Business Banking, ESG

Embracing Sustainable Manufacturing

Good for the Planet, Good for Business

In a global consumer survey conducted by IBM and the National Retail Federation, nearly 8 in 10 consumers said they value sustainability and over 70% expressed a willingness to pay, on average, 35% more for eco-friendly brands.*

Sustainable manufacturing and sustainable products are not only good for the planet, but they are also increasingly proving to be good for business. Consumers’ heightened eco-consciousness is driving companies both large and small to reevaluate their operations and take the actions needed to meet broader and more stringent sustainability imperatives.

For those companies adopting a more sustainable posture, consider the following steps:

  • Explore new technologies in your manufacturing process. New rapid prototyping for product design, innovative methods of additive manufacturing, and digitally managed lean processes can all contribute to reducing waste, lowering energy costs, and limiting the use of environmentally detrimental materials.
  • Increase use of renewable energy. Monitor your energy consumption closely and employ “smart” facility tools to improve efficiency in energy consumption. Consider investing in on-site generation using green options, such as solar panels, wind turbines, or geothermal pumps to power your operations.
  • As much as possible, reduce the amount of packaging materials used. Consider packaging made from recycled and/or biodegradable materials. In general, use materials that are abundant and require limited processing. Rationalize your distribution practices using modern routing technologies to optimize energy savings.
  • Think outside the box. Design products that use the least resources, and where possible, make your products from recycled raw materials. Also, design and develop products for recycling instead of for disposal.

We are clearly entering a new era of sustainability. Consumer demand is driving companies to take action to become more environmentally responsive, both in their operations and in the products they manufacture and market. As your company maps out its sustainability strategy, we are here to help ensure its success.

Your Washington Trust Relationship Manager is available to help your business grow and thrive. Contact us to learn more about the wide range of services and solutions we offer.

*Two-Thirds of North Americans Prefer Eco-Friendly Brands, Study Finds, Barron’s, January 10, 2020.

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