For Immediate Release
June 17, 2008

 

 

CONNECTICUT COMPANIES GOING GREEN TO CUT COSTS AND INCREASE BUSINESS EFFICIENCY AND SAVINGS

CBIA releases second annual Sustainability and Connecticut Business Survey

 

In today's tough economic climate, companies are struggling with increased business costs and are looking for ways to increase efficiency and savings. The majority of Connecticut companies are focusing on eliminating waste, conserving energy and making better use of resources by actively adopting or changing sustainability policies—or “going green.”

Those are some of the key findings of the Connecticut Business & Industry Association's (CBIA) 2008 Sustainability and Connecticut Business Survey. The second annual survey found that Connecticut companies are dedicated to good corporate citizenship and community involvement and are looking for ways to remain environmentally sound, socially responsible and financially sensible. In the past year, the number of companies adopting green business practices has increased by 12 percentage points, from 47 percent to 59 percent.

"Connecticut businesses are well-known for their innovation and resourcefulness,” said John R. Rathgeber, CBIA president and CEO. “The concept of corporate sustainability is a natural extension of that tradition. It is also a very smart way of doing business that continues to reap competitive rewards.”

Connecticut companies are involved in numerous initiatives, from recycling to re-examining supply chains. The survey found that among Connecticut companies surveyed:

• 86 percent recycle

• 73 percent have policies for properly disposing of waste

• 54 percent use recycled paper

• 39 percent use eco-friendly cleaning supplies

• 28 percent encourage suppliers to adopt green initiatives or use those that do

• 27 percent address recycling and other environmental issues with vendors

• 24 percent have water conservation strategies

In an interesting paradox, cost was cited as both a reason companies have gone green and a reason why they haven't. Eighty-four percent of respondents said their top reason for adopting green practices is to demonstrate environmental and social responsibility. Other key factors include lowering operating costs (58 percent) and improving market strategy (30 percent). Almost two-thirds (64 percent) of companies that have embraced green business practices said their actions benefited their business.

"Companies that find the overlap between their business interests and those of society and the environment—‘the sustainability sweet spot'— will do better in the long run,” said Andrew Savitz, senior consultant, Sustainable Business Strategies and author of The Triple Bottom Line : How the Best-Run Companies are Achieving Economic, Social and Environmental Success — and How You Can Too . “These companies will outpace their competitors by finding ways to enrich society and their shareholders at the same time.”

Nearly three-quarters (72 percent) of business respondents believe sustainable practices could lead to long-term savings. That's up from 66 percent last year.

"Building a sustainable future program provides our customers with environmentally friendly products and helps them achieve their green goals,” said Meredith B. Reuben, Easter Bag & Paper CEO. “We believe in the benefits of green practices and will continue to make improvements that will have a positive impact wherever we can.”

But there are barriers to incorporating green products and processes into business operations. More than half (56 percent) of business respondents said the main barrier is cost, followed by the lack of knowledge about sustainable practices (42 percent) and the lack of company leadership on the issue (15 percent).

In order to address these constraints and to help Connecticut businesses go green and promote a sustainable workplace, CBIA last year launched an online Green Business Center, cbia.com/green, which features programs, green vendors, best practices and more.

"In order to remain competitive and continue to grow in the future, Connecticut businesses must continue to explore new ways of becoming more responsible, more efficient and more profitable,” said Peter Gioia, CBIA vice president and economist. “Adopting green, sustainable business practices offers business the opportunity to meet all these goals and use the “triple bottom line” of fiscal health, environmental stewardship and corporate social responsibility as a broader and truer measure of their success.”

The survey was conducted by e-mail, with 474 Connecticut businesses participating, for a margin of error of plus or minus 4.59 percent.

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CBIA is the state's largest business organization, with 10,000 member companies.

Editor's Note: For a copy of the survey, visit www.cbia.com/surveys.

 

Media wishing to attend the event should contact Nancy Andrews, CBIA media relations manager, at 860-244-1957 or andrewsn@cbia.com.

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