Consumers care more about the environment and are taking an increasing interest in the footprint that their favourite brands create. Conversations about ethical shopping are on the rise, especially among younger consumers, and there is a general migration towards brands who build environmentalism into their ethos. According to a recent survey, 69% say it is important or very important that retailers have good environmental credentials – and 49% will even pay more if a brand is environmentally friendly.
Businesses have a clear commercial interest in diversifying their activities by innovating strategically, according to Boston Consulting Group.
The need to address climate change has become a corporate priority that sits at the heart of boardroom concerns, not just for environmental reasons but also because it's what consumers want and what investors want. It has become increasingly clear that this is where the best growth opportunities lie in coming decades, and that failing to tackle the wave of disruption that the net zero transition brings is a threat to any business. Innovating into resilience is the key for future growth.
Companies have started to commit to change, but we need to go much further - ‘sustainability as usual' is not enough any longer. Companies need science-based targets and full transparency about what they're doing - and they need to look outside their core business to reap the climate and business benefits.