How Can Businesses Navigate the Transition to a Low Carbon Economy?
As global events begin to impact the way that companies operate, it becomes clear that the transition to a low-carbon economy is inevitable. The future economy will appear entirely different from its current state. In September 2016, the United States accepted the Paris Agreement by executive order. The Paris Agreement establishes the global framework to reduce the impact of climate change by ensuring that global warming does not exceed 2°C. In addition, the Paris Agreement aims to improve each nation’s ability to navigate the effects of climate change. Businesses will need to redirect their efforts and pivot toward becoming successful members of the low-carbon economy to achieve this goal.
As companies strive to reduce their carbon emissions, it appears that many of their goals are overly ambitious and primarily theoretical. Due to this, many companies fail to make concrete plans that enable them to reach their goals within a realistic timeframe. However, organizations that make a conscious, focused effort to rethink their internal systems and processes will thrive in the economy of the future. Business leaders who value their company’s longevity and the needs of the modern consumer may benefit from implementing the sustainable business practices below.
Partner with a Renewable Energy Supplier
Nations will only achieve net-zero emissions by 2050 if businesses utilize renewable energy sources. Energy is one of the most significant sources of carbon emissions for businesses, but options for renewable energy are more accessible than in prior decades. Renewable energy sources are also less expensive than coal and gas plants across two-thirds of the globe. In most cases, energy contracts last one to three years and align with market prices. In contrast, corporate power purchase agreements (PPAs) come at a fixed price over the long term.
Each company must assess its unique needs and implement a renewable energy strategy that works for them. Smaller companies may select an Energy Supply Agreement (ESA) from a reputable energy provider that solely utilizes renewable and traceable sources. The highest quality energy providers will clearly state their energy source, which may be a renewable energy technology or asset.
Larger companies often choose a Corporate Power Purchase Agreement (PPA), a long-term contract in which a business agrees to purchase energy directly from a certain project or energy generating assets, such as a solar plant or offshore wind farm. Corporate PPAs are a formal agreement that implies a partnership between your company and the energy supplier that lasts for at least ten years.
Optimize Your Supply Chain to Reduce Carbon Emissions
Optimizing your company’s supply chain to reduce end-to-end carbon emissions is critical in achieving your company’s carbon neutrality goals and supporting a low carbon economy. The following tips will enable your organization to reduce carbon emissions across your entire supply chain, from sourcing and manufacturing to transportation.
Examine the Logistics
Companies committed to reducing their carbon emissions should consider changing their fulfillment processes. For example, switching from trucks with internal combustion engines to electric vehicles is a much more sustainable way to transport products. Since battery technology is less expensive and more accessible than before, this is a simple way to reduce your company’s overall carbon emissions. It is also beneficial to create a virtual rendition of your entire supply chain, referred to as a digital twin, which enables your company to examine and optimize your logistic routes.
Consider the Life Cycle of Your Products
Companies can significantly reduce their carbon footprint by improving the product development process. For example, companies may rethink their product and packaging for more energy-efficient designs and sustainable materials. Sustainable manufacturing requires companies to optimize their entire product cycle, from manufacturing to services and products. Even companies that do not expend high amounts of energy during product creation may produce a result that consumers use in a manner that overuses environmental resources.
Join the Circular Economy
In a circular economy, products are designed in a way that allows them to be recycled or repurposed when the consumer no longer uses them. In some cases, the product could even have a second life. The Circularity Gap Report 2021 states that only 8.6% of the global economy is circular, but the widespread adoption of this concept can reduce emissions by 39%. Companies may join the circular economy by incentivizing customers to return their end-of-lifecycle products.
Recycle Your End-of-Life Electronic Assets
One of the easiest ways to reduce your company’s carbon footprint is by partnering with certified ITAD providers who will ensure that your electronic waste is disposed of in a way that is ethical and responsible. For every ton of e-waste that is recycled, 1.44 tons of CO2 emissions are avoided. However, people only recycle 17.4% of the world’s electronic waste. Although this may appear inconsequential, the e-waste in landfills will produce toxic chemicals that leach into the water, air, and land. These chemicals cause congenital disabilities, neurological damage, and severe illness. Furthermore, companies that recycle their e-waste significantly reduce their carbon footprint.
Another benefit of e-waste recycling is that it is relatively straightforward, especially with the assistance of reputable ITAD providers. Your company will not need to overhaul its internal processes or redesign products to participate in e-waste recycling. Once your company joins forces with a certified e-waste recycling company, they will assess the current state of your electronic assets and recycle any electronics at the end of their useful life. And if your unwanted electronic assets have any monetary value, ITAD providers will sell the materials, and your company will earn a portion of the profits.
Thrive in a Changing Economy with FAMCe
It may be challenging to examine and overhaul your current business practices, but the future offers great rewards to companies that can adapt to a changing, low carbon economy. If you’re not sure how to get started, e-waste recycling will ensure that your company is headed in the right direction.
FAMCe has over 30 years of experience helping businesses safely and responsibly recycle their outdated devices. Our high level of expertise and exceptional customer service have built our reputation as an industry leader, and we are committed to exceeding each client’s needs and expectations.
Want to recycle your old devices with confidence? Contact FAMCe today for e-waste disposal that’s ethical and secure
