Eco-awaking: Consumers enlighten to lead a sustainable planet

The eco-conscience is something that has been in the building for a long time and now, with all the research we see published every day, we know that it’s not acceptable to ignore sustainability in business.

A new report from The Economist Intelligence Unit reveals a 71% considerable rise in online searches for sustainable goods over the past five years, becoming something quite interesting to the business community.

This “eco-awakening” is occurring, not only in consumers of high-income countries but also in consumers of emerging economies. For example, in Indonesia it has increased by 24%, meanwhile, in Ecuador, there has been a shocking rise of 120%.

To take notes

In the same period, the global public concern for nature has risen by 16% and is still growing. Since 2016, 160 million people have signed online petitions in support of nature while the protests in support of that are growing in frequency. In Brazil, 96% of people surveyed see nature loss as a big problem to humanity.

Good Morning Sunshine

In the old days, the farming industry wasn’t interested in investing in socio-environmental initiatives or supply chain sustainability, due to the high cost that is required for the final product. Today, things are different. 

Economic development is a huge priority for most countries and as consumers, we realize that the price we pay for a cheap product today will be more expensive tomorrow with the loss of nature. For the people living in emerging economies and supplying global value chains, eco-awakening has been driven by their personal experiences with fires, floods, droughts, and the pandemic.

The nature business

“The message is so clear like the clean water. Today consumers want to live more sustainably and expect their favorite brands the same that they expect of their governments. In another survey, 75% of millennial respondents said that sustainability should be taken into account when making a purchase. In the case of China, 41% of consumers want more eco-friendly products in the market and social media, the increase of the younger generation demands more sustainability.

Illustration by Grow Ensemble

The customers are not having problems with abandoned products and services of the companies that they felt violates their values. There Are a lot of market opportunities for the business willing to make a change, offer eco-friendly products, and have a voice against Ambiental destruction.

Since 2019, the market for ethically and sustainably products in the UK is worth more than £41 billion, meanwhile, since 2018, sales of organic products have grown by 13% in India.

The COVID 19 is making us reflect more and consume less. Companies have started to respond to that. In fashion and textiles, over 50% of C-Suite executives have a commitment to sourcing sustainably produced raw materials. In the food, cosmetic, and natural pharmaceutical sectors, a big amount of brands are sourcing practices that benefit people and the environment, making membership of the Union for Ethical BioTrade increased 45% in the last 6 years.

Say Yes to nature

On a macroeconomic level, the nature-positive transitions for food, infrastructure, and extractive sectors could generate $10 trillion in annual business value by 2030 and generate 395 million jobs. In a detailed analysis, The World Economic Forum puts the value of nature at $44 trillion, more than half of the Gross Domestic Product.

So, what more can companies do to achieve a global economy friendly to nature?

Companies can commit to setting science-based targets for nature and ambitiously reducing greenhouse-gas emissions. These objectives can be perfectly delivered by protecting natural systems on the landscapes where it operates or from source commodities, using approaches such as the Accountability Framework and remodel markets.

The companies that pursue a meaningful purpose, with a culture of sustainable innovation, are in the eye of the consumers. At eSmart Recycling, we do our part by running a mission-driven business committed to people and the planet. 

Source:

https://www.weforum.org/agenda/2021/05/eco-wakening-consumers-driving-sustainability/

Carmen María Cermeño
Carmen María Cermeño

Journalist/ Digital Curator

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