3 Ways Sustainability Is Shaping Business

The sustainability transformation is well underway. The COP26 conference and subsequent Glasgow Climate Pact mean nations have committed to sustainable transition over the next decade; that means change for business. 

With renewed focus on the climate, 50% of consumers say they’re now willing to pay more for sustainable brands. As many as 62% of executives also feel a sustainability strategy is essential for their business to remain competitive. 

The overwhelming tide means sustainability is now driving change across a range of industries and functions; from the creation of circular supply chains, to a focus on renewable materials. 

Here are three of the core ways that sustainability is shaping the future of business in 2022. 

1. A new area for competition

Rising consumer demand for sustainable products and services is changing the dynamic among businesses. 

Implementing more sustainable processes doesn’t usually result in greater profit margins. But it does protect businesses from falling behind more sustainable competitors who have greater appeal with a more conscious consumer. 

“I think this is the new competitive field,” says Bastiaan van der Linden (pictured), associate professor of corporate social responsibility (CSR) and program director for the MSc in Global & Sustainable Business at EDHEC Business School. 

This reaction to consumer demand contributes to the push for sustainability strategies among executives. But there are other factors influencing this…