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Los asistentes descubrirán cómo el liderazgo mexicano impulsa negocios sostenibles, generando valor económico y social en un entorno competitivo y global.
Conferencista:
Tensie Whelan - Profesora distinguida de Práctica y directora fundadora del Centro de Negocios Sostenibles de NYU Stern
Conferencista:
Tensie Whelan - Profesora distinguida de Práctica y directora fundadora del Centro de Negocios Sostenibles de NYU Stern
Categoría
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AprendizajeTranscripción
00:00Hello, it's a pleasure to join you today.
00:10I'm looking forward to talking to you a bit about the business case for sustainability.
00:16I am Professor Tansi Whalen.
00:19I'm a Distinguished Professor of Practice at NYU Stern,
00:23and I'm the Founding Director of the NYU Stern Center for Sustainable Business.
00:28And I'm delighted to join MIT Sloan's Forum in Mexico as one of your guest lecturers
00:37to talk a bit about the research that we've been doing at NYU Stern.
00:41I also just want to share that we've had the pleasure of working with a variety of different companies
00:48throughout Latin America, including Arca Continental in Mexico.
00:52And in my prior work, where I ran Rainforest Alliance for 15 years,
00:57I had the opportunity to spend quite a bit of time working in Mexico on sustainable forestry, agriculture, tourism, etc.
01:06So again, a real pleasure to be here today.
01:11So let me move through to my first slide, which is to say we see in our research
01:18that sustainability, in fact, is just good management.
01:24It helps you manage operational, market, regulatory, and reputational risk.
01:31It creates innovation and growth opportunities.
01:35It helps you identify operational inefficiencies.
01:39It can create sales and marketing and customer loyalty benefits.
01:44It can improve your supplier relations and resiliency of your supply chain.
01:49It can improve stakeholder relations and improve license to operate benefits.
01:56And also create employee productivity and retention benefits.
02:00Now, when you look at these lists of benefits related to embedding sustainability into your business strategy,
02:07of course, any kind of good management can drive these benefits, right?
02:11You know, AI can potentially drive operational efficiency, a great marketing strategy can drive,
02:19and product and service can drive great sales returns.
02:23But what we have found in our research is that different sustainability strategies and practices
02:29can often drive three or four of these positive benefits.
02:33And that, in fact, we can actually track those financial returns so that we better understand where to make investments as a company
02:42or as an investor to invest in those companies that, in fact, are embedding sustainability in their business strategy
02:49to drive better financial performance as well as better societal performance.
02:53So just to give you an example of what I mean by this, if we think about pollution and waste,
03:02which we think about generally as a compliance issue and, of course, not wanting to harm others,
03:08what we really should be thinking about is that pollution and waste is the ultimate in an operational inefficiency.
03:16You are buying more virgin product than you need to pay to dispose of what's left over.
03:22That is a classic inefficiency.
03:28So just to give you an example of that, looking at a company that we worked with,
03:35it was a pharmaceutical company.
03:37And as you know, there's quite a few pharmaceutical companies, a manufacturing product in Mexico.
03:43This particular pharmaceutical company had a product that was worth about $1.8 billion in sales to them.
03:51They were going to be losing their patent or have lost exclusivity,
03:57which generally means in the industry that you're losing about 60% of your revenues to generics and cheaper alternatives.
04:05So this company decided to invest in green chemistry to determine if they could improve the cost profile of the product.
04:18So a life cycle analysis found that as they used this green chemistry approach,
04:23they actually reduced energy, chemical, water, waste, etc. by about 80% across the board.
04:32So we did a return on sustainability investment analysis for them or a ROSI analysis to determine what that meant in terms of financial performance.
04:41And as you can see here, really significant savings in water use, number one,
04:47but also waste disposal costs, electricity costs, and also carbon emission fees.
04:52At the time that we were looking at this, carbon emission fees were about $5 a metric ton
04:58around the, in the jurisdictions where they were working.
05:05Today, the UK has $25 a metric ton.
05:09Canada has $95 a metric ton.
05:12The IMF is calling for $75 a metric ton.
