents deterioration, contamination, and other negative environmental impacts through its use or production.
- Efficiency. The technology is efficient in terms of its use of energy and resources.
Examples of Sustainable Technology
Sustainability in technology has already made its way into public use and innovation. Common examples of sustainable technology and innovations include:
- Public and electric transport
- LED light technology
- Solar power
- Carbon capture and storage technologies
- Self-sufficient and LEED buildings and construction methods
Why Sustainable Technology is Good for Business
Sustainable environmental technology has the potential to transform how businesses and public systems do work. Sustainable technology aims to minimize any negative social and environmental impacts, which is good for a business’s bottom line, and its reputation.
Every business owner wants to make a difference and remain compliant with environmental and social standards. By implementing sustainable innovations, companies can stay competitive and help the environment.
We’ll look deeper into why your business should implement sustainable technology.
1. Reduce Risk and Improve Project Outcomes
One advantage of sustainable technology is that it helps your business reduce risk. When you utilize renewable and biodegradable materials, you’re indirectly protecting the ecosystem—and your business—from the negative effects of climate change.
Forty-eight percent of businesses today make use of sustainability to improve production and innovation. Plus, long-term investors are likely to work with businesses with great ESG scores. With sustainable tech at your disposal, your business will become desirable for investment.
2. Improve Your Bottom Line
With sustainable technology in your business, you can make use of resources effectively. This goes a long way in boosting your bottom line. Spending less and gaining more is a profit booster and helps your business to remain competitive.
3. Attract and Retain Top Talent
The silent battle of attracting and retaining top candidates rages on in the business world. The key to acquiring the best talent is to implement sustainable technology for your business.
Three out of every four millennials want to work for businesses with environmental and social standards. Employee loyalty is also more likely when your business is committed to sustainability.
Sustainability in technology shouldn’t be a luxury. It’s a necessity.