Manufacturers turn to renewable energy to tackle rising costs

Manufacturers adopt solar energy to cut costs and enhance sustainability.[Standard, File]

Manufacturers are facing mounting pressure to adopt renewable energy as environmental concerns grow and market competition intensifies.

 Companies that embrace renewable energy stand out in a crowded marketplace.

 Mukesh Becktor, Epson’s Regional Head for East and West Africa, noted that firms prioritising green practices distinguish themselves from competitors lagging in sustainability.

 “Businesses that embrace renewable energy build resilience. They diversify energy sources and reduce risks tied to fluctuating fossil fuel prices,” said Mukesh.

 A recent study by Deloitte revealed that consumers prioritise sustainability when making purchasing decisions.

 Many consumers are willing to pay more for products from companies committed to environmental responsibility.

 Mukesh emphasised the importance of integrating sustainability into marketing strategies.

 “As consumers become more eco-conscious, companies must adopt sustainability practices in their marketing plans,” he said.

 “Sourcing renewable energy from nearby regions improves energy self-sufficiency and creates local jobs.”

 Investors are increasingly paying attention to environmental, social and governance (ESG) criteria when evaluating companies.

 Manufacturers that adopt renewable energy strengthen their appeal in the market, as companies with solid green credentials are seen as lower-risk investments.

 Mukesh said the return on investment in renewable energy is clear. Large companies find strong incentives to incorporate sustainable practices, while smaller businesses also benefit depending on their location.                                          

He noted government incentives are crucial in accelerating this transition amid environmental concerns.

 Epson has aligned its sustainability goals with its financial strategy, using renewable electricity to reinforce its long-term ESG objectives.

 This approach, he noted, enhances the company's public image and positions it as an attractive option for sustainability-focused investors.

 “The shift toward renewable energy provides greater resilience against energy price fluctuations, enabling us to maintain competitive pricing,” he added.

 “The focus for every company should be to get as close as possible to 100 per cent adoption as quickly as possible.”

 He observes integrating renewable energy into manufacturing processes is not just an ethical choice; it is a strategic business decision that can lead to significant market differentiation.