Lesson 12Why going green in business?
- Notion 77 - Save money in the long term
- Notion 78 - Consumers are environmentally aware and recognize green companies.
- Notion 79 - Going green can stimulate innovation
- Notion 80 - Sustainability helps the environment
- Notion 81 - European Green Deal 2019-2024
- Notion 82 - The 2030 Agenda for Sustainable Development
- Notion 83 - Green Growth Knowledge Partnership (GGKP)
- Notion 84 - Partnership for Action on Green Economy (PAGE)
- Notion 85 - Quiz
Notion 79
Going green can stimulate innovation
Target skills
We have seen how going green brings economic benefits and increases your business reputation. But it does not stop there, it goes much further. Going green can stimulate innovation.
Every business struggles with stagnation from time to time. It can be easy to get stuck on a particular approach and never question whether your process is really the most effective or efficient solution. An underrated benefit of going green is that it forces you to examine every aspect of your business and find new, more efficient means of production. It can be addictive to search for (and find) money-saving innovations.
If a company offers new environmentally friendly products or services, it is more likely to serve an emerging trend or niche market, making it more competitive. Frugalpac, a UK-based company that makes paper-based packaging for liquids that reduces carbon footprints, received a £2 million investment during the pandemic - at a time when most other companies were struggling for funding.
Frugalpac's innovative paper wine cup, made from 94% recycled paper, is already a huge success and has led to new opportunities and partnerships.
In short, going green is not just that, it requires revision, supervision and commitment.