It is no secret that the planet’s state is becoming increasingly vulnerable, and the consequences are dire. In such a context, businesses and individuals alike are feeling pressured to play their part in creating a healthier world for everyone. Business sustainability means conducting your operations without harming the planet. But why should you become a sustainable business, anyway? Well, it enables you to show leadership in addressing climate change and staying ahead of the curve. According to a 2023 Deloitte report, 84% of business leaders believe it’s possible to achieve global economic growth through climate change goals, while 75% state their organisations have enhanced their sustainability investments throughout the past years, showcasing a likely groundswell of action within the sector.
Becoming more sustainable often requires businesses to address resource efficiencies, and according to research by McKinsey and Co., this has the potential to positively impact a company’s operating profits by around 60%. Furthermore, sustainability allows you to attain growth through purpose while serving as a future-minded business strategy. Considering all these aspects, it makes sense for a business to embrace sustainability.
Several sustainability trends are likely to shape the worldwide agenda in 2024, and as a business, it’s essential to pay attention to them and see how you can adapt your operations to the growing needs of customers and modern times. Without further ado, here’s a list of the sustainability trends that will change how people treat the planet.
A focus on using renewable energy sources
Renewable energy has become more accessible recently, and this trend will continue to be enhanced, with experienced professionals predicting the use of new technologies and systems that will help create sustainable energy consumption in the long run. According to forecasts, solar and wind energy will be among the most popular types of renewable energy, and that’s because of their high efficiency as well as their low cost. Similarly, geothermal energy and hydroelectricity will help meet the planet’s energy needs.
Opting for a renewable system offers an independent energy source that enables businesses to have heat and electricity without relying on fossil fuels, which are non-replenishable, meaning they cannot be used again. Besides, fossil fuels significantly impact climate change, pollution and global warming. Considering this aspect, it makes sense to future-proof your business by switching to renewable energy sources and meeting your CSR targets, improving clients’ perception of your brand while reducing your carbon footprint and making a significant difference on the planet.
More recycling
The importance of recycling is getting stronger daily, which will be a notable trend in 2024. It’s not a new concept, and businesses around the world are already recycling in one way or another, but with the increase in environmental concern, it’s expected that recycling will become part of every business’ sustainability strategy. Both manufacturers and producers will enhance their efforts to decrease packaging and recycle it while encouraging consumers to also build greener habits. This trend will be noticeable across many sectors, including food and retail production. In fact, the retail industry is already making substantial efforts to decrease waste. An excellent example is demand planning, in which organisations plan the amount of purchases they will get to create packaging accordingly and avoid waste.
Given the increased demand for environmentally conscious products, it’s not surprising that major players in the business landscape are taking the necessary steps to enhance their sustainability efforts, such as investing in valuable equipment like Mil-tek waste balers. With a greater awareness of recycling practices, especially packaging and plastics, it is expected to see some positive improvements.
Enhanced brand transparency and responsibility
In 2024, brands will be under growing pressure to improve their sustainability efforts and be more transparent with their initiatives in this direction. To address climate issues, businesses are implementing different measures, such as relying on renewable energy and shifting to more sustainable materials when manufacturing products, which help them mitigate risks and remain competitive in the long run.
Sustainability is no longer a choice for businesses in today’s world; green credentials will determine whether a contract will be won or lost. Therefore, it’s wise to take action now to gain consumers’ trust and thrive in the business world. It’s worth noting that consumers demand organisations to show them how they address climate impact; if your company cannot be transparent with its commitment to sustainable industry practices, consumers will likely look elsewhere to buy the products they want.
Increased remote working
Ever since the beginning of the pandemic, remote work has become the new normal for many businesses, and this working style has numerous benefits, which is why businesses globally have maintained this practice.
According to forecasts, this trend will continue in 2024 as well, and its positive impact on the environment cannot be denied. Working from home lowers greenhouse gas emissions by around 600,000 cars, which translates into a considerable reduction. Furthermore, since workers can complete their tasks remotely, this has also helped reduce energy consumption in office buildings. According to a recent report, in 2028, it is expected that 73% of all teams will have remote workers, highlighting that this working style will stay the same, so if you want to increase your green efforts, this is a great place to start.
The bottom line
As highlighted by the trends in this blog, embracing sustainability isn’t just a nice-to-have but a fundamental necessity for all organisations in the modern world for decision-making and business strategy. This means companies require the right corporate sustainability professionals with the knowledge and skills needed to adopt sustainable practices that can foster profitability and business growth. Sustainability comes with great benefits for a business, but perhaps one of the most significant reasons you should embrace it is its massive impact on the planet and future generations. As a business, the decisions you make don’t only affect you – they also have an impact on employees, customers, the environment and future generations as well, so it’s up to you to create a better world for the next generations.
