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How technological innovation can drive a more equitable, accessible, and sustainable economy

Sustainable economy

Have you ever wondered how the economy can be more equitable, sustainable, and accessible while still adjusting to an altered economic landscape?  There are a lot of talks these days about creating a sustainable economy. But what does that mean, and how can businesses help make it happen? In order to have a sustainable economy, it is important not only for the present generation but also for future ones that we care about what happens in their lives. Keep reading to know how this is possible and explore how planet-protective, sustainability initiatives can initiate virtuous circles.

The consumer trend toward sustainability

The recent shift in consumer behavior has been driven by a desire to avoid environmental damage. As more people are aware of climate change, they’re making conscious choices about what products or services will help preserve our planet for future generations. As per reports, since 2016 there has been a rise of 71% in the popularity of web searches for sustainable goods. The ‘eco-awakening’ trend can be seen in developing as well as developed countries, especially in the cosmetics, fashion, food, and pharmaceutical markets. Consumers are key drivers of the sustainability agenda across a range of commercial retail verticals.

As per an EIU report, 51% of fashion and textile industry executives believe that consumers are driving the increased focus on sustainability. In 2019 Unilever had announced that its Sustainable Living Brands are growing 69% faster than the rest of the business while delivering 75% of the company’s growth.

As per a 2021 Priceless Planet Coalition study, 58% of adults were more mindful of their impact on the environment, and 85% said that they were willing to take personal action to combat environmental and sustainability challenges.

Consumers are becoming more eco-conscious regarding their spending and consumption and are ready to take steps to reduce their carbon footprint.

How technology can drive a sustainable economy

The production and consumption of natural resources can be driving forces for economic growth, but it comes at the expense of our planet’s environmental stability. The mechanisms in consumerist economics are both capable to help mitigate any negative impacts caused by this system and are being increasingly adopted to bring a positive change. Going by the words of Pasca Palmer of the Convention on Biological Diversity, “A healthy planet and a healthy economy can go hand-in-hand”, new business models and solutions from responsible and forward-thinking organizations allied with the changes in consumer demands have begun to drive toward a sustainable economy.

By using technological innovations to support campaigns and develop solutions that enable consumers to adopt environmentally sustainable lifestyles, it is possible to create an equitable, sustainable, and accessible economy.

Explaining how businesses can contribute toward sustainability, Kristina Kloberdanz, Chief Sustainability Officer at Mastercard said, “It’s about giving consumers more sustainable choices and making sure that both our planet and its people can prosper as global economies digitize at scale.”

Companies’ environmental and social purpose should be to cut their carbon footprint while increasing the positive impacts on society. They should believe that businesses can be a force for good and look at ways in which their products could have more positive impacts on people’s lives outside of just making money off them too!

Sustainability programs should not simply be an overlay to existing enterprise practices but holistic, inclusive, and intrinsic to business-as-usual operations. As markets shift toward more sustainable models and consumers become eco-conscious, organizations should see continued opportunities for economic growth, creating a sustainability-centric economy that is better for the planet. Organizations can promote technological initiatives that leverage their infrastructure to deliver sustainable value and growth that’s here today and tomorrow because tangible sustainability has to be sustained far into the future.

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Also read: Alibaba cloud to have 100% green datacenters by 2030

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