05:15So even if we took the $25 a metric ton,
05:19you'd see that that money would go up to more than a million dollars per hundred metric tons of product.
05:24So in total, at the point we did this research,
05:27the total net benefit for the company was $1.5 million per hundred metric tons of making these changes.
05:35And in fact, because they were able to offer the product a lower price point,
05:38because it was a green product,
05:40they were able to hold on to a lot more of their market share than would have been common.
05:44I like this example because it shows us how much cost is currently embedded
05:51in our conventional manufacturing practices,
05:55as well as in our agriculture and other types of practices.
05:59And so really important to understand that cost profile.
06:04So that's on the efficiency or an avoided cost side of things,
06:08but we also should be thinking about how embedding sustainability can drive innovation.
06:12So this actually, this example shows both efficiency and innovation and growth benefits.
06:19Nike was looking at the challenge of manufacturing sneakers.
06:24And when you manufacture sneakers in the conventional way,
06:27you stamp out a lot of different little parts of the top of the shoe,
06:31and then they get sewn together.
06:34In doing that stamping out of the pieces, they were creating a lot of waste.
06:38At the same time, they also wanted to create a shoe that would be higher performing.
06:45In other words, a lighter shoe.
06:47So with those twin design criteria, they designed this fly net technology,
06:52which is basically a strand of recycled polymer plastic
06:58that is knitted to create the upper of the shoe.
07:03This has reduced waste by about 80%.
07:05The shoe is 19% lighter than conventional.
07:09So in fact, it's higher performing.
07:11It's been a billion dollar business for them.
07:14And in fact, a category disruptor because other sneaker companies have copied this innovation.
07:21So as we think about sustainability-linked risks and opportunities for Mexican business leaders,
07:29clearly businesses are dealing with climate change impacts.
07:33Everything from extreme weather, reduced crop productivity, infrastructure, resiliency, and so on.
07:39Water quality and quantity challenges, which has huge impact on manufacturing and agriculture.
07:44agriculture, lack of stable energy access, and also need to use decarbonization to drive lower cost
07:53and reduce volatility, as well as create more access to the grid.
07:57And then there's global trends, the tariffs in the United States,
08:00also global demand for sustainable products and inputs,
08:04global ESG reporting regimes,
08:06and obviously in Mexico, your own regulatory frameworks related to sustainability.
08:13These are just a few, right?
08:14But these risks also create opportunity and one can manage for both the upside and the downside.
08:21Many of your most important industries in Mexico are impacted by these issues.
08:28Your mining and minerals industries, your energy industries, your agriculture, manufacturing,
08:38financial services, and tourism, right?
08:41And, you know, financial services, all of these underlying risks for the corporations in which they're investing,
08:47either from a debt or equity perspective, are really important.
08:53So, there is virtually no industry that's not affected by some sustainability risk,
09:02but also some type of sustainability opportunity.
09:07So, how do we then think about understanding and assessing the return on sustainability investment,
09:13or ROSI, as we call it, in order to improve our financial returns,
09:19improve our margins, reduce our risk?
09:24So, we've developed a model, ROSI, that has identified nine drivers of better financial performance
09:31when you embed sustainability into your business strategy.
09:35And I've mentioned the categories earlier, customer loyalty and sales and marketing,
09:40supplier relations, innovation and growth, operational efficiencies, risk management,
09:49stakeholder engagement, all of which can drive different forms of financial benefit,
09:55as well as creating value for society.
10:00So, how do we move from that big picture set of sort of drivers of better financial performance
10:07into figuring out how our sustainability strategies and practices
10:12either have been or could be driving better financial performance?
10:18So, first of all, we identify for the industry and the company,
10:23what are the most material, environmental, social and governance issues?
10:27And what are the accompanying strategies that can be employed to tackle those issues,
10:34again, from a risk and opportunity perspective?
10:38And then we look at that strategy and determine what are the specific practices that you employ,
10:43because it is at the practice level that we can actually figure out the financial benefits.
10:48In other words, for automotive manufacturing,
10:52waste management is an important strategy,
10:55because there's a lot of waste generated in that manufacturing.
