What is B Corp?
"B Corporations are leaders in the global movement for an inclusive, equitable, and regenerative economy" - B Corp
Essentially, a B Corps runs its business and creates products with a focus on sustainability prioritizing people and the planet.
Who is a B Corp?
Representing over $150 billion in annual revenue, B Corp has over 5,000 companies globally across 77 countries.These companies include;
TOMs
Ben and Jerry's
Kickstarter
Allbirds
Alpro
Mindful Chef
The Body Shop
Why do businesses become a B Corp?
While many businesses promote sustainability as a core value because it is just something they believe in. Sustainability is also an incredibly valuable brand value for a business to have customers associate with it.
Studies have shown that high-sustainability companies outperform low-sustainability companies by 2.3% annually. While this comes down to many factors (including great company leadership), it is important to note that customer purchasing and engagement metrics also support this fact- as 75% of consumers are likely to stay loyal to a brand that supports a social or environmental cause versus brands that do not.
While there might be a short-term cost to making a business more sustainable, the long-term gains far outweigh, especially, if your brand would like to connect and attract purpose-driven conscious consumers.
B Corp's value comes from the trust it has built with consumers. To keep this trust, B Corp has put in many steps to ensure that greenwashing businesses cannot slip it. However, their rigorous auditing process can cost up to $50,000 and take more than 18 months for large businesses.
For businesses looking to align with alternative (or additional) certifications and initiatives, here are a few options to consider:
B Corp Alternatives
Benefit Corporation
Benefit Corporation is in the same family as B Corp but serves a different purpose. B Corps are applicable for any for-profit entity who receives a verified score B. Benefit Corporation's is only relevant for corporations in select geographies.
Nore: Their performance is also self-reported.
1% for the Planet
1% for the Planet was founded back in 2002 with a very clear objective - get businesses to pledge 1% of their revenue (not profits) towards vetted environmental causes and initiatives. These causes support several pillars including; Rights to Nature, Conservation & Restoration, Resilient Communities, and Just economies.
Note: Many 1% for the Planet brands use Virtue to pay their causes!
Notable Brands:
Patagonia
Ben and Jerry's
oxo
kelpy
United Nations Sustainable Development Goals UNSDGs
The UNSDGs were developed in 2015 as a framework and set of rules for a sustainable future. They address the many challenges facing our planet today from all facets of life from Poverty and Hunger to Affordable Clean Energy.
What are the UNSDGs?
No Poverty
Zero Hunger
Good Health and Well-being
Quality Education
Gender Equality
Clean Water and Sanitation
Affordable and Clean Energy
Decent Work and Economic Growth
Industry, Innovation and Infrastructure
Reduced Inequality
Sustainable Cities and Communities
Responsible Consumption and Production
Climate Action 14. Life Below Water
Life on Land
Peace, Justice and Strong Institutions
Partnerships for the Goals
Notable Brands supporting UNSDGs:
The Open Bank Project
Patagonia
Ikea
Ben & Jerry's
Tesla
Carbon Neutral
Carbon Neutral is a program supported by Natural Capital Partners. This certification is focused solely on carbon emissions (as the name would suggest). Carbon Neutral helps brands measure their emissions, create strategies for reducing their emissions, offset their remaining emissions, and communicate their commitment to carbon neutrality
Notable Brands working with Carbon Neutral:
Microsoft
sky
Logitech
Brooks
Lime
Plastic Neutral
Many organisations are supporting the plastic-neutral movement - with some great options including rePurpose and our Friends at Seven Clean Seas. It is estimated that there are over 78 million tonnes of plastic packaging flowing into our oceans - working towards plastic neutrality is a great way to show your support for our oceans and waterways.
Notable Brands:
Iceland
Better Nature
Nature's Logic
