Top 3 Organizations Driving Corporate Energy Reduction
Sustainability has become an omnipresent word in recent years, and organizations around the world are increasingly incorporating energy reducing practices into their day-to-day operations. From the fashion industry to commercial shipping, and even the finance industry, sustainability efforts are becoming a cornerstone of many corporate strategies. In this article, we highlight three forward-thinking corporations taking initiative in their respective industries to become leaders in corporate energy reduction.
With fashion industries considered as one of the most polluting industries in the world, it is refreshing to see fashion giant H&M taking initiative in practicing corporate energy reduction.
H&M, the Swedish Multinational clothing retail company, recently joined a global campaign, EP100, encouraging businesses to commit to doubling energy productivity in transition to a net-zero economy. The EP100 initiative, run by The Climate Group in partnership with the Alliance to Save Energy, showcases the world’s most influential businesses committed to ambitious energy productivity targets.
H&M announced their goal of building future stores using 40 percent less energy by 2030. One of the ways H&M plans to improve their operational energy productivity is by investing in new technologies for lighting, heating, ventilation and air conditioning (HVAC) systems. By committing to double their output from every single unit of energy used, H&M is setting a bold example of not only demonstrating climate leadership, but also reaping the benefits of lower energy costs. Additionally, H&M aims to have 100 percent of its supplier partners enrolled in an energy efficiency program by 2025, as well as reduce the energy used in its logistics transport and warehouses.
The highly prominent global shipping carrier, UPS, recently announced their ambitious sustainability goal of reducing absolute greenhouse gas emissions by 12 percent by 2025, a goal that was developed using a method approved by the Science Based Target Initiative.
Along with reducing their greenhouse gas emissions, UPS now also has a goal that 25 percent of the electricity it consumes will come from renewable energy sources by 2025 – a dramatic increase from the 0.2 percent in 2016. UPS is also committing to more energy efficient fleets of alternative vehicles, striving for 25 percent of their new fleets to be alternative fuel and advanced technology vehicles.
“Because of our size and scale, we know our commitments can shape markets, advance technologies and be a catalyst for infrastructure investments,” said David Abney, UPS chairman and CEO. “We rely on the ingenuity of our employees, suppliers and technology partners to help us reach goals that will transform the shipping industry and spur innovation.
JPMorgan Chase and GE Current
Finance sectors are becoming increasingly serious about energy efficiency and sustainability as well. JPMorgan Chase announced recently that it has partnered with General Electric and its energy startup, Current, to reduce the company’s environmental impact across 4,500 branches in the U.S.
This newly announced project is the second part of the 2016 collaboration between JPMorgan Chase and GE, when JPMorgan Chase previously worked together with GE to create the world’s largest LED installation. The company aims to reduce their total energy consumption by 15 percent as well as a 50 percent reduction in lighting consumption. That is the equivalent of removing 27,000 cars from the road every year for 10 years. New solar technologies will be piloted at various branches across California, water consumption will be reduced by 20 percent and 200 million will be invested in reducing its carbon footprint.
“As we think about the future of our branch and workplace, we’re always looking for smart strategies that make our business and buildings more sustainable,” said David Owen, chief administrative officer in Wednesday’s press release. “This technology will help us run our facilities more efficiently, reduce energy consumption and improve the experience for our clients, customers and employees.”
The company also expects to save around 200 million dollars over 10 years and reduce their energy expense by 15 percent. These steps are all to help the company reach their long term goal of reducing greenhouse gas emissions 50 percent lower than 2005 levels in 3 years and bringing new renewable energy capacity on the grid.
Sustainability Goals are Driving Innovation
Sustainable energy management is a key driver of innovation. By treating sustainability as a goal today, early movers like H&M, UPS, and JPMorgan Chase develop competencies that rivals will be hard pressed to match. The quest for sustainable and energy productive business practices has indeed already started to transform the competitive landscape, forcing companies to rethink their business model, strategies, products, and technology.
What these three companies have in common is a propensity to think outside the box and invest in the future. For companies that have fallen behind in incorporating sustainable energy practices, a good first step is to gain visibility into exactly where their energy is being consumed before pursuing sustainability campaigns.
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