10:58But I can't monetize a waste management strategy.
11:03I can monetize the specific practices you put in place,
11:08like, for example, recycling paint and solvents.
11:11I can then figure out, based on that practice,
11:13what kind of benefits there might be and quantify and monetize those.
11:18So, for across what we've been doing is across industries
11:21and across value chains and across different sustainability strategies,
11:25we've been mapping the practices and then the benefits
11:29and how you monetize them as a result of those practices.
11:34We've been working with a variety of different companies
11:38in various industries from consumer packaged goods
11:44to apparel, to energy, to real estate, to health care, and so on.
11:52Now, we've been working with financial institutions,
11:55from banks to private equity owners.
12:00So, I wanted to share you a little bit of sort of some of the research
12:05in terms of what are some of the value drivers associated
12:08with these different strategies.
12:12So, if we look at circularity, and circularity, just to remind us,
12:16circularity is, there's a variety of different business models
12:21we can employ in circularity, ranging from reuse, to refurbish,
12:26to recycle, to upcycle, to sharing platforms,
12:30to providing a business as a service, right?
12:36So, a product as a service.
12:37So, for example, rather than selling lighting,
12:40you actually own the lighting, put it in,
12:43and sell the kind of energy to the customer, right?
12:46Sharing platforms you're all familiar with, resale platforms,
12:50and then putting used components back into new products,
12:54some of the things that we are talking about
12:57when we talk about circularity.
12:59So, circularity, to me, is a financial superpower.
13:03It drives operational efficiency,
13:05in that you have reduced input and waste disposal costs,
13:09as well as innovation.
13:11It drives new product sales, increased market share,
13:15premiums, and loyalty.
13:16It can reduce your supply chain risk through closing the loop.
13:20In the United States, it's an opportunity to reduce tariffs,
13:24because if you're putting used component back into new component,
13:28you're less likely to be exposed to tariffs.
13:31You can also make sustainability claims.
13:34As you employ circularity, you can reduce your carbon footprint,
13:37and that's something you can communicate to customers.
13:42It also can provide you with earned media benefits,
13:45because we find media is very interested in this kind of work.
13:48So, to give you an example,
13:51we worked with an automotive company that,
13:53in the European Union,
13:56where they require that automotive manufacturers
14:00be responsible for the end-of-life disposal of their vehicles,
14:04this particular company was putting 2.5% of end-of-life material
14:10back into new cars,
14:12and selling 10% to recyclers,
14:15and then paying to dispose of the rest.
14:19They were netting $100 million from that initiative,
14:23which they did not know,
14:25because they were looking at this as a compliance issue,
14:28and not as one where they had significant avoided costs,
14:32as well as incremental revenues.
14:34What's interesting about a lot of the work that we've been doing
14:38around sustainability-linked value creation
14:43is that a big part of it comes from avoided cost.
14:47Really significant, as you see here, $100 million.
14:52But, generally, corporate finance does not track avoided costs.
14:57This is not related to sustainability.
14:59It's just not something that they do.
15:00But, when there are really significant avoided cost components,
15:07it's going to be important to build that into your analysis
15:10of, sort of, return on investment.
15:16Another circular example,
15:18we worked with this company that currently,
15:22you know, sells medical devices.
15:26And, as you know, in the healthcare industry,
15:29by the way, healthcare is responsible in the United States
15:31for 8% of all greenhouse gas emissions,
15:34globally about 4.5% of all greenhouse gas emissions.
15:39Some of that comes from single-use products.
15:42And so, in this case, they had single-use medical devices.
15:46And we worked with them and determined that
15:49for an investment of about half a million dollars,
15:53they would be able to refurbish those medical devices
15:56and earn about the $3.5 million a year annually
16:01as a result of reduced input costs,
16:06reduced, you know, improved operational efficiencies,
16:08sales, and so on.
16:10And then, we also looked at circularity in the apparel sector.
16:17So, here we worked with a company called Eileen Fisher,
16:20which, a privately held company,
16:23makes medium, not super high-end,
16:26but medium-priced clothing for women, primarily.
