Where to for sustainability in an economic downturn?
-Dr. Barbara Nebel, CEO, thinkstep-anz Is sustainability a ‘fair weather friend’ in your manufacturing business? Do you see it as something to cut back when recession calls? If so, you’re missing a business opportunity. Building a more environmentally and socially sustainable business can make your business more efficient and resilient and help you weather the storms ahead. The New Zealand government is forecasting a recession in 2023. This is difficult news for manufacturers already challenged by creaky supply chains and a tight market for skills. Make the most of the many opportunities sustainability offers. Business benefit: reduce your costs Understand your environmental impacts – and reduce them Everything that goes into making your product has an environmental footprint – and a dollar cost. Start by understanding your footprint. A Product Carbon Footprint study measures the carbon your products generate. A Life Cycle Assessment (LCA) considers other impacts too, including the water you use and the waste you generate. Food manufacturer Comvita’s LCA NZ Manufacturer October 2022 by Media Hawkes Bay Limited – Issuu will help the business understand the environmental impacts of its ‘honey in a pot’, from growing the mānuka forests the bees feed on to disposing of the honey’s empty packaging. Armed with information about your environmental impacts, look at whether you can cut some costs. Can you reduce the amount of energy you use? Use raw materials more efficiently? Cut the waste you generate and the costs of disposing of it? The beauty of LCA is that it shows trade-offs. It will help you understand how tweaking one aspect of your product (e.g. the energy you use) affects other aspects (e.g the waste you generate). Buy responsibly Purchasing goods and services produced in environmentally and socially responsible ways can save you money. For example, buying from local […]