Sustainability is becoming more of a focus in business, and 2023 will be no exception. Here’s the trends we’ll be seeing.
What Is Sustainability?
Business sustainability is the practice of operating a business without impacting the environment negatively. A green business functions in the best interests of the local and global environment, meaning it supports the community and economy dependent on a healthy planet. Business owners endeavoring to this are more-or-less making a pledge not only to make business viable for the future, but for everyone to have a future at all.
Check with your vendors and suppliers to see if they focus on sustainability. If they do not, consider finding and supporting businesses that focus on their environmental impact. If possible, choose local companies to limit shipping and the carbon emissions that come with it. You want to be cautious of what vendors are associated with your business and align with other companies that focus on sustainability as well. Also consider the raw materials used in products. See if there are any alternatives to harmful ingredients such as flame retardants, lead, mercury and certain phthalates. Don’t forget to consider how the goods are packaged. Look for suppliers that limit their plastic packaging to avoid additional waste.
Record-breaking energy prices are adding extra strain to businesses, but rejecting sustainable practices due to cost is a short-term view on a long-term problem, and often this reflects an oversight of the long-term benefits of energy efficient technology. Small, well-thought-out changes like this offer businesses a cost incentive and help to hit sustainability targets – killing two birds with one stone. Creating a brand that is truly sustainable takes time and financial commitment. As all business minded individuals will attest, you must spend money to make money, because investing in sustainability will offer your business long-term benefits.
In that context, the role of natural capital and wider biodiversity threats are central. Climate threats are symptomatic of the structural and growing tensions between escalating demand from a larger, wealthier and hungrier global population and the world’s finite resources to support that population. The reality is stark: nature risk is fast becoming an integral factor to investment risk and returns. https://www.cultivatingcapital.com/natural-capital/
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