16:32And they created a renew program
16:35where they would provide a coupon
16:37for people to return their gently-used clothing.
16:41The company then either, you know,
16:45cleaned and then resold the product,
16:47or they upcycled it into felt
16:50and made other products from it.
16:53This was a highly successful program for them
16:55because they had profit from the actual sales
16:59of the gently-used product.
17:03So, in other words, they're getting two bites at the apple, right?
17:05They're selling the version product,
17:07and now they get to sell again the second product,
17:09the used product.
17:10Secondly, the coupon was highly successful.
17:13So, people came back and bought additional product
17:15beyond the coupon price.
17:18Thirdly, and this was perhaps most important for them,
17:21they have a demographic that's generally around my age,
17:24and they had struggled to reach a younger demographic.
17:27With this program, they were able to bring in,
17:29at no customer acquisition cost,
17:33a whole series of new customers
17:35who could come in at that lower price point,
17:38who cared about sustainability,
17:39and also, over time, could become customers
17:42for the newer, more expensive product.
17:44They also saw really significant earned media coverage.
17:48So, we monetized what it would have cost them
17:51to acquire those customers,
17:53what it would have cost them to pay for that earned media,
17:55as well as the profits from the program,
17:58which was a net of about $1.8 million,
18:00again, for this company, quite significant.
18:04I wanted to turn to looking at decarbonization
18:08as a sustainability strategy.
18:10So, here, decarbonization has a series of benefits,
18:16ranging from, as we would all know,
18:18energy cost savings,
18:20but also avoidance of energy pricing volatility,
18:23avoidance of carbon fees,
18:25as I mentioned earlier,
18:26avoidance of regulatory and market risk,
18:29potential increased market share,
18:31premiums, customer loyalty,
18:33because, again, we see a number of buyers,
18:36brands, et cetera,
18:38looking to improve their carbon footprint
18:40and asking their suppliers to do so.
18:43More resilient supply chain partners.
18:46We're also seeing lower cost of capital.
18:48And then, finally, as well,
18:49and I'm going to show you an example of this,
18:51there are intangible benefits of decarbonization.
18:54For example, we see lower maintenance costs
18:59associated with investing in LED lighting
19:03to the tune of maybe 50% reduction,
19:06which in factories, large office buildings, et cetera,
19:09can be a quite significant savings.
19:14So, to give you some examples, right,
19:16we often think about optimization of delivery routes, right?
19:20To save money.
19:23But you can also look at optimization of delivery routes
19:26through the lens of reducing your emissions,
19:29which then reduces your energy costs.
19:32And so, in this case,
19:33we worked with Cardinal Health
19:34to look at one of their routes
19:36and how through investing in optimizing that route
19:40for greenhouse gas emissions,
19:41they actually reduce their costs
19:43by about $225,000 related to that investment.
19:48We also worked with a utility in Canada
19:57who was trying to decide
20:00if it should get out of coal earlier
20:02than the government was requiring them to,
20:04which was 2030.
20:06And so, they did their conventional analysis
20:09around how much it would cost them
20:11to make the conversion
20:13in terms of their facilities and so on.
20:15But then they asked us to work on
20:17the return on sustainability investment analysis
20:20with them.
20:21And what we found is that there was significant benefit
20:24in terms of retention and competitiveness
20:27because, remember, a utility is a company's scope
20:31to emissions.
20:33So, they're looking for suppliers
20:35who will help them address that.
20:38But also, we saw a lower cost of capital
20:40and equity for the company.
20:42And, in fact, quite significant.
20:44And so, in fact, we saw that this company
20:46did exit coal earlier
20:48than was required by the government.
20:52And, in fact, their stock price increased
20:54immediately after that announcement.
20:58And here's an example of intangible
21:00I wanted to show you.
21:02So, here's a utility that,
21:05a very large utility
21:07that doesn't pay for energy
21:10because it's an energy utility.
21:13So, we looked then at, instead,
21:17some other rosy benefits.
