Thursday, 13 September 2018
The importance of being green in business
Businesses are being quizzed about their green credentials and carbon footprints in the Chamber’s third Quarterly Economic Survey of the year.
They are being asked what steps they have taken to reduce their carbon footprint in the past year and what more they and their workers could do better to be greener.
Additional questions will ask how much turnover they generate through green initiatives and what low carbon goods and services they supply.
The data from the research will be analysed and form the basis of a report into the regional low carbon economy to be published ahead of the Chamber’s Sustainability Summit early next year.
Chris Hobson, Director of Policy at the Chamber, said: “We have the potential in this region to become a global leader in low carbon technology. But to make sure Government recognises what we already do, and what we could achieve, we need to establish a baseline.
“This research, which will be unique for the region, will provide that baseline and identify those areas where we are already strong and those where we can be stronger.
“It will also mould Chamber activities and involvement at national levels to make sure we are meeting the needs of our members and the wider regional business community.
“Being green is no longer a luxury in business, it can seriously impact a company’s bottom line, not just in terms of profit margins but also in their ability to recruit and retain the best staff and how they are perceived by their customers.”
Dr Georgios Patsiaouras, Lecturer in Marketing and Consumption at the University of Leicester School of Business, which is sponsoring the East Midlands Chamber Quarterly Economic Surveys this year, explains why green credentials are increasingly important: “During the 1990s sustainability emerged as a business megatrend especially in the Western Hemisphere, similar to the IT revolution for example. Accordingly the concept of sustainable development was embraced by several stakeholders including the private sector, governments, non-profit institutions and many more.
“As an outcome of this process, contemporary companies which do not embrace a sustainable ethos can be easily stigmatised and accused of unethical business practices.
“Consumers have also developed an eco-friendly consciousness to the extent that they scrutinise firms’ backgrounds and attitudes towards the environment. In a turbulent 21st Century, where climate change is increasing, being green is a necessity for a collective contribution in saving the environment and showing responsibility to the ecosystem.”
The University of Leicester School of Business is a vibrant, international and interdisciplinary community of over 150 academics.
With over 90 years of experience delivering business education, it is internationally renowned for its courses in accounting and finance, management, marketing and economics, with a global alumni network of over 30,000.
It is ranked 14th in the UK for research power, reflecting the pioneering work conducted in partnership with leaders, managers and organisations to promote and strengthen responsible business practice.
For further information about the University of Leicester School of Business visit www2.le.ac.uk/departments/business.
To take part in the Quarterly Economic Survey, go to https://bit.ly/2BSUPxY.