Effectively balancing environmental protection and socio-economic development should be the end goal.
According to a study, over 50% of Gen Z shoppers are willing to pay more for sustainable products. The author recommends brands to focus on sustainability by first hiring a third-party consultancy firm to analyse their processes and carbon footprints unbiasedly. The consultancies could suggest ways to responsibly reduce waste and energy usage, along with developing greener technologies.
The early adoption of sustainable practices legislation can give businesses more time to plan and adapt to upcoming changes. Organisations should also aim for a “circular economy” in their product lifecycle, which involves repurposing older models to manage resources.
Businesses should make their progress and shortcomings available to the public via press releases, white papers or blogs. This transparency can establish them as leaders in sustainability.
[4 minute read]