21:19And, in fact, what we saw
21:20is that by putting in private,
21:23excuse me, LED lighting
21:25into their office buildings,
21:27warehouses, etc.,
21:29they actually improved productivity
21:32of their workers
21:33to the tune of about $2.1 million.
21:36There were some other benefits,
21:37but most of it was related
21:38to employee productivity.
21:41And this was net
21:42of their investment in LED lighting.
21:45So, again, an intangible,
21:46which you can actually monetize
21:49and which makes the case very clear,
21:51even, in this case,
21:52them not having energy cost savings.
21:56So, I wanted to show you a little bit,
21:59go a little deep into one example
22:01to show you how you can do this yourselves.
22:04So, if you think about, for example,
22:07what your particular types of strategies are,
22:09and we've mapped these across,
22:11as I said, all these different industries
22:12and all of this material is open source.
22:15But let's just look at decarbonization strategies
22:17for facilities.
22:20So, you have different strategies.
22:21One is to improve your energy management,
22:23in other words, efficiency.
22:25You may want to decarbonize your supply chains
22:28and your building materials, right?
22:30You may want to ensure your building
22:32and climate risk resilience
22:33to your building, your facility.
22:37You may want to look at water management,
22:39which is often tied to energy, right?
22:42Often, the water being used in facilities
22:45requires energy to move it around,
22:47heat and cool it, et cetera.
22:48As I've mentioned earlier,
22:50building maintenance,
22:51also tied to decarbonization strategies,
22:54and also waste management.
22:56So, all of these actually will help you
22:58with decarbonization.
23:01And so, if we just look at
23:03energy management as an example,
23:07we map the different practices.
23:09So, energy management means,
23:10one, you can implement
23:12on-site renewable energy.
23:13You can use power purchase agreements
23:15to get more renewable product.
23:18And you can improve energy efficiency
23:20in the facility.
23:22And so, then we look at
23:24what are the different value drivers,
23:26ranging from, in this case,
23:27operational efficiencies,
23:29to sales and marketing,
23:31to risk management.
23:32And then looking at
23:34what are the different types
23:35of financial benefits
23:36that we might want to track.
23:38So, there are tax incentives
23:39and rebates
23:40for on-site renewable energy.
23:42There is reduced dependence
23:44on the grid, right?
23:45And so, protection as well as
23:47protection against rising energy prices.
23:49There's reduced utility costs.
23:51Under power purchase agreement,
23:54you can also potentially negotiate
23:55lower cost of energy
23:57than your current
23:57conventional energy purchasing.
24:00You may be able to,
24:01if you're in real estate,
24:02get green building premiums
24:04because you have
24:05a lower energy footprint.
24:07And then improve energy efficiency,
24:09obviously, can lower
24:10operational costs.
24:11So, how do we then go in
24:15and monetize?
24:16So, this is looking at,
24:18you know, sort of LED lighting
24:20and HVAC upgrades.
24:22And so, we look at
24:23what are the energy cost savings?
24:25What are the repairs
24:25and maintenance savings?
24:26We look at the carbon fees avoided
24:28and so on.
24:30And we have to build in
24:31some assumptions,
24:32like, you know,
24:33what would be,
24:33if you're projecting this out
24:35of a couple of years,
24:35what might be the inflation rate
24:37that you need to build in?
24:38And what might be,
24:40in some cases,
24:40you're looking at cost of capital,
24:42what might be the price of carbon
24:44that you want to use
24:45for carbon fees.
24:50So, that's an example
24:51around decarbonization.
24:53I also wanted to share with you
24:55the research we've been doing
24:57around sustainably sourced
24:58and marketed products
24:59and how that can also drive
25:01financial value.
25:03So, when you look at this,
25:04whether it's B2B or B2C,
25:06it can drive increased market share,
25:08premiums and loyalty,
25:10reduce your risk,
25:11create more resilient,
25:13loyal and high quality suppliers,
25:15gives you an ability
25:16to make sourcing claims
25:17and community support
25:19and license to operate benefits
25:21because of improved social
25:22and environmental performance
25:24in local communities.
