As we approach a new decade with the impending climate crisis closer at every step; the need for robust sustainable efforts has become a necessity – especially in the world of business. Currently, business leaders worldwide are weighting responsibilities to achieve a balance between the interests of investors and the environment.
The year of 2019 has seen an immense load of environmental chaos and disasters, leading to increased levels of carbon emissions and steering us further away from our sustainability goals. However, the social upheaval was another prominent feature of the year as more people stood up to demand greater responsibility from enterprises and government leaders. What does the new year hold? Well, we’ll let you decide that for yourself.
Here are four major trends that are expected to shape business and the environment this year.
1. Democrats to rally against Big Techs
We’re witnessing a total digital technology takeover in the world. It has been widely adopted globally and millions of people utilize it to access a large pool of data material and opportunities. Digital technology has brought leisure and flexibility in every field, including our homes where we’re not even required to leave the house to buy groceries. But, the growing power of big tech has raised several concerns for posing threats to human rights when it comes to data confidentiality.
The most common incident is the objection of EU regulators regarding data privacy. Tech giants such as Facebook, Apple, Netflix, and Google are under attack and many democrats have proposed an antitrust action against these empires. They’re reinforcing these initiatives to eliminate the social risks and offer strong human rights protection to deal with the darker side of digital technologies.
As more and more people raise concerns on how platforms like Google and Amazon use their personal information, governments will have to adapt quickly to how tech giants can be held accountable for their power.
2. Sustainable finance takes off
The sustainable finance market is set to further disperse in 2020 as it rises in significance and the amount of capital invested in its deployment. The financial sphere is striving to make more sustainable efforts through innovations such as green bonds and accountable investment projects. A green bond is a financial instrument that specifically tailored for environmentally-friendly projects or investments. There has been a keen interest shown by investors in this type of initiative and it will continue to grow in the future. Countries such as China and Singapore are leading the sector by implementing economical strategies to expand sustainable finance this year.
Now that financial institutions have more tools at their disposal to bring change by propelling environmentally-conscious practices across industries while also meeting board and investor demands. This paradigm shift with regards to sustainability will help create a sustainable investment ecosystem and motivate sustainable product innovation.
3. Out of the lab and into your homes – plant-based meat on the rise
The market for alternative meat has been thriving since Impossible Foods skillfully invented plant-based meat that tasted similar to the real deal served in our homes. After a successful launch in Singapore, the eco-business has a mission to convert the entirety of Asia to the plant-based meat.
Countries are positively acknowledging this innovation and plan to introduce lab-grown meat in cafés as the demand for protein intensifies. Singapore’s Shiok Meats is gearing up to present their first lab-grown shrimp meat in the country’s finest bistros, which will later hit the market in Hong Kong, then spread across Asia.
Lab-grown meat is ready to become the new norm in households as food-tech experts work on delivering value to consumers. Meat produced in scientifically-controlled environments will be great for the consumer’s well-being, our wallets, and the planet. It’s a cost-effective and clever alternative to real meat with an added benefit of improved health. In addition, the environmental impact of meat production can be controlled, leading to better sustainable management.
4. Circular economy begins to spin for big business
Major businesses are implementing circular economy practices in their establishments to reduce overall waste production and decrease their carbon footprint. In contrast to the make, use, dispose model, circular economy will shape the future of large manufacturing corporations in 2020 to limit the non-reusable plastic waste.
The switch to circular business models will help businesses transition to a more efficient, economically friendly, and sustainable production mechanism. In doing so, the negative impact on the environment is significantly reduced. Its principles fundamentally rely on making the most of our resources and products to improve the productivity of resources. This not only educates society on better waste management, but also helps them to extract maximum value from resources whilst they’re in use. Fortunately, businesses are finally recognizing the value of going circular and are cooking up strategies to fully shift to circular companies.
For instance, eco-friendly carpets weren’t a thing a decade ago, but after extensive scientific and environmental research, this innovation came to be. These carpets make use of renewable fibers like seagrass, organic cotton, wool, jute, etc. Not only are they better for the environment, but also they have a longer lifespan than our expensive, lush rugs. You can even find an environmentally-friendly carpet cleaning service after a quick Google search of “carpet cleaning London”. You’ll find a list of best-ranked results; from there you can make your way down the list and find the company that uses the most climate-friendly carpet care materials.
With less than ten years to prevent the earth from overheating, now is the time for governments, leaders, and the society to transition the global economy towards circularity.
The Final Verdict
There is an underlying tone of optimism when observing the current trends in business and sustainability initiatives. The pressure from citizens and consumers should continue to drive businesses to think sustainably and grow awareness regarding the approaching climate disasters. If governments, politicians, advocates, and corporate leaders combine efforts and coordinate around these trends, there is a high probability for us to succeed in combating greenhouse gases and saving our planet from what’s coming.