A recent article in the Harvard Business Reviewreports that some of the world’s most successful businesses are devoting themselves to developing energy efficiency in business.
Many companies are beginning to understand that developing an energy strategy is not only helpful from a financial and environmental standpoint, but can also help them gain a competitive edge over rival businesses.
In this article, the Harvard Business Review shares the results of a survey of top-level executives from 145 companies that gross at least $1 billion in revenue annually. The survey shows that many of these top companies not only have an incredible commitment to decreasing energy usage and developing sustainable business practices, but this commitment comes from the highest executive level.
In the article, Microsoft’s chief environmental and sustainability executive Rob Bernard says:
“Energy has become a C-suite issue. The CFO and president are now actively involved in our energy road map.”
The article outlines the 5 steps that successful companies take to develop an energy strategy and establish energy efficiency in business:
- Make the energy strategy a C-level mandate
The commitment must start at the highest level. A CEO’s active involvement will help ensure that all departments will experience a lasting paradigm shift, motivated by the urgency that accompanies a mandate from a company executive.
- Make energy a focus in your company’s vision and daily operations
A company must have a thorough knowledge and in-depth analysis of its energy usage, footprint, energy spending and other factors in order to develop a sustainability energy strategy. After this is established, a comprehensive plan can be successfully implemented.
- Measure energy usage and costs on all levels
This applies to usage in every department, branch, plant, vehicle, and facility. A thorough energy analysis also includes an evaluation of the usage and footprint of a company’s suppliers.
- Make the transition to renewable and other sustainable energy technologies
Many companies are aware of how they can decrease energy usage and save money on energy, but they hesitate to take the next step. The rubber meets the road when businesses flesh out their commitment to energy efficiency by making the transition.The article proposes that now is an ideal time for businesses to take this step:
“The total costs of developing solar and wind energy have fallen 74% and 55% respectively in just five years.”
- Engage and interact with energy stakeholders
It is important for businesses to establish relationships with energy policymakers, influencers, and other key leaders in the energy industry. This will allow companies to gain understanding (and possibly influence) in the decisions that will impact how they do business.
Read the full article here.
This post originally appeared on the SunPower Business Feed.