Sustainability and social responsibility have become increasingly important in making businesses more profitable, attracting new customers and employees, and gaining a competitive edge. In a world ever-more focused on the environment and going green, businesses of all sizes can experience the benefits of sustainability changes. Rhode Island is no exception to this trend, as is apparent with the recent implementation of the Transparency and Sustainability Standards for Rhode Island Businesses Act (‘the Act’).
What Does The Act Entail?
On January 1, 2020, the Act became effective, allowing businesses to voluntarily set their own sustainability rules and guidelines. Rather than setting industry-wide standards, the Act allows businesses of all sizes and industries to make sustainability changes using individually-based goals. The legislation encourages transparency and commitment by requiring participating businesses to report on their efforts each year, enabling the public to see incremental progress and implementations.
The Rhode Island Manufacturers Association strongly believes in the concept of corporate responsibility and the benefits that it brings to the community. Research shows that investors, customers, and employees are now more interested in businesses that care about the environment and are taking actions to demonstrate their commitment to sustainability and ethical business practices.
Small Changes for Big Results
The manufacturing sector is one of the most relevant industries when it comes to making changes to meet social impact demands. Rhode Island businesses, like CVS, Toray Plastics, and General Dynamics, have been demonstrating their efforts for years and have seen massive benefits by taking environmentally-conscious measures, such as reducing packaging and water waste, recycling, minimizing the use of toxins, and composting.
Changes do not have to be big. Small changes, like using more efficient light bulbs and upgrading windows for improved heating efficiency, can help reduce energy usage. Other changes, such as reducing single-use plastics and putting a larger emphasis on recycling, are effective ways to cut down on waste.
Benefits
Operating an enterprise with a sustainable mindset has many benefits, in addition to protecting the environment. It is also great for business because it provides a competitive advantage in attracting new investors, customers, and employees. It strengthens the reputation of a business by demonstrating its transparency, and builds trust amongst its community and customer base. Another benefit is that it can reduce costs and increase efficiency. Regardless of industry or size, making small shifts towards a more sustainable operation can reap tremendous benefits for both producers and consumers.
It has become increasingly important for today’s businesses to evolve with the changing demands of the marketplace and to become more invested in their efforts of corporate responsibility towards the environment. The good news is that it seems to be catching on.
If you have any questions regarding sustainable business in Rhode Island, please reach out via email, give us a call at (401) 921-2000, or fill out our online contact us form.