We often talk about the greening of companies in terms of “the right thing to do.” The “triple bottom line” and “people, planet, profit” are catchy, but most companies look to leverage sustainability to create value for their stakeholders. Certainly, the successful companies take this approach.

From a business perspective, “the right thing to do” is adopting a genuine sustainability strategy that is completely aligned with your overall company strategy. If executed well, this can create long-term value.

What are the best examples of a company aligning sustainability and its corporate strategy? In my opinion, GE ecomagination, Wal-Mart (of course) and ExxonMobil can illustrate my point.

GE: ecomagination

First, the GE ecomagination strategy, which is built on creating a portfolio of products that perform better than “comparable” products, especially in the midst of an economic downturn. GE’s approach identified a portfolio of “clean” products that were more energy-efficient or were at the center of Cleantech industry growth. GE invested in energy-efficient aircraft engines, water-treatment technologies and wind turbines, energy-efficient appliances and more mundane technologies such as home technologies “inspired by ecomagination.”

Why does this strategy work? It was very simply a manufacturing (and R&D) powerhouse that spotted the global trends of “going green” and a need to invest in infrastructure (energy, water, smart grid and green homes, to mention a few).

So how is GE doing with ecomagination? Quite well, in spite of the downturn. The ecomagination unit has been growing at nearly 20 percent a year since its inception in 2005 and currently generates close to $17 billion annually in revenue. Although ecomagination may not make its $25 billion revenue target next year, it is still doing relatively well in areas such as wastewater-treatment technologies.

Wal-Mart

Next is the Wal-Mart story. Wal-Mart recently announced that it was moving toward requiring “eco-labels” on products over the next five years to include carbon, water and waste generated. This move is just the next evolutionary step in the overall Wal-Mart strategy.

The essential element of the strategy is to leverage its impact through the Wal-Mart supply chain – not merely reducing its own environmental footprint, but influencing the footprint of its extensive supply chain. To quote Michael T. Duke, Wal-Mart president and chief executive, “We have to make consumption itself smarter and sustainable.”

The goal here, of course, is to move Wal-Mart’s supply chain to manufacture more sustainable products. Wal-Mart is taking waste out of its supply chain with a resultant cost reduction. Remember “everyday low prices”?

ExxonMobil

Finally my current favorite, ExxonMobil, and its investment in algae biofuels.

Exxon has not spent time developing renewables such as wind or solar PV. Instead, it is investing in a potential game-changing transportation fuel.

Exxon announced a few weeks ago that it was investing $600 million in algae biofuels research with a leading biotech company, Synthetic Genomics Inc. The goal is to research and develop next-generation biofuels produced from sunlight, water and waste carbon dioxide by algae. Exxon’s collaboration with Synthetic Genomics is projected to extend five to six years with plans for the construction of a test facility in San Diego to study algae-growing methods and techniques to extract oil from algae.

Exxon recognizes there will be a need for increased fuel supplies to drive economic development. Will it come from oil and gas or from alternative fuels? Exxon seems to have the answer.

Why is this a great strategy? According to Exxon, the goal is to “make hydrocarbons that look a lot like today’s transportation fuels” and “produce hydrocarbons that look like today’s refinery products, that can go into a refinery to be processed along with other petroleum streams and then used in the transportation fleet or even jet fuel.”

If you want to gain the most value from sustainability, it is essential that you do not view sustainability as an add-on and recognize that any successful long-term sustainability initiative needs to position your company for success in a changing business world.