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September 29, 2023
It’s time for companies to take a leading role in climate responsibility
Seemingly continuous weather events—sometimes accompanied by rolling blackouts-- have stimulated greater public interest in climate responsibility. Companies that invest in green technologies –technologies and sciences that reduce human impacts on the natural environment--can reduce energy consumption, and have a direct impact where it is highly visible—for example, in the reliability and resilience of the electrical grid.
The emphasis on sustainability and energy efficiency reduces energy costs and creates a work environment that attracts the best employees and boosts employee morale. Studies have shown that leadership teams increase financial value and have a greater impact on stakeholders by pursuing sustainable management practices. In addition, profitability increases because many current and prospective customers seek out companies that have prioritized environmentally friendly practices. Indeed, many companies that have reinvented business models by embedding top-tier sustainability and innovation within their corporate fabric outperform the competition.
Meeting and surpassing corporate sustainability goals requires leaders who have the organizational skills and fortitude to reverse traditional business and financial practices. Company strategies now depend on data and modeling to provide a sophisticated perspective about the impact of sustainability on both the bottom line and the health and well-being of employees.
While many different technology solutions for cutting emissions and achieving energy efficiencies exist, leaders committed to achieving sustainability objectives also must rely on project teams that understand the technologies and can align technology objectives with sustainability strategies. Along with understanding and deploying green technologies, project teams must use standardized metrics to monitor environmental performance and compliance.
Even with the emergence of renewable energy resources that enhance grid reliability and resilience, leaders and teams must also seek innovative methods for mitigating climate change, creating value, and guarding against risk. Innovation sometimes means integrating existing technologies in new ways rather than developing new technologies. New business paradigms built around LED lighting and connected systems, for example, offer structured, cost-effective methods for achieving profitability while conserving energy and reducing emissions. Connected systems that integrate lighting, smart devices, and environmental control systems with the IoT can establish methods for attaining long-term sustainability objectives and optimizing workspaces that support productivity and well-being.
A number of countries have taken important steps towards mitigating climate change through policies and mandates. Without those steps, individuals and businesses may lack incentives to move away from age-old practices that harm the environment.
However, policies and mandates have limits; countries may lack the will to either enforce policies or comply with agreements. Despite leaders from nearly every nation signing the Paris Agreement in 2015, no country has met the emission-cutting goals required to curb increases in global temperatures.
Discover how your business can make the Green Switch, and help meet your carbon reduction targets.
Signify Global Media relations - Professional Lighting
Claire Phillips
Tel: +44 7956 489081
Email: claire.phillips@signify.com
Signify (Euronext: LIGHT) is the world leader in lighting for professionals, consumers and the Internet of Things. Our Philips products, Interact systems and data-enabled services, deliver business value and transform life in homes, buildings and public spaces. In 2023, we had sales of EUR 6.7 billion, approximately 32,000 employees and a presence in over 70 countries. We unlock the extraordinary potential of light for brighter lives and a better world. We have been in the Dow Jones Sustainability World Index since our IPO for seven consecutive years and have achieved the EcoVadis Platinum rating for four consecutive years, placing Signify in the top one percent of companies assessed. News from Signify can be found in the Newsroom, on X, LinkedIn and Instagram. Information for investors is located on the Investor Relations page.
