Retailers are ramping up their sustainability initiatives to lower costs and operational risks, in response to global warming and changing weather patterns, according to PricewaterhouseCoopers’s Retail & Consumer Insights Climate Change report.
As financial costs of climate change continue to mount, businesses are becoming leaner and smarter when considering the long-term investments they need to make to reduce their carbon footprint, conserve natural resources and improve energy efficiency, PwC says. The report outlines the following steps retailers are taking to build resiliency and stability in the face of climate change:
- Establish long-term relationships with suppliers and invest in how they operate.
- Address increasing demands from stakeholders and consumers.
- Halt deforestation and conserve water to foster trust in local markets.
- Embrace clean power/energy-efficient equipment by redesigning how products are made and used.
Earlier this year, PwC identified three key trends that will be top of mind for companies as they seek ways to complement their business strategies with sustainability.
