Businesses across the globe are moving towards more sustainable practices in an effort to drive down costs, according to a new survey.
Cost management is the key driver for firms adopting environmentally and socially sustainable business practices, it found – followed by customer demand and because it’s the “right thing to do”.
More than 2,500 organisations in 34 countries were questioned for the survey by consultancy Grant Thornton.
Donating to charity was the most popular Corporate Social Responsibility (CSR) activity in the last 12 months, picked by 68% of business leaders globally (80% in the UK). However two thirds said they had improved their energy efficiency or waste management (75% in the UK).
An increasing number of firms have also changed their products or services and calculated their carbon footprint to reduce their environmental impact and more than half have reported on their sustainability efforts.
Jane Stevensen, Director of Sustainability at Grant Thornton UK said: “The research shows that across the world, CSR and broader business objectives are becoming more aligned.
“The findings suggest that the benefits of adopting more environmentally and socially sustainable business practices are becoming ever more tangible, for example through tax relief on charitable activity or lower energy bills due to efficiency measures introduced.”