Green to Gold: How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage PDF
Preview Green to Gold: How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage
Green to Gold Green to Gold How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage Daniel C. Esty and Andrew S. Winston Yale University Press New Haven and London Copyright(cid:2)2006byDanielC.EstyandAndrewS.Winston. Allrightsreserved. Thisbookmaynotbereproduced,inwholeorinpart,includingillustra- tions,inanyform(beyondthatcopyingpermittedbySections107and 108oftheU.S.CopyrightLawandexceptbyreviewersforthepublic press),withoutwrittenpermissionfromthepublishers. SetinAdobeGaramondwithStoneSansDisplaybyWestchesterBook Services. PrintedintheUnitedStatesofAmerica. LibraryofCongressCataloging-in-PublicationData Esty,DanielC. Greentogold:howsmartcompaniesuseenvironmentalstrategyto innovate,createvalue,andbuildcompetitiveadvantage/DanielC.Esty andAndrewS.Winston. p.cm. Includesbibliographicalreferencesandindex. ISBN–13:978–0–300–11997–8(cloth:alk.paper) ISBN–10:0–300–11997–6(cloth:alk.paper) 1. Industrialmanagement—Environmentalaspects. 2. Corporations— Environmentalaspects. 3. Businessenterprises—Environmental aspects. I. Winston,AndrewS. II. Title. HD30.255.E882006 658.4'083—dc22 2006022012 AcataloguerecordforthisbookisavailablefromtheBritishLibrary. Thisbookwasprintedwithsoy-basedinkonacid-freerecycledpaper thatcontains100%postconsumerfiber.Thecasewasmanufacturedus- ingacid-freerecycledpaperthatcontainspostconsumerpulps. Thecarbondioxideemissionsassociatedwiththepublicationanddistri- butionofthisbookhavebeenoffsetbythepurchaseofcarboncredits. 15 14 13 12 11 10 9 Acknowledgments We were granted remarkable access to top officialsindozens ofcompanies.Weareprofoundlygratefulforthemanyhours environmental professionals, factory managers, division heads, Board Members, COOs, andCEOs spentwithus.We also interviewed people workingcloselywithindustryatma- jor environmental groups. In total, we spoke to more than 300 people at more than 100 companies. We can’t thank individually all the executives who shared with us their environmental challenges and triumphs with impressive candor and humor. But we do want to single out a few people who really went beyond the call of duty and clearedapathforus.Theyarrangedextensivecompanyvisits for us, gave us access to all levels of the company, ensured that we got into “the trenches,” and often sat through mul- tiple days of meetings listening to stories they knew already. Inthisregard,wethankKeithMillerandKathyReedat3M, Shaye Hokinson at AMD, Chris Mottershead at BP, PatNa- than at Dell, Dawn Rittenhouse and Paul Tebo at DuPont, ix For our children—Sarah, Thomas, and Jonathan (the Estys), and Joshua and Jacob (theWinstons). Wehopeyouwillbethebeneficiariesofafuturewherebusinessesboth profit and help to createa healthy and sustainable world. v Contents Acknowledgments, ix Preface, xiii Introduction: The Environmental Lens, 1 Part One. Preparing for a New World 1 Eco-Advantage, 7 Issues and opportunitiesfor business in an environmentally sensitive world 2 Natural Drivers of the Green Wave, 30 Environmentalproblems and how they shape markets 3 Who’s Behind the Green Wave? 65 Stakeholdersand the power they wield Part Two. Strategies for Building Eco-Advantage 4 Managing the Downside, 105 Green-to-GoldPlays to reducecost and risk viii Contents 5 Building the Upside, 122 Green-to-GoldPlays to drive revenuesand createintangible value Part Three. What WaveRiders Do 6 The Eco-Advantage Mindset, 145 Looking through an environmentallens 7 Eco-Tracking, 166 Understandingyour company’s environmental“footprint” 8 Redesigning Your World, 195 Designing for the environmentand “greening” the supply chain 9 Inspiring an Eco-Advantage Culture, 206 Creating an organizational focus on environmentalstewardship Part Four. Putting It All Together 10 Why Environmental Initiatives Fail, 237 Pitfalls to avoid on the way to Eco-Advantage 11 Taking Action, 262 Executionfor sustained competitiveadvantage 12 Eco-Advantage Strategy, 283 Key Eco-Advantageplays, tools, and plans Appendix 1: Additional Resources, 307 Appendix 2: Methodological Overview, 311 Appendix 3: Most Relevant Tools for Each Green-to-Gold Play, 317 Notes,* 321 Index, 349 * References are not noted in the text but are shown by page number and key words beginning after the appendices.
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