The media and consumers are shining a spotlight on businesses’ corporate sustainability and social responsibility practices. Social media is not only making it vital for companies to produce high-quality goods and services, but to do so using sustainable practices. Failing to meet sustainability goals can have a devastating impact on a company. Consumer boycotts, financial penalties, and public shaming can damage a corporation’s reputation, sometimes beyond repair.
Management teams and corporate executives understand sustainability should be a cornerstone of their development and marketing strategy. There are multiple ways for businesses to meet their sustainability goals. One method is to install electric vehicle charging stations on the property. It may seem like a small step, but corporate sustainability and EV charging can go hand-in-hand. Installing employee/public charging stations can also have some surprising benefits.
What is Corporate Sustainability and Social Responsibility
Two terms are becoming a standard part of corporate business models.
Corporate Social Responsibility (CSR) is defined by Investopedia as “a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society including economic, social, and environmental.”
It encourages businesses to operate in a way that has a positive impact on society and the environment. Some common examples of CSR are,
- Donating to charities
- Reducing your carbon footprint
- Giving back to the community. Volunteering is an example.
- Investing in practices that are environmentally and socially responsible
Corporate Sustainability is meeting financial, environmental, and social demands to create sustainable goods and services. Occasionally referred to as a triple bottom line, the strategy benefits a company’s bottom line, consumers, and the environment.
Instead of concentrating on short-term profits, organizations with sustainability as a focus of their business model are taking a long-term approach that improves their profit margin over time. Some of the benefits companies see with sustainable business practices include an improvement in recruiting talent, branding, and public relations.
Apogee Charging Solutions offers fully turn-key EV charging services for corporate entities. We customize our solutions based on the client’s needs and offer continued support with both maintenance and management services.
Corporate Sustainability and EV Charging
Adding EV chargers to your business’s sustainability model can have several benefits. Your company only needs to start with a few EV charging stations to start seeing the potential benefits which often include the following.
Reduce Your Carbon Footprint
Installing EV chargers and encouraging employees to drive electric vehicles significantly reduces your carbon footprint. Vehicle emissions are typically divided into two categories,
- Air pollutants reduce air quality and can cause health issues.
- Greenhouse gases (GHGs) contributing to climate change.
Unlike gasoline and diesel-powered vehicles, EVs produce zero tailpipe emissions. Electric vehicles also emit less well-to-wheel emissions. According to the U.S. Department of Energy, the following types of vehicles annually produce pounds of CO2-equivalent emissions.
- Gasoline – 12K lbs. of CO2
- Hybrid – 6K lbs. of CO2
- Plug-in hybrid electric (PHEV) – 5.9K lbs. of CO2
- All electric (BEV) – 4.7K lbs. of CO2
Emissions associated with employees’ daily commutes can quickly increase, especially with larger companies. These emissions are under the Scope 3 category of the GHG Protocol. Any reduction in these emissions can be added to your company’s annual sustainability report. Encouraging employees to switch to electrical vehicles can significantly reduce these emissions and one of the best ways to offer EV charging at work. Surveys indicate an estimated 71% of employees are willing to ditch their combustion engine vehicles for EVs if they can charge their vehicles at work.
Boost Your Authority as a Socially Responsible Brand
Installing EV chargers’ signals employees, customers, business partners, and the community that you are committed to environmental sustainability. The charging stations show your brand is practicing what it is advocating for and can help establish your company as a leader in corporate sustainability.
Indicates Your Company Is Not Afraid of Change
As EV technology continues to advance so does the popularity of electric vehicles. For example,
- In 2018, 2 million EVs were sold globally, and that number is expected to reach 3 million units in 2020, 10 million units in 2025, and 28 million units in 2030 as production costs decrease.
- By 2030, battery EVs are projected to represent 77% of electric vehicles, meaning fast and reliable charging will be more important than ever.
- As EV sales continue to increase, the sales volume of fuel vehicles is projected to nosedive by 2024.
Car manufacturers are increasing their production of EVs. Ford is increasing electrification spending to $11 billion in 2022 and Volkswagen has committed $36 billion through 2024.
Installing EV chargers now indicates your company is ready to embrace change.
Attract and Retain Talent
Today’s job market is extremely competitive. Businesses are often competing for top talent. Job seekers are looking for companies that provide additional value. Millennials are often looking to work for companies that practice sustainability and are socially conscious. Some key points included in a 2016 Cone Communications Millennial Employee Engagement Study are as follows.
- 64% of millennials consider a company’s social and environmental commitments when deciding where to work
- 64% won’t take a job if a company doesn’t have strong corporate social responsibility (CSR) values
- 83% would be more loyal to a company that helps them contribute to social and environmental issues (vs. 70% U.S. average)
- 88% say their job is more fulfilling when they are provided opportunities to make a positive impact on a social and environmental issue
Installing EV chargers not only indicates your company is socially and environmentally conscious, but the amenity can also attract and retain talent.
Draw Customers to Your Business
Offering EV charging to customers helps highlight your company’s sustainability practices. A 2017 study by Forbes has some surprising findings when it comes to Americans and their feelings about corporate sustainability.
- 68% of millennials bought a product with a social or environmental benefit in the past 12 months.
- 87% of consumers will have a more positive image of a company that supports social or environmental issues.
- 88% will be more loyal to a company that supports social or environmental issues.
- 87% would buy a product with a social and environmental benefit if given the opportunity.
- 92% will be more likely to trust a company that supports social or environmental issues.
The survey shows how important sustainability is to consumers and offering EV charging is a great way to highlight your environmentally conscious business model.
Offset Costs with Financial Incentives
Corporations can take advantage of local, state, federal, utility, and manufacturer rebates and other financial incentives. Depending on what is available in your area, the incentives may cover most or all of the costs associated with purchasing, installing, and operating EV charging stations. EV drivers may also qualify for tax credits, making it even more affordable to switch to an electric vehicle.
Contact Apogee Charging Solutions to Learn More
Adding EV chargers to your business parking lot comes with multiple advantages. To learn more about the installation process or to ensure you are applying for all of the financial incentives in your area, contact Apogee Charging Solutions today. Call 484-816-2076, email [email protected], or schedule a call this fits your needs by clicking the button below.