The facts are indisputable. 2023 was the hottest year on record and the first half of 2024 has seen a catastrophic increase of extreme weather events across the globe. The only way we are going to stop the world overheating is if businesses of all sizes take effective climate action now.
Transitioning to a zero emissions future is happening already, and every business will need to get there – whether you achieve it by 2030 or not. Why? As governments around the world are committing to net zero targets, there will be increasing regulation and legislation to ensure it happens. Unfortunately, the fossil fuel industry is heavily invested in maintaining the status quo and continues to spread lies and employ scare tactics that frame climate action as costly and unnecessary.
Neither of these things are true.
Not only is there a strong economic and reputational business case for taking climate action, but prioritising sustainability helps retain good staff – an integral element of any successful small business. A recent Deloitte study found that nearly half of all Gen Z and Millennial employees surveyed across 44 countries have turned down work due to ethical concerns. With the number of Gen Z employees about to overtake Baby Boomers in the workplace, this shift in priorities will have long term implications on worker retention.
Small businesses may not have the budgets or people power of huge corporations, but there are still many effective and low-cost changes you can take towards acting on climate, some of which can even boost your bottom dollar. Here are some easy first steps:
1. Move your money
Who you bank with matters. Many major banks and superannuation funds invest in fossil fuel projects. (In fact, a recent report found that Australian superannuation funds have doubled their investment in fossil fuels in the last two years). Interrogate your financial institutions and find out exactly what they are funding. If you discover they are lending to fossil fuel companies, then you can research alternative ethical banking and financial institutions, put your bank and super fund on notice, and make the switch.
2. Make the switch to 100 per cent renewable energy
Switch your energy to 100 per cent renewable (depending on the size of your operations, you can either buy Greenpower or Renewable Energy Certificates, negotiate a Power Purchase Agreement, or even generate your own renewable energy onsite through solar panels – here are some handy tips on how to do that). There are many different renewable energy sources available in Australia, such as wind, water, sun and even waste. If your company can harness and use these supplies, it can often be cheaper than traditional energy sources.
3. Make a “green network” and partner with other socially-conscious businesses
Having a reputation as an environmentally conscious company can help attract interest from investors. This opens up great opportunities to partner with like-minded companies, or even a charity partner. For example, you could have a policy of only using green suppliers, only partnering with other sustainable companies and using your business’ voice and influence to engage in positive, public conversations about these topics. By going green, your company is doing right by the environment and future generations, with the added bonus of potentially saving you money and helping retain great staff. What are you waiting for?
