Renewable Energy World / Sustainable Capital Finance | By: Maggie Parkhurst | May 30 2017:
Corporate social responsibility (CSR) has been a hot topic for the past few years, with numerous Fortune 500 companies announcing aggressive goals relating to their clean energy usage. To many of these companies, transitioning their energy usage into renewable energy sources plays an integral part in their sustainability goals. Offsetting energy costs through increased use of renewables is not only cost-effective, but such practices allow for CSR success, which has a profound impact on consumers.
Companies have acknowledged that to stay competitive in the market and to increase consumer trust, they must look to what consumers value in a brand. According to a 2015 study conducted by Cone Communication/Ebiquity, “91 percent of global consumers expect companies to do more than make a profit,” such as “operate responsibly to address social and environmental issues.” The study notes that companies that support social and environmental issues maintain large numbers of consumers that perceive said companies in a positive light (93 percent), self-identify as loyal to the company (88 percent), and generally trust the company and its purposes (90 percent). These are powerful means to grow and solidify a brand, and generate goodwill among consumers.
While the rapid expansion into renewables as a means of CSR can be easily explained by the positive tangible benefits it brings to local communities (like clean air and water), it also doesn’t hurt that often times wind and solar energy represents a cost savings to the business by avoiding more expensive utility-fed power.
This is without accounting for the environmental costs savings, such as carbon abatement and water cleanup, which generally occur with greater renewable use. With companies such as Amazon, MGM, Apple, and Salesforce all announcing aggressive sustainability and renewable energy goals, we’re seeing a growing shift away from private sector fossil fuel usage as CSR goals are increasingly prioritized.
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