Our kids are growing in a world where extreme climates are becoming more frequent ; a tumultuous business. “Act now or perish” are the only words rolling off the tongues of our scientists today.Our reckless use of energy and material have created an environment that is extremely unhealthy and unsustainable for survival. Air is polluted, water is polluted, landfills leach toxic materials into soil, plants and food chain. The population has increased exponentially and precious resources like water are getting exhausted.
The time for thinking has gone. It’s time to act. Some corporate firms have consciously acted in rhythm with their social responsibility,therefore instilling a positive change. Others are catching up while trying to incorporate sustainable solutions. This is majorly because of consumer demand as market dynamics is seeing a shift towards eco friendly choices.
Economic limitation is a major reason why eco friendly choices still occupy a peripheral space.Being eco friendly is synonymous to being expensive.
It’s a myth that the production cost for eco friendly product or services will always be higher or the ROI on sustainable business will be low. It’s a myth that big corporates will not change to sustainable solutions.These statements root from the fear of losing competition in price war thus further losing the upper hand in market position. And then it’s a downward spiral from there.
However, what we forget that when consumers are comparing pricing, they are also comparing the value addition of the product or service. And in today’s world not polluting or having lower carbon footprint is a huge value add. Consumer is ready to pay a premium for life.
Let’s run through some use cases to support our argument :
- 86% of millennials are inclined towards sustainability. These are our future customers driving volume.
- According to The Guardian, “At least nine companies globally generate a billion dollars or more in revenue annually from sustainable products or services”.
- Home Depot, the world’s largest do-it-yourself hardware and supply store was forced to change their supply chain from Old Growth
Wood forests upon collective outrage and pressure from activists. They feared consumer boycott and thus had no choice but to change. However, in the process they became role models for the industry thus leading to a paradigm shift in supply chain of wood as a whole.
So, the next big wave is to take suitable steps towards Innovative Sustainable Solutions . The existing set of solutions for our needs have created problems at global scale.
By –Nupur Jain, Founder and Concept Designer at Applied Science and Engineering Club
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