ESG (environmental, social, and governance) is more than a buzzword in 2024 and beyond. For many companies, it’s become a necessity to appeal to more customers, employees, and even government benefits and incentives.
While plenty of reports show that businesses have lots more to do to reach net zero and other climate goals, we’re seeing many business owners begin to implement sustainability practices in their businesses.
We’ll cover some stats about the current sustainability landscape in business, common hurdles for businesses, and the right tech to help stay on track.
Why sustainability matters in Canadian business
Over two-thirds of Canadians think it’s important for businesses to improve their environmental and social performance, according to the Canada Post. The Economist echoes this sentiment with findings that show a 71% increase in searches for sustainable goods from 2016 to 2021.
Sustainability goals and examples from businesses
The World Economic Forum found that the number of business executives who understood the business case for sustainability tripled from 2022 to 2023. That same survey found that 52% of businesses plan to increase investments in sustainability in 2024, up from 32% in 2023.
Sustainability looks different across various business models and niches. Here are a few examples of businesses investing in sustainability and accompanying tech.
Amazon waste reduction, solar power, and machine learning tech
Despite the company’s backlash for plastic pollution from environmental groups and consumers, the ecommerce giant listened and has sustainability goals in action.
In 2022, Amazon decreased plastic-use delivery by almost 12% and replaced single-use plastic packaging in Europe with 100% recyclable paper. Additionally, Amazon is leveraging machine learning and AI to generate data insights that will support their energy goals, along with solar panels.
Google invests in renewable energy
The search engine giant takes first place for the company that has purchased the most renewable energy in the last 10 years, matching 100% of their electricity consumption with renewable energy investment.
Stantec increases stock price and revenue with ESG investments
Stantec is a group of consultants, engineers, and project managers that build structures and entire communities across the globe. The Edmonton, Alberta, headquarters recently ranked #9 in the global list of top 100 sustainable corporations in 2024. The company purchased a number of construction firms across North America, some of which depleted their stock price with poor contracts. The company made a huge comeback by investing in businesses like flood wall systems and water pumping stations to protect Canadian and American coastlines.
Additionally, Stantec invested in sustainably focused design for rail systems, highways, and city transit networks after COVID-19.
Overall, it looks like sustainability isn’t just a trendy initiative for businesses — it’s also driving customer loyalty, attracting top talent, and boosting profits.
Learn more about sustainability in business from the World Economic Forum and IBM.
