Innovation and Technology

Manufacturers have long prioritized sustainability in their operations, but 2024 will bring new attention to the industry’s efforts. As we continue to explore the major manufacturing trends that will shape the industry this year, here’s what you need to know about this key development.

What manufacturers should do: Manufacturers looking to create strong sustainability plans to meet the expectations of regulators, boards and consumers should start by taking these steps, according to the NAM’s experts.

• Craft an overall organizational sustainability plan with metrics and reporting.
• Make changes and upgrades to support energy and resource efficiency, as well as reduce waste and emissions.
• Focus on sustainable products and packaging in addition to sustainable processes.
• Improve product reclamation or recycling in the circular economy.

Expert opinion: According to UL Solutions, company boards have a particularly key role to play in developing sustainability plans.

• “Boards of directors are bound by their fiduciary responsibilities to shareholders, but savvy directors also recognize that environmental and other ESG-linked risks and opportunities are vital to the long-term health of their organizations,” UL notes.

Resources for you: Check out these NAM resources to learn more about sustainability and compliance:

• NAM Energy will connect you with an adviser to create an energy management strategy that will help you cut costs and reduce your environmental impact.
• This podcast from Milliken & Company’s director of research, compliance and sustainability is an excellent case study for manufacturers seeking to remove or remediate PFAS chemicals.
• Dig into the NAM’s extensive collection of policy explainers, on everything from the Environmental Protection Agency’s regulation of particulates to the Securities and Exchange Commission’s regulation of climate disclosures.

Read the full 2024 trends report here.