25:27We've been doing a lot of research
25:29around consumer purchasing
25:30of sustainably marketed products,
25:33working with Surkana,
25:34which has access
25:37to all of our barcode data
25:39in the United States
25:41as well as other countries.
25:42We don't have it
25:43for Mexico, unfortunately.
25:45But that barcode data
25:46for every single product
25:47bought and sold
25:48in the United States.
25:50So, we've been tracking this now
25:52for 10 years
25:53and you are actually more
25:54at this point, 12 years.
25:56And you can see
25:57that sustainably marketed
25:58product share
25:59has been growing
26:00in consumer packaged goods
26:01in the United States
26:03up from about 15% in 2013
26:06to about 24% in 2024.
26:10And even from 23 to 24,
26:12it grew,
26:13it continued to grow.
26:14So, we've seen
26:15continued growth here.
26:17And interestingly,
26:19the sustainably marketed products
26:22are growing 2.3 times faster
26:25than conventional.
26:27So, the demand is there
26:29and the opportunity
26:30for selling sustainable products
26:32is there.
26:34And these products
26:35are being sold
26:36at a 27% premium on average.
26:40It ranges across
26:41the different market shares,
26:42the different, sorry,
26:43the different consumer
26:45packaged goods categories.
26:47Some categories are at a discount,
26:49some are at 100% premium,
26:52but most are around 30% premium.
26:55Even with that premium,
26:57as you can see,
26:58during the inflationary period
27:00of the last couple years,
27:02while private label market products
27:04have grown
27:05and they're cheaper,
27:06that's why they've grown,
27:07sustainably marketed products
27:09has also grown market share,
27:11even at a 27% premium.
27:13What that means
27:14in the United States
27:16is that conventional brands
27:18who have neither
27:19a private label piece
27:22nor a sustainable claim
27:25are actually losing market share
27:27to these.
27:29And we like to think about that
27:31as sort of the cost
27:32of inaction, right?
27:34This shows you
27:35the different categories
27:36and what we're seeing.
27:38So, when we first started
27:39looking at this,
27:40the majority of the categories
27:42were in the minus 5% share
27:44with a decent amount
27:45in the between 5% and 20%.
27:47I think we only had a couple
27:48in the plus 20%.
27:50And you can see
27:52that all of these categories
27:53on the right in green
27:55have moved over
27:57and become 20% plus.
27:59For yogurt and dairy,
28:01you're talking about 60,
28:02I think 70% for yogurt,
28:0465% market share for milk
28:07of sustainably marketed products
28:09in the United States.
28:11This is a trend
28:12that is continuing.
28:13This is,
28:14we've seen no drop off on this.
28:16And so despite what you hear
28:18about some of the pullback
28:20or our sort of concern
28:22about sustainability
28:22in the United States
28:24with the U.S. consumer,
28:25in fact,
28:26they are very clearly
28:27purchasing products.
28:28And again,
28:28I remind you
28:29at a 27% premium on average.
28:34The green shows
28:35that these categories
28:36have grown more than 10 points,
28:38percentage points,
28:39since we first started
28:40looking at them.
28:42This is a comparison.
28:46This past year,
28:46we did the United Kingdom
28:48and Germany.
28:50For any of you
28:51selling into European markets,
28:52you can see that in fact,
28:54this trend is even bigger there.
28:56So in the UK,
28:57close to 37% market share sustainable
28:59and Germany,
29:0142% market share sustainable.
29:04The premiums are lower there.
29:06I think as the market share grows,
29:08the premiums are lower,
29:09but there's still,
29:10you know,
29:11several percentage points
29:12and of course,
29:13very across category.
29:14So this is a global demand.
29:18This is not surveys.
29:19This is actual purchasing
29:20of sustainably marketed product.
29:24And then just to go back
29:26to sort of some
29:27of our return
29:27on sustainability investment
29:29projects,
29:31looking at,
29:32for example,
29:36McCormick's
29:37who does sustainable sourcing
29:39of some of its iconic ingredients
29:41where there are environmental
29:43and social challenges
29:44in their supply chains
29:45and looking at the rosy benefits
29:48for them,
29:48sales and marketing,
29:49lower cost of capital,
29:51improved risk management,
29:53earned media,
29:54all to the tune
29:55of about $6 million net
29:56with the potential to increase.
