Global environmental leaders are advocating sustainable development goals, such as the goal to reduce emissions per person per year. The United Nations Framework Convention on Climate Change (UNF CCC) is also looking at developing new guidelines for industry to create a more comprehensive approach to climate change. Other key points of these efforts are related to increasing the production of renewable energy and reducing carbon pollution. A study published by Energy Business Research in July 2020 found that in 2019 the global volume of total oil consumption rose by 40% over the previous year, resulting from growing consumer demand for goods from the supply chain and economic recovery, with natural gas contributing the largest share of growth. For example, oil consumption from transportation and storage grew 12% year-on-year, while consumption from industrial energy production increased 30% from 2018. This increase is reflected not only in rising oil prices but, also, in an increase in overall energy use. According to this report: “This highlights how oil markets remain active despite the ongoing pandemic. Globally, electricity generation was up 14%; industry production expanded 10%, both led by China’s electrical grid; industry production growth slowed slightly but still exceeded 100%. Electric power remains the single largest source of fossil fuels, as it accounted for 16% of world total energy consumed in Q20. Meanwhile, the most significant decrease in gas usage occurred in the US and Western Europe. It will take time for gas markets to return to their balanced position while consumers look for alternatives. In order to achieve high levels of sustainability, major industries have to take action in their own ways. They must develop strategies around social responsibility, and adopt and implement policies that ensure there is a healthy balance between economic growth and environmental protection. Companies need to see long-term commitments and understand how they can contribute to achieving these goals”. A recent article by Dr. Mark, who has worked on projects related to resource management, green technology innovation, and sustainable entrepreneurship, explores various areas facing today’s companies and industry with regard to addressing the challenges created due to the COVID-19 pandemic. Some examples of what he described are:
Sustainable Design: One key aspect to consider for future design at a company level is whether it addresses social issues such as equity, human rights, environment, health, safety, etc. At Sustainability Capital we have been working with several companies in identifying opportunities to address and solve social concerns, which include solutions such as building community-led sustainable cities, designing smart buildings and enabling local communities through public spaces, promoting gender equality within the workplace, making real estate accessible and affordable, creating better access to housing for people in remote areas and supporting women entrepreneurs through initiatives such as our BNB program, Women and Entrepreneurship Hub and Women Empowerment Forums. These programs have proven successful in engaging participants and ensuring they continue to be focused on doing good things. To support these initiatives, we have launched an initiative called Our Place and where our partners and companies are becoming creative, innovative, and inclusive whilst staying true to the ethos of Sustainability Capital and being mindful of the ethical and moral obligations that all businesses face in building a zero carbon city. Social Corporate Responsibility: Another area that needs to be tackled is the issue of CSR and how companies should conduct their activities whilst dealing with crises like COVID-19. We have seen organizations become extremely conscious about taking part in the Global Compact's framework, which allows them to take ownership of being responsible and actively manage their actions in the wake of any crisis or event they may be faced with. In response to coronavirus, many companies committed themselves to use this framework to make sure everything they do has the highest priorities and consideration for stakeholders. As well as taking action on the SDGs, some companies have even joined similar initiatives such as G4S and others to help other firms tackle social issues. Not only does corporate engagement in addressing social issues allow businesses to grow and thrive, but it has also ensured that this type of engagement is no longer optional. Instead, business is now required to actively participate in society’s fight against COVID-19 when necessary. So far we’ve seen great progress in this through companies such as Coca-Cola and Virgin Atlantic joining forces to raise money for charities. And many more are expected to follow in the coming months as countries begin lifting lockdowns. However, a majority of companies are yet to commit to committing monetary resources towards their Social Responsibilities, especially during times like this. This would allow them to work alongside others to deliver positive change in the right direction. Sustainable Technology Innovation: Whilst these three aspects of the business have often been overlooked, one company has embraced their importance and is embracing sustainable technologies and practices, including 3D printing and autonomous vehicles. While 3D printers and autonomous vehicles are discusses in the media, this particular company has developed its own platform for customers to print parts and components for a range of applications that can be built using the latest technology to bring them to market quickly. Their materials are produce locally in manufacturing hubs located across Malta, with each hub hosting up to 1000 employees. With these types of capabilities, they are able to process and produce products in large quantities, helping minimize the need for transport and further the production costs. This has allowed them to expand without the need to build a regional center, allowing them to keep their headcount small to keep costs down. By improving efficiencies and cutting costs, they are finding new uses for existing assets. Due to Covid restrictions, they had to close many of their manufacturing facilities, however, they are continuing to build locations while investing in new locations. This means that they have already created jobs locally and globally throughout the UK. This investment has allowed these companies to develop relationships and work together globally. Its mission is to save planet earth for humanity through collaboration with other businesses as well as government agencies and policymakers working towards sustainable futures. On the same website, you can read the full story about their experiences here. All in all, if all of us want a world without this kind of global scourge such as COVID-19 then we need to realize that in order to do so we need to treat ourselves as much as possible and try to do the best that we can to avoid negative impacts by making choices that put the wellbeing of our families and friends first. There are always going to be changes and circumstances. What we can all agree on is the fact that humans are very capable, resilient, and will rise to tackle anything.
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