Sustainability Predictions For 2023
Sustainability isn’t just a hot topic, it’s the future of sustainability for British businesses. But how do we get there?
Nick Oettinger, CEO and founder of TFR Group advises organisations on how to best achieve authentic, long term sustainability targets through innovation and implementing environmentally friendly business practices. Here he shares his predictions for upcoming sustainable trends.
Prioritising Sustainability
Over the past 18 months many organisations’ main focus has been protecting staff, stakeholders and customers during a global pandemic and remaining financially stable during such uncertainty. This has led to the green agenda taking a back seat for many businesses, with reports finding that 55% of businesses were forced to pause or cancel investment into sustainability1 during the pandemic.
Looking ahead to 2023, as organisations consistently operate at pre-pandemic levels, many will refocus on goals, including setting clear targets for sustainability and strategies to achieve these.
Don’t rush your ‘green agenda;’ it’s important to understand that authentic sustainable practices take time and investment to put into practice.
Conscious Consumer Demand Grows
Consumers’ demand for more environmentally friendly businesses is growing. Nearly two thirds (62%) of customers say it’s more important than before the pandemic that companies behave in a more sustainable and eco-friendly way2, while searches for sustainable shopping have increased by over 600% year on year3.
In 2023 consumers will be more informed, educated and aware than ever before and opt to spend their money with truly sustainable brands. This will drive change amongst many consumer-facing businesses, as they begin to invest in more environmentally friendly practices, rather than lose market share to greener competitors.
Introducing ‘Green Tech’
Introducing innovative green technology into businesses is a great way of reducing emissions, saving costs long term and appealing to the digital savvy consumer. Businesses may take 2023 as an opportunity to invest in technology that supports the day to day running of their companies and help achieve their sustainability goals. Using electric vehicles like Amazon and UPS or reducing paper waste with apps are just some of the ways brands can and will adapt in the year to come.
Carbon Offsetting
Changing the infrastructure of a business to become more sustainable takes a long term investment of time and money to ensure that the company is still profitable, while making an authentic pledge to be more environmentally friendly.
While companies review existing strategies, a simpler way to achieve quick results both for the brand and the environment is carbon offsetting. This is where a business counteracts their carbon footprint by planting trees or investing in sustainable ventures to remove the same amount of CO2 from the environment that they produce, allowing them to achieve net zero emissions.
As many businesses continue to recover from the pandemic, carbon offsetting has become the green initiative of choice, allowing companies to contribute in a way that minimises disruption to their business during a critical time.
Climate Positive
Already popular in the US, climate positivity sees companies not only become net zero, but take one step further than carbon offsetting, by removing more additional CO2 from the environment than they produce.
Global brands including Burberry have pledged to become climate positive by 20404 and many more brands are set to follow in 2023.
Climate Neutral Certifications
Over the past few years businesses have flocked to have their products officially certified by leading bodies, including Made in Britain, Vegan, Vegetarian, Cruelty Free, Hypoallergenic and Organic.
Moving into 2023 businesses will look at certifications that showcase their green credentials including the British Retail Consortium's (BRC) Climate Action Roadmap, 100% Recycled Materials and the Carbon Trust’s PAS 2060 certification.
References
2: https://www.mastercard.com/news/research-reports/2021/consumer-attitudes-environment/
3: https://www.statista.com/statistics/1190854/most-searched-black-friday-sustainability-global/
4: https://www.vogue.com/article/can-fashion-be-climate-positive
