Sustainability covenants present significant opportunities for organisation(s) and EPA to work together to increase resource efficiency and to reduce the ecological impact of products and services.
- Are you looking to make your business robust and successful over the long term?
- Are you able to lead and influence the rest of your sector to:
- improve the overall environmental sustainability of your industry?
- reduce the ecological impact of your business?
- Do you have exciting, innovative ideas to help your business to 'do more with less' (to conserve our precious natural resources)?
- Are you willing to work collaboratively with your staff, clients, customers and others to help achieve long-term business success?
- Do you seek EPA's expertise, support, networks, skills and resources in achieving resource use efficiency and business sustainability?
- Do you seek public recognition for your leadership in business sustainability?
If you're willing to explore these questions, then a sustainability covenant might be of value to your business and its successful future. Should you want further information on sustainability covenants, please contact EPA.
Sustainability covenants can be used by a single company, a supply chain, an industry association or an industry sector.
The potential benefits
Many Victorian businesses have already started a move towards sustainability, and sustainability covenants have great potential to provide many business and environmental benefits for organisations that show leadership, creativity and commitment to business sustainability. These benefits include:
- improved long-term sustainability and increased profitability of individual companies and whole industries
- reduced potential for restrictions imposed by regulation
- opportunity for competitive advantage through product and service differentiation on the basis of environmental characteristics
- potential use of a covenant to overcome environmentally based trade barriers, and
- statutory recognition of environmental leadership in efforts to achieve resource use efficiencies and to reduce the ecological impacts of commercial activities.
Sustainability covenants are a flexible tool. They are about supporting innovation. There is no strict model or formula to which they must adhere.
To ensure the objectives of sustainability covenants can be achieved, however, some fundamental elements are incorporated into each covenant. These elements include monitoring and reporting requirements that ensure that signatories meet the commitments to which they agreed upon signing a sustainability covenant with EPA.
The Victorian community can therefore be assured that these covenants help Victoria progress forward towards our sustainability goals.