As sustainability moves to the forefront of the psyche of consumers and businesses, many companies are proving their dedication to their employees, customers and shareholders by implementing measures to ensure the sustainable practice of their business.
Companies are being called out for their environmental and social impacts, as consumers place sustainability as a priority for businesses to stand apart from their competitors.
The World Finance Sustainability Awards acknowledge the companies that are implementing strategy and continually showing their dedication to sustainable business practice.
ON Semiconductor was one of these businesses in 2020, who through their efforts to reduce their carbon footprint have shown their commitment to being an ethical and socially responsible company; this, in turn, boosts their economic value.
Their Executive Vice President and CFO Bernard Gutmann tells of their recycling efforts with all of their materials in order to pursue a business that upholds sustainability and social responsibility throughout its operations. The abilities of the technology and its application to reduce the carbon footprint across the energy sector is what makes On Semiconductor such a highly valued business in the sustainability conversation.
In 2019, On Semiconductor sold 910 tonnes of scrap metal and 1.38 tonnes of precious metal for reuse, as well as recording a 9,341 tonne reduction in emissions. Gutmann speaks in his World Finance article of the company’s implementation of “more than 72 projects… focused on energy conservation, waste reduction, chemical recycling, material optimisation and water conservation” that allowed the company to save over $10 million.
Their award for the semiconductor industry at the World Finance Sustainability Awards is only one of many accolades for ethical and sustainable practice. The Ethisphere Institute has named them one of the world’s most ethical companies for the past five years, along with mentions from Newsweek and the Barron’s 100 Most Sustainable Companies list.
By constant research, development and innovation, businesses can stay ahead of the pack when it comes to sustainable practices. As the conversation about environmental impacts and social responsibility becomes louder, it is vital for companies to implement these strategies in order to remain viable; especially in today’s market that can be easily impacted by consumer opinion.