Towards a Sustainable Future: Sustainability & Lubricants Industry
We have witnessed a significant change in the lubricants industry with companies recognizing the need for a more sustainable and environmentally-friendly business model that will not only help the environment, but the industry as a whole.
This raises some interesting questions: ‘What can your organization do to contribute to a more sustainable future?’ ‘What can be done to better promote sustainability?’ And from a recruiter perspective: ‘How to use sustainability to attract, manage and retain the top talent at your organization?’
In our ‘Towards a Sustainable Future’ article series we will be seeking answers to these and many other sustainability questions.
Sustainability: What Does It Mean?
At present, there is work to be done in the industry for one definition of SUSTAINABILITY that applies across the sector. The United Nations defines it as “meeting the needs of the present without compromising the ability of future generations to meet their own needs”.
Sustainable development calls for concerted efforts towards building an inclusive, sustainable and resilient future for people and the planet. At its core, the main values are strongly attached to continuous improvement in three different dimensions: economic growth, social inclusion and environmental protection.
From the business perspective, it means that an organization considers more than just profits — it considers its impact on society and the environment. Such a business is sustainable because it contributes to the health of the structure within which it operates, thereby helping construct an environment in which the business can thrive.
Sustainability: Can the lubricants industry be sustainable?
The lubricant industry is not often viewed in tandem with sustainability efforts.
This may be due to the lubricants industry being part of the much larger petroleum industry, which suffers from negative public perceptions of its environmental impact.
However, the impact of the lubricant industry on helping to preserve the planet cannot be underestimated. As emphasized by the president of the UEIL, Valentina Serra-Holm lubricants themselves enable “an enormous impact on the environment”.
The use of lubricants has been long stated as ‘economic significance’. Lubricants reduce friction and ultimately the use of energy. Approximately a third of the world’s primary energy consumption is attributed to friction, wear loss and corrosion. Lubricants are therefore at the very core of increasing the equipment lifetime, extending the use of valuable resources, improving fuel economy and ultimately reducing greenhouse gas emissions.
We believe this is just one powerful message that organizations can use to change the common misconception of the lubricants industry and to attract talent to the sector by highlighting the critical role lubricants has in the world.
Sustainability: Why is it important for your lubricant company?
Sustainability can bring wide-ranging business opportunities and has to become at the top of the agenda for lubricants organizations and their business strategy. It can help your company become more efficient, improve your brand value and reputation, provide a platform for innovation, help attract and retain staff, achieve better growth, cut costs and strengthen stakeholder relations.
This is a topic we will explore in more depth in the next article. so keep an eye out for more content to come next week!
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