29:58And again,
29:58this was just a few
29:59of their iconic ingredients.
30:01We also looked at this
30:05for beef producers
30:07in Brazil,
30:08working with McDonald's,
30:11Carrefour,
30:12JBS and Marfrig
30:14to slaughterhouses.
30:17And what we found
30:18is that
30:19we were looking at
30:20sort of the comparison
30:21between deforestation-free commitments
30:23and sustainable agriculture commitments.
30:26And what we found
30:27is that sustainable agriculture
30:29actually drove for ranchers
30:30a seven times increase
30:32in profitability,
30:33which came from things
30:35like a 2.3 times increase
30:37in productivity,
30:38going from zero high quality beef
30:40to 70% high quality,
30:42which meant premiums for them.
30:44And that this was about $30,
30:46excuse me,
30:47$30 million NPV over 10 years.
30:50They also had a significant reduction
30:52in greenhouse gas emissions,
30:53but they weren't able
30:54to monetize that at that time.
30:57For the slaughterhouses,
30:58even bigger benefits
31:00because there was reduced risk
31:02in their supply chain,
31:03but also very significant,
31:05improved supply chain stability
31:07and quality, right?
31:08If your ranchers are doing well,
31:10then they're going to keep
31:11in business, right?
31:12And you're not going
31:13to have turnover.
31:14Also, the premium
31:15that they were able to charge
31:17due to the quality
31:18and sustainability
31:18of the product
31:19led to about $100 million
31:21NPV over 10 years
31:23for those two slaughterhouses.
31:25For the retailers,
31:26McDonald's and Carrefour,
31:28this was just
31:29for their sales in Brazil.
31:31There was also reduced risk,
31:33talent enhancement benefits
31:34and premium for Carrefour
31:35in particular,
31:37able to sell
31:38a premium sustainable product
31:39to the tune
31:40of about $40 million
31:41over 10 years.
31:44And then I want to show you
31:46an example around water quality
31:47and quantity management.
31:49So managing water quality
31:50and quantity benefits
31:52related to operational efficiency,
31:55as I mentioned,
31:56energy use.
31:57For example,
31:58we worked with a pulp
31:59and paper company
32:00in the southeast
32:02of the United States
32:03where water doesn't cost
32:04very much.
32:05And the sustainability lead
32:07said to the mill managers,
32:09you know,
32:09you're using an enormous
32:10amount of water.
32:11We need to look
32:12at reducing it.
32:13The mill manager said,
32:14why?
32:14It doesn't cost as much.
32:16The sustainability lead
32:17did an analysis
32:18and found that,
32:19in fact,
32:20all of that free water
32:21required an enormous
32:23amount of energy
32:24to move it around
32:24to heat and cool it.
32:26And then there was
32:26enormous amount
32:27of money required
32:28to manage
32:29the waste water
32:31generation
32:33to the tune
32:34of $1.5 million
32:35per mill per year.
32:37So again,
32:37not understanding
32:38these interdependencies
32:40and the costs,
32:41really important.
32:42also water
32:43is becoming
32:44sort of a real issue
32:45around license
32:45to operate
32:46in communities
32:47who are struggling
32:48to get quality
32:49and quantity of water.
32:50It can help
32:51the company itself
32:52with increased,
32:53improved resiliency,
32:55reduce regulatory
32:56risk and fines,
32:57and also reduce
32:58stranded asset risk.
32:59We looked at this
33:00with a company
33:01that was producing cereal
33:03and in Sao Paulo
33:06when there was a drought
33:07there a number
33:08of years ago,
33:09they had to shut down
33:10their factory
33:10for four or five days,
33:12which had a really
33:13significant financial
33:14impact on them
33:15in terms of having
33:16that stranded asset
33:17during that time.
