American firms are increasingly adopting sustainability strategies in a bid to drive revenue growth, according to a new report.
Financial services giant ING found in its ‘from sustainability to business value – finance as a catalyst‘ study that 39% of the 210 US finance executives surveyed pinpointed ‘revenue growth’ as their number one reason for implementing these strategies. This was higher than the number who said they did so for cost cutting reasons or as a way to boost their brand.
“We are witnessing an important shift in how companies in the United States view sustainability. Our research shows that it is no longer just about cutting costs or creating positive brand awareness – sustainability strategies are being deployed as true revenue drivers,” explained Gerald Walker, CEO, ING Americas. “The finance function holds the key to unlocking the business value of these strategies, and are crucial to pushing the sustainable agenda in the US as the industry continues to mature.”
Incorporating circular economy business models is a key consideration for companies strategising to become more sustainable. And the bottom line is it is good for business. Innovators Magazine has reported several studies on the estimated value of shifting to circular systems, with Accenture putting the potential value of the circular economy itself at $4.5 trillion.