In 2015, a study found that 91 percent of consumers around the world expected companies to do more for them than make money. In the study, it was also found that consumers are more likely to view companies that are actively working toward social and environmental causes. CSR activities can have a positive effect on the brand and its goodwill.
Green energy initiatives, such as the transition to wind or solar power, have allowed corporations to offset their energy costs. Financial gains have been seen from moving to renewables, whose costs are now falling. Companies have acknowledged the switch to renewables as saving money and gaining consumer trust.
Switching to solar and wind power in CSR helps corporations reduce their carbon footprints, as well as receive carbon credits from governments around the world.
An overly enthusiastic green policy has hurt some companies. Companies have burned through resources, investing heavily in green technologies that are untested. These misadventures, however, make the case for developing existing technologies such as solar and wind even stronger.
Solar energy is currently the most affordable and accessible form of green power. Solar power’s superiority is demonstrated by the fact that a commercial 200kW solar array can offset 250 tons of CO2 emissions. In real-world terms, this is the equivalent of not burning 120 tonnes of coal. This figure might not seem significant if we look at coal production in the current state, but it could make a huge difference to the future of our children and grandchildren.
We can conclude that the green push has a positive effect on CSR for all concerned parties, including the company, consumers, and the environment. Although investment in new green technologies must be viewed with caution, solar and wind power’s superiority is undeniable.