33:20So here we worked
33:22with Arca Continental
33:23and another partner,
33:24ALO Advisors,
33:26now SWCA,
33:27to understand
33:30kind of what the cost
33:31would be
33:32of business as usual
33:33or the risk
33:34of business as usual
33:35versus making investments
33:36to tackle water risk
33:39and plastic packaging risk.
33:41For those of you
33:41not familiar
33:42with the company,
33:43they're the largest
33:44bottler for Coca-Cola
33:45in Latin America,
33:46but they also have
33:47their own beverage
33:48and snack businesses
33:49in Latin America
33:51and the U.S.
33:52and elsewhere.
33:53So in analyzing
33:54the water risk,
33:55we found that
33:56there was approximately
33:57$20 million of water risk
33:59associated with water stress
34:02and access to water
34:03and about $200 million
34:04in plastic packaging risk.
34:07So as a result of this,
34:09they've been investing
34:09in water conservation
34:11and efficiency practices
34:13as well as in
34:14state-of-the-art
34:15recycled PET plants
34:19and really extensive
34:21recycling education programs
34:24to ensure they get
34:25as much plastic
34:26as possible
34:27back into their
34:28used plastic
34:30back into their
34:31supply chain.
34:34And my final example
34:36is around employees.
34:38And here, you know,
34:39as we all know,
34:41satisfied, safe employees
34:44can drive productivity,
34:47retention,
34:47and therefore lower
34:48and therefore lower
34:48and therefore lower
34:48recruitment costs,
34:49reduce risk of employee
34:51lawsuits,
34:52reduce insurance costs
34:53in terms of health
34:54and safety benefits,
34:57good corporate reputation
34:59and also customer satisfaction.
35:01Right?
35:02And we all know this
35:03and we all say,
35:03you know,
35:04a happy employee
35:05means a happy customer,
35:06but we don't always
35:07monetize it.
35:08And we also don't
35:09necessarily monetize
35:11the role of our
35:13sustainability programs
35:15in ensuring
35:15good employee
35:17productivity
35:18and retention.
35:22So we did
35:23a project
35:24with REI,
35:26which is an
35:26activewear company
35:27in the United States
35:29known for its focus
35:30on purpose
35:31and sustainability.
35:33And what we found
35:35through looking
35:35at sort of the
35:36employee surveys
35:38they do,
35:39which are quite robust,
35:40we were able
35:40to establish
35:41this correlation
35:41and also looked
35:43at benchmarking
35:44with other companies
35:46in the business
35:46in the same business
35:47competitors
35:49and found that
35:50in fact,
35:50there was significant
35:51reduced turnover
35:52and hiring costs.
35:53There was increased
35:54productivity
35:55amongst high performers
35:56all related
35:57to their focus
35:57on purpose
35:58and sustainability.
36:00The net benefit
36:01to them
36:02where we subtracted
36:03some,
36:03they, for example,
36:04enable,
36:05allowed their employees
36:06or encouraged
36:07their employees
36:07to take a couple
36:08of days off
36:09to volunteer
36:10for environmental groups.
36:11So the total
36:12net benefit
36:13was $34 million
36:14or about 5%
36:16of payroll.
36:18So a significant
36:19intangible benefit
36:20that nobody
36:21was looking at
36:22prior to doing
36:23this work.
36:27So that is
36:29my final slide.
36:33I want to
36:34thank you all
36:35for your attention
36:37and also to say
36:40that all of these
36:41materials are available
36:42on the NYU Stern
36:43Center for Sustainable
36:45Business website
36:46under our
36:47Return on Sustainability
36:48Investment work.
36:50We have a corporate
36:51tool that helps
36:52you walk through this.
36:53We have various
36:54industry frameworks,
36:56monetization tools,
36:58and you can also
36:58always reach out
36:59to us if you're
37:01interested in a
37:02research collaboration
37:03or partnership.
37:04So thank you so much
37:05for your time
37:06and hope you
37:07enjoyed the lecture.
37:08Thank you so much
37:08for your time
37:09and hope you enjoyed
37:10the lecture.
37:11Thank you so much
37:13you
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