Climate change, unfair labor practices, corruption, and other sustainability issues have become daily fixtures in newspaper headlines—and are rapidly taking their place alongside financial targets as top CEO priorities. Yet, the more that leaders work toward their early sustainability commitments, the more they discover how much further they need to go to prepare for a future where competitiveness and sustainability are inseparable.

Sustainability is becoming more critical for all companies across all industries. 62% of executives consider a sustainability strategy necessary to be competitive today, and another 22% think it will be in the future.

Simply put, sustainability is a business approach to creating long-term value by taking into consideration how a given organization operates in the ecological, social, and economic environment. Sustainability is built on the assumption that developing such strategies foster company longevity. As the expectations on corporate responsibility increase, and as transparency becomes more prevalent, companies are recognizing the need to act on sustainability.

Finding A Balance Between Economic Benefits and Environmental Sustainability for Entrepreneurs

We know that adopting the Paris agreement could help increase our ability to keep global warming below 2 degrees and avoid its catastrophic impacts. However, it will also be a key determinant of future economic growth and development, especially for industries. If we don’t act, climate change will have devastating impacts on overall growth and wipe out development gains of the last century. The costs are becoming increasingly clear – some studies estimate that the world has already spent $2.7 trillion more on natural disasters than usual in the last decade.

Beyond the imperative of avoiding these disastrous impacts, there’s a substantial economic benefit for entrepreneurs and businesses in addressing climate change. As the Global Commission on the Economy and Climate has extensively researched, low-carbon and sustainable investments would bring multiple economic benefits, including growth, jobs and long-term resilience. Today, smart businesses around the world aren’t waiting. Prominent global companies such as Nike and Pepsi have begun taking advantage of the opportunities – they are using renewable energy, deploying innovative low-carbon technologies, sustainably sourcing resources, working on innovative and transformative solutions, and more.

Every area of the industry will be impacted by climate change. And because necessity is the mother of invention, business knows what that means. In the new climate reality, companies that can innovate and take advantage of the low-carbon transition will be the ones that secure a sustainable future. This reality makes sustainable development and climate change two sides of the same coin. Businesses have a vital role to play in addressing the challenges of climate change. It is the world’s most powerful economic force, and it is responsible for the majority of spending, wealth creation and investment. Where business goes, others will follow.

Every area of the industry will be impacted by climate change.

Innovative initiatives from business are part of the global shift that will open the floodgates to large-scale opportunities that can combat climate change and change the lives of millions around the world. Companies and entrepreneurs around the world, have a tremendous opportunity to join these initiatives and reap from the economic opportunities it presents. This has led to the adoption of technological solutions in a bid to solve the raging negative impact of climate while aiming at achieving a sustainable economy and environmental sustainability.

Businesses such as BuildingMinds are empowering building management companies to achieve sustainable business models and make smart decisions targeted at improving the efficiency of their outputs through the analysis and application of data. It is becoming clear that sustainable climate protection across businesses and industries is a megatrend that simply isn’t going away. Entrepreneurs that hope to hold sway in the future need to understand the impact and take advantage of this knowledge

The Building Management Industry and the Push for Sustainability as a Megatrend

Believe it or not, according to the U.S. Green Building Council (USGBC), buildings account for an average of 41% of the world’s energy use. The next two biggest energy consumers don’t even come close. The industrial sector accounts for 30% while transportation accounts for 29%. Part of this is due to the massive amount of energy that buildings tend to use. In the United States, buildings are responsible for 73% of the country’s energy consumption.

Also, the materials used in building construction have a severe impact on the environment. Many of the materials used in the construction of buildings today are produced in a non-sustainable way. The factories that make the materials produce damaging CO2 emissions. There is a huge environmental impact associated with the extraction and consumption of raw materials for the use of building materials. Not to mention the actual production of those materials in their final form. According to the USGBC, 40% of the world’s raw materials are used in the construction of buildings.

The need to curb the negative impacts of building on the environment is finally taking center stage. Commercial real estate & building companies are beginning to adopt a holistic approach for maximizing cost savings, reducing energy consumption, and improving the environmental sustainability of the property portfolio. Rather than looking only at a buildings’ infrastructure such as insulation, lighting and air conditioning, this approach also considers how a building is operated in practice, the processes deployed to manage and maintain it, and how efficiently its space is used. This is done by assessing the unification of a building’s management systems and processes, combining detailed quantitative analysis with the insights gleaned from centralized data across all functions that influence – directly or indirectly – property use and the associated energy and emissions.

Building management companies are increasingly seeking true end-to-end solutions like BuildingMinds. This is because most building management companies lack clear functional responsibility for property CO2 emissions & energy data management and there are no property CO2 emissions and energy data management systems or processes. Above all, there are errors in previous high-level reporting, energy data insights, and CO2 emissions are not factored into investment or procurement consideration.

Building management companies around the world are beginning to understand that sustainable value increase of buildings is only possible through efficient analysis and use of data. BuildingMinds enables Building Owners to make smart decisions, analyze & track KPI’s based on available data insight targeted at improving the sustainability and efficiency level of their buildings. Since the campaign for sustainability within the building industry is bound to increase continually, there will be an increase in the requirements of buildings in the future which may become a significant challenge for building owners and managers. BuildingMinds is committed to helping clients to reap quick benefits in making their buildings more sustainable.

For any building to be truly sustainable, building management systems and processes must adopt a centralized data system to ensure their effectiveness and reduce cost. The need to empower building managers/owners access their building management processes in a more organized, data-driven, and centralized method is one of the primary goals of the BuildingMinds platform through its Digital Twin feature. It is also essential to ensure that building management strategies are tenant focused and that results are analyzed to confirm a complete match with KPI’s and building sustainability goals. In a nutshell, BuildingMinds can offer ways to make buildings run more sustainably without the need for rebuilding or renovation.