Here are seven ways that businesses can start transitioning toward a sustainable business model, according to Dr. Sally Uren, deputy chief executive, Forum for the Future, in a contributed article for The Guardian.
The Forum for the Future recently held its second Business Network event, which looked at sustainable business models in practice.
Here are Uren’s seven tips for starting on the path toward sustainability.
1. Try new financing mechanisms. Uren says these could include forward purchase agreements for suppliers to allow them to experiment with new production methods, match funding arrangements with government bodies and a sustainable innovation or investment fund, which could be used to kick-start sustainable innovations.
2. Aim for profitability. She tells organizations not to view the sustainability program as a cost, but rather as an investment that will yield financial benefits to the business. As an example, Mark & Spencer’s Plan A program generated £50 million (approximately $81 million) net profit from resource efficiencies and new product developments in year three of the five-year program.
Read the remaining tips at Environmental Leader