Following ESG practices is a must for all businesses. Within this ‘E’ has gained notable focus due to increased environmental issues and the need for urgent calls. Hence, Australian businesses are increasingly making efforts to adopt sustainability in their business.
Sustainability requires more attention and solutions. From operations to the supply chain, businesses must follow these practices in all areas. Government policies and customer demand for sustainable products are promoting Go-Green activities. The article talks about different sustainable practices undertaken by various business sectors.
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Energy Sector – Renewable Energy
The energy sector stands ahead in implementing sustainability efforts in Australia. With the strong aim to reduce carbon emissions and combat climate change, energy companies are investing high resources and finance. The use of renewable energies in production processes is reducing environmental issues.
For example, companies like Sun Cable are ready to build large farms and Australia-ASEAN Power Link exports solar energy to Asia. Companies are testing green hydrogen to be a new environmentally friendly alternative to fossil fuels. AGL Energy and Origin Energy, are wind projects to generate energy from wind. Australia leads the production and export of hydrogen through the Hydrogen Energy Supply Chain project.
Manufacturing Sector – Resource Efficiency
The manufacturing sector in Australia is adopting green technologies and processes to minimize environmental impact. Effective use of resources and recycling help in waste reduction. Also, the adoption of business technology trends reduces energy consumption.
Companies need to design products that are environment-friendly and recycled easily. Electronic companies can reuse components from old devices. The Energy Efficiency Improvement Scheme (EEIS) and other programs help to reduce energy use in manufacturing firms. Upgrade old machines, use appropriate production processes, and use the HAVC system. One can even use zero-waste strategies, to reduce waste and reusing materials in the production process.
Retail Sector – Sustainable Consumerism
In the retail sector, environment-friendly practices can be applicable in wide areas, from production to supply chain management. Also, the customer demand for Go-Green products has risen in recent years. This has forced the retail sector to adopt sustainable initiatives for business growth.
Woolworths and Coles have expanded the availability of sustainable source products. The trend of reusable bags is promoting this cause and helping in the Go-Green program. There are more such practices to gain profit along with protecting the environment.
Financial Sector – Sustainable Investments
The financial sectors are elevating sustainable practices by funding startups Marketing Strategies that initiate environmental and social programs. Australian financial institutions are boosting investments in various areas to enhance sustainable practices.
Financial institutions have switched to green bonds to fund projects that have positive environmental effects. Investment firms include ESG policies in their portfolios. NAB and ANZ banks provide sustainable banking products, such as green loans and environmentally friendly investment options.
Transportation Sector – Clean Mobility
The main contributor to greenhouse gasses is the transportation system due to its high fuel consumption. Australia is addressing this issue by providing subsidy plans for electric vehicles (EVs), public transport, and sustainable aviation fuels.
Electric vehicles are promoted by constructing charging infrastructure and offering incentives to employees for using EVs. Even public transportation uses EV buses, improvements in rail networks, and cycle infrastructure to promote non-motorized transport. For sustainable flying, airlines like Qantas are exploring renewable fuels to lower their carbon footprint.
Conclusion
To conclude, sustainability adoption in business is one of the new major concerns. Australian companies are using practices in various areas of marketing Growth, manufacturing, supply chain, operations, etc. Hence understanding the need to protect our mother Earth, all of us must adopt sustainability practices in our daily activities. Visit APAC Business Standard to discover more interesting business updates.