A new era of growth that could provide 26 Billion in savings by 2030. Don’t miss out!
Sustainability is the business of the future. The writing on the wall has never been clearer. This new growth approach “will deliver higher productivity, more resilient economies, and greater social inclusion.” According to the latest report performed by The Global Commission on the Economy and Climate, a body of scientists and former heads of government of countries leading the impulse to achieve economic growth while dealing with the risk of climate change, we are at a crossroads where implementing sustainable practices could end up delivering savings of around $26 Billion as opposed to business as usual practices which would end up costing more.
The biggest conundrum that sustainability has faced is the belief that it is more costly than implementing more ‘commonplace’ practices. However, given enough time, sustainability-focused operations are much more cost-efficient than other types. The once ethereal externalities are much easier to account for nowadays, and it turns out those externalities can prove expensive not only monetarily, but also towards the well-being of society as a whole.
Let’s take a simple example: plastic. Over 90% of plastic packaging material value –US$120 Billion annually – is lost after first use. Turning to a more circular economy, where materials are reused as much as possible, can improve the profitability of many industries and generate savings that could create massive economic gains over
Exploring a more complex subject, we can take a look at the huge cost of environmentally destructive behaviors: human life. According to research done by dozens of international health and environmental experts, air pollution was linked to over 6.5 million deaths in 2015. This figure is not only focused on developing countries either. In the United States, over 155,000 deaths were related to pollution in 2015 with that number increasing year after year. Pollution levels like the ones humans are exposed to in major metropolitan areas may even reduce life expectancy by a decade!
Costs as high as these have to be taken into account when developing new large-scale projects in regions around the world. It is no surprise that banking institutions like Bank of America are getting involved in projects related to renewable energy demonstrating that initiatives like these go beyond the ethereal and moral righteousness for a better world. It’s also just better for business.
Analyzing this conclusion graphically, it makes perfect sense:
How can we minimize risk by acting now in more sustainable ways? Well, there can be improvements in energy consumption and production, transportation and logistics, water efficiency, community development, as well as a myriad of other areas that you can implement as well. Regardless, one of the biggest issues we leave on the table is that we sometimes expect that environmental issues get resolved by themselves. That someone else will take the lead on those initiatives. That it is common sense that we stop harming the environment and that everyone will comply, eventually. The only issue with that is that time is of the essence. If it doesn’t start with what we do as individuals, or as business owners, or as community members, then we leave it to the hands of others who may not be so clear about the potential threat we have right in front of us. There are many ways we can contribute to the issue and, hopefully, you are already viewing which opportunities can help you the most.
But, whatever you do, don’t wait. Act.