When it comes to climate change, everyone has a role to play in cleaning up and saving the environment. However, since governments and large-scale corporate organizations do the most harm to the environment, they ought to take the most responsibility.
This is why companies around the globe are actively trying to embrace cleaner practices and contribute to environmental protection and preservation in many ways. One of the main ways they do this is by minimizing waste and carbon emissions throughout the life cycle of their products. You will learn more about it in this article.
The role of Life Cycle Assessment (LCA) in corporate responsibility efforts
Simply put, life cycle assessment is the process of tracking and evaluating the environmental footprint of an organization’s product or service. It considers the company’s impact from the inception of an idea or product to the delivery to end users. Every aspect of production is analyzed during this assessment.
If you are wondering how to conduct a Life Cycle Assessment for your firm, keep in mind that specialized third-party firms handle this for companies. These experts usually conduct two types of LCA, as you will see below:
In this case, the professionals examine the environmental impact of products, starting with the extraction of raw materials. It also covers production, transportation, and delivery of the product. The goal is to help the company see the most environmentally damaging aspects of these processes and suggest actionable alternatives or solutions.
This is the most extensive life cycle assessment you can do for your company. It covers everything involved with the product, from sourcing raw materials to eventual disposal. For example, it considers whether a product is reusable or can be recycled into other useful products. If all your products contribute to the ever-growing waste in landfills, you may need to rethink your strategies.
What are the benefits of Life Cycle Assessment?
From the surface, it may seem like life cycle assessment is beneficial to the environment and consumers alone. However, this is not the case. Organizations enjoy several benefits from investing in life cycle assessment. These include:
Operational cost reduction
The initial cost of switching from traditional practices to more environmentally friendly options might seem high. However, a closer look will reveal some long-term cost savings. A LCA allows you to spot inefficiencies in every aspect of production and delivery so you can replace them with more affordable alternatives.
Improved brand value and reputation
Maintaining an excellent reputation is essential for every brand that wants to stay relevant. Consumers are no longer turning a blind eye to the environmental impacts of companies. If you want to improve your company’s reputation, you must adopt eco-friendly practices. Prove to them that you care about the environment and not just profit. You will also tap into a large market base by doing this.
Outsource LCA to a professional
As stated above, many third-party firms handle life cycle assessment and carbon accounting for large-scale industries. You can outsource to these companies to learn more about LCA and get a more vivid assessment of your company’s impact.