Travel is big business - with impact being especially big on bank balances and carbon emissions.82%of people would like to travel more responsibly, and72%believe that the travel industry should protect the planet, supporting local communities and economies. But everybody’s feeling the pinch at the moment, and cost is theprimary considerationfor people’s travel purchase decisions, with sustainability and carbon footprints taking the back foot driving only6%. So how can the road to travelling sustainably be mapped to join the wants of the people with the needs of both the planet and the purse strings?
Something’s gotta give
As consumers, investors and employees - we’re allexpecting moreout of businesses.‘Commercial success and commitment to sustainable development are interdependent’- driving positivity in wider society isn’t just the right thing to do, it’s good business, and good sense. A recent UN Global Compact report, found that84%of CEOs believe that businesses should be leading efforts to‘define and deliver new goals on global priority issues’. Unfortunately despite this,85%are unwilling to pay a premium to work with a sustainable company. So for the sake of the planet, something’s gotta give.
The attitude of leaning towards conscious commitments as opposed to pure profit is slowly but surely catching on. A recent Deloitte study found that62%of chief experience officers are equally focused on positive business initiatives as profit increases. But as conscious companies, we’ve got to push harder. Businesses have a critical role to play in‘contributing to public and individual finances’when it comes to sustainability and impacting the evolution of its movement and take a more active participation in making the more conscious option the most desirable.
Sustainability will drive your profits in the right direction
Balancing the books in a way that works for both profit and the planet isn’t always simple. A recent study found that48%of survey participants find the pressure of short-term earnings performance conflict sustainability initiatives, much becauseintangible, indirect and longer term paybacksare tricky to measure and report on. What’s crucial is that these initiativesimprove stakeholder perceptionand consequently engagement, nurturing relationships, building loyalty and informing policy discussion - all great things that are increasingly important for business growth.
The bottom line is, a triple bottom line will drive investment to your business. It’s all about “the three P’s” - people, planet, profit.69%of investors are interested in putting their money behind socially responsible organisations, and the interest is only gaining traction. In short, it’s about playing the long game. Research studies by bothDeutsche BankandThe Carbon Disclosure Projectfound that the high majority of companies with high ratings for environmental, social, and governance (ESG) outperform within the mark across both medium and long terms. It’s predicted that the future standards of evaluating a business’s actual success willspan way beyondraw numbers and instead look to social and environmental responsibility initiatives to scope out the best companies to invest in.
The great balancing act
You can’t sustain a business without profit, but there’s also no business on a dead planet. It’s all about balancing. Where you are able to take a slight margin hit for the sake of sustainability initiatives, it’s crucial to trust the stats that people will come back for more of what makes you great - your commitment to conscious business. Believe us, it feels good.
At COCO+, we provideworld class carbon offset creditsalongside a full business travel service and a team of travel experts to support all of your needs.You can book any of our services through our seamless, easy-to-useplatformin one stop. See what we’re about andbook a demohere. One more for you - we also have a sisterfuel card servicewhere you can offset your fuel by the litre. Worried we don’t practice what we preach? We offset+ your company’s travel carbon straight off our bottom line. 10/10 would recommend.