Will sustainability efforts save companies money? Staples, is a firm believer that it can, and it will. Merely switching their light bulbs from three-amp to two-amp, will add $4.2 million dollars to the company’s bottom line. John Mahoney, the chief finance officer of Staples, spoke at the CFO Green Conference in New York stating, “Companies that have not done much work on “green” initiatives will likely get moving as a result of their declining business fortunes.”
Green practices can have a strong positive impact on the financial performance at companies. For example, Staples modified their trucks last year to not go exceed speeds of 60mph. This saved 540,000 gallons of diesel fuel per year, with a cost-savings of $1.5 million. “When diesel prices spiked we were able to offset about 80% of the increase just through this program,” Mahoney claimed. Many companies, like Staples, are realizing that tax credits can aid them in their efforts to save while being environmentally friendly. Staples also utilized tax credits to install solar panels which generated a savings of hundreds of thousands of dollars with virtually no capital investment on their part.
One thing this questionable economy is doing is making companies take a long hard look at their expenditure, which is aiding them in discovering ways to be green while saving green. Gwen Ruta, vice president of corporate partnerships for the Environmental Defense Fund, says, “We’ve seen over and over again that companies can find ways to benefit both the environment and their bottom lines.”
Find the entire article at: http://www.cfo.com/article.cfm/13402881/c_13401288?f=home_todayinfinance
