In our previous post, we talked about a few ways that the U.S. government and businesses are currently working to reduce greenhouse gases (GHGs) in the transportation sector. In this post, we are going to explain 7 eco-friendly buzzwords all business owners should know.
1. Net-Zero Emissions
In recent news, President Biden pledges that the U.S. will reach net-zero emissions by 2050. Net-zero emission is when the amount of GHGs emitted is equal to the amount of GHGs removed from the atmosphere.
2. Carbon Capture
Carbon capture is one solution to reach net-zero emissions by 2050. Carbon capture is the process of removing carbon dioxide (CO2) from the atmosphere. When air passes through giant fans, it captures the CO2 and then stores it underground (see Figure 1).
3. Renewable Energy Certificates (RECs)
RECs stand for Renewable Energy Certificates. A Renewable Energy Certificate is like a share of stock that can be sold for its market value. One REC is issued for each MWH of electricity generated from a renewable energy source. See Figure 2 to learn how do RECs work. RECs are valuable in two ways:
Businesses can use the electricity generated so they don’t have to buy it, to save money.
Businesses can generate revenue by selling their certificate to other businesses, who want to offset their carbon emission.
4. Triple Bottle Line (TBL)
Triple Bottom Line refers to the three dimensions of performance that are said to be important to businesses: social, environmental, and financial. Energy efficiency is said to have a positive effect on the “Triple Bottle Line.”
5. Eco-Consumers
Eco-consumers are people who consciously buy environmental-friendly products, such as bio-degradable trash bags, stainless steel straws, or reusable water bottles. This segment of consumers is a growing and desirable group of customers because they are very loyal.
6. Green Washing
Green washing is when a company claims to be environmentally friendly but isn’t. They “talk the talk” but don’t “walk the walk.”
7. Re-Manufacture
Re-manufacture means exactly what it sounds like: re-manufacturing a previously used item. Refilling a printing cartridge or disassembling and reassembling old machinery to as good as new are two examples of this. The idea is to “re-manufacture” items instead of manufacturing brand new items and thus saving energy usage and the environment.
Take these elements into consideration when making business decisions. Energy and sustainability are here to stay. These 7 eco-friendly buzzwords will help you and your business understand some of the key concepts and issues in the environmental conversation.
