Why are green initiatives suddenly so important for your business?

Every business needs two things to succeed:

1. A stable environment to operate in.
2. An audience that connects with its values and creates demand for its products.

One of the best ways to achieve both? Embracing green initiatives to reduce carbon emissions.

Want to know more about why these green initiatives are a game-changer for your business?

In this blog, we’ll answer:

• What are green initiatives?
• Why are green initiatives so important?
• What are the benefits of green initiatives to your business?
• How much do green initiatives cost?

Green initiatives could be anything from eliminating single-use plastics from your supply chain to reducing emissions you generate from corporate travel - it's literally any activity your business takes to reduce its impact on the environment.

Some other examples of green business initiatives include:

• Switching to an energy supplier that uses renewable energy sources
• Travelling less, using public transport, and encouraging EV use

You can read more examples and how to implement them, in 7 achievable ways to turn your business green.

There are two key reasons why businesses are dedicating increasing amounts of time and resources to green initiatives:

Limiting global warming, reducing pollution, and protecting the environment are all important goals. After all, we all want to live healthy, happy lives on a thriving planet. Green initiatives are a great way for businesses to play their part in making that happen.

Going green (and we mean genuinely green rather than simply greenwashing as a marketing ploy) is a big draw for younger consumers. And buying power of the younger generations is expected to surpass that of older generations by the end of the decade.

A recent HBR study suggests that when Gen Z and Millennial customers believe a brand cares about its impact on people and the planet, they're 27% more likely to purchase it than older generations are.

In other words, your ability (as a business) to demonstrate commitment to green initiatives is likely to be increasingly linked to profitability over the next decade or so.

But, be warned, younger consumers are increasingly savvy about greenwashing, so your efforts must be both genuine and effective if you want to see the benefits.

Getting down to business, and leaving all the obvious environmental wins aside – what benefits can your organisation expect to see from its green initiatives?

From cost savings to improved employee satisfaction, for something that’s often seen as “simply the right thing to do”, the list is surprisingly long.

In short, you can expect things like:

• Competitive advantage
• Improved reputation
• Being ahead of compliance regulations
• Being seen as a leader in innovation
• Government incentives

You can read even more in our blog on the benefits of sustainability and green initiatives for your business.

The term “green initiative” can cover a wide range of actions, from simply turning off lights in your office to switching energy suppliers, installing solar panels, or even adopting a remote-first working policy. Because of this, it’s hard to pinpoint an average cost for implementing green initiatives.

The good news? Many of the most effective initiatives will either save you money or cost you nothing at all.

For example, Octopus EV’s salary sacrifice scheme offers employees the option to save up to 40% on a brand-new EV. And whilst they’re making savings due to the pre-tax salary deductions, it won’t cost your business a penny to implement or run.