Many companies are able to accept a win-win strategy towards adopting environmentally friendly practices, because of the positive correlation between environmental actions and financial returns (Frankel, 1998). A company can save costs by looking for eco-efficiencies; where companies decrease their environmentally harmful inputs and outputs. In 2009, Canadian Tire introduced the right-fit packaging program, which would reduce the amount of unnecessary packaging. While Canadian Tire was curtailing their environmental impact, 320 packaging changes between 2010-2011 saved the company $6.3 million in costs (Elm & Tyler, 2012). Eco-efficiencies clearly yields profit, while reducing the company's environmental impact. Furthermore, creating a product or service that offers unique environmental benefits for consumers is another way that environmental actions lead to financial gain. By creating an environmentally beneficial product, a company separates themselves from competition and will be able to capitalize on these environmental opportunities. Consumers are willing to pay a premium for greener goods: goods being made in an environmentally friendly way or by a company who is greener (Reinhardt, 1999). Besides capitalizing on environmentally differentiated products, companies can also achiev...
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Etsy, D., & Winston, A. (2006). Green to gold. (p. 84). Chicago: Wiley. Retrieved from
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Agency, (2005). Building green for the future: Case studies of sustainable development in Michigan. Retrieved from Urban Catalysts Associates website: http://www.epa.gov/p3/success/michigan.pdf.
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