Earth has witnessed all sorts of problems. Our ancestors too may have faced and overcome challenges of their own but the millennials are experiencing something so different.
They are the chosen ones to face the life-threatening Environmental problems those seem to be accelerating and intimidating with increasing age of the planet.
With increased awareness, approaching reality and a more connected world, most of us have developed an inclination towards restoring planet on the whole. Sustainability has fortunately, become the new normal.
And now the trend of sustainable action has trickled down to business sector, encouraging them to raise awareness and take responsibility for their respective footprints in the world.
Hence, Sustainability has become a quotient of survival for most companies across all Industries in post-crisis era.
Aflac report has found that 77% of consumers are more willing to purchase from a company with a CSR pledge and upto 73% of investors have agreed.
62% of professional strategists consider ensuring sustainability as necessary to be competitive today and another 22% think, it will be crucial in future.
Sustainability in business is simply aligning valued profits with better operations in ecological, social and economic environment. This is even built on assumption of increasing longevity of the company’s assets.
And hence ideas are molded in order to innovate and create the ways to imbibe sustainability in business ventures being undertaken globally.
Since the resources are finite and human needs are becoming infinite: we are travelling more into space, we are unearthing fossils out of everywhere, we are even utilizing molten ice in the poles to pave ways for our shipments.
Therefore, the ideas of circular economy are trending in every mind.
What is circular economy and how it can save our souls?
How different renowned Brands are helping planet in their ways?
The linear model suggests ‘take-make-waste‘ approach while the circular economics deal with regeneration of designs to actually decouple business growth from a mere consumption of finite resources.
It involves sharing, leasing, reusing, repairing, refurbishing and recycling the existing matter or products till it seems possible.
In practice, it preaches reducing waste to a minimum so that life cycle of products is anyhow extended.
And as these can be productively used again and again, thereby creating further value.
Benefits of moving towards a circular economy is for everyone: producers as well as consumers.
Reducing pressure on ailing planet, improving the security of raw materials’ supply, increasing competitiveness, stimulating innovation, boosting economic growth (an additional 0.5% of gross domestic product), even triggering job growth etc.is helpful
While the consumers have the availability of more durable and innovative products, increasing the quality of life without jeopardizing environmental hygiene and save them money big-time.
According the UN news, there are certain ways to practice better sustainability in business alongside shattering the norms, already leading us to the path of a catastrophe.
Because of the ways we use and process natural resources, about 90 per cent of global biodiversity loss and water scarcity is prevailing and a significant proportion of the harmful emissions is aggravating the impacts of climate change.
Since last 3 decades, we have doubled the number of resources extracted from Earth and with such continued efforts, we may be able to double this rate again by 2060.
Not only this, but our current ways can lead to a staggering three to six degree temperature increase, as per International Resource Panel.
UN says: “For the circular economy to happen, the dominant economic model of ‘planned obsolescence’ (buying, discarding and replacing products on a frequent basis) would have to be upended, businesses and consumers would need to value raw materials, from glass to metal to plastics and fibers, as resources to be valued, and products as things to be maintained and repaired, before they are replaced.”
“Making our economies circular offers a lifeline to decarbonize our economies and could lead to the creation of 1.8 million net jobs by 2040”.
And the good news is that governments are coming to action.
India and its struggle for circular economy:
The Indian government has been enlightened to formulate policies helping the country’s transition from linear to circular economy.
Various rules such as the Plastic Waste Management Rules, e-Waste Management Rules, Construction and Demolition Waste Management Rules, Metals Recycling Policy, etc. are a light in this regard.
Even Niti Aayog is integrating various concerned ministries to spur sustainable economic growth and organized an international conference on ‘Sustainable Growth through National Recycling’ and ‘Resource Efficiency’.
11 committees have been formed by officials from MoEFCC and NITI Aayog, academicians and industry representatives—for sustainability in 11 focus areas which already pose considerable challenges or are emerging as new challenge areas.
Filling up the two gaps and mission accomplished:
“The knowing – doing gap”: one can witness the difference in proposition, approval and implementation of initiatives.
90% of executives find sustainability as important, only 60% are able to incorporate sustainability and merely 25% actually undertake sustainable business models.
“The compliance – competitive advantage gap”: All companies re required to be compliant but only a few seek sustainability even for profit. Compliance requires to be a holistic deed, a “must do” for all and escape for none.