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Tag: Sustainable energy

  • ITPGRFA Seeks Close Collaboration with CBD on Benefit-sharing | News | SDG Knowledge Hub – Medical Marijuana Program Connection

    ITPGRFA Seeks Close Collaboration with CBD on Benefit-sharing | News | SDG Knowledge Hub – Medical Marijuana Program Connection

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    The Governing Body of the International Treaty on Plant Genetic Resources for Food and Agriculture (ITPGRFA) highlighted the need to ensure close collaboration with the Convention on Biological Diversity (CBD), particularly in the context of the negotiations to enhance the functioning of the Treaty’s Multilateral System (MLS) of access and benefit-sharing (ABS) and ongoing talks under the CBD towards a multilateral mechanism on benefit-sharing from the use of digital sequence information (DSI) on genetic resources.

    ITPGRFA aims to conserve crop diversity and share its benefits for human and planetary well-being.

    The theme of the tenth session of its Governing Body (GB 10) was ‘From Seeds to Innovative Solutions, Safeguarding Our Future: Contributing to the Implementation of the Global Biodiversity Framework for Sustainable Food Systems,’ which highlighted the importance of crop diversity for food security, environmental sustainability, and socioeconomic well-being in the face of global challenges. The Earth Negotiations Bulletin (ENB) summary report of the meeting notes that convening less than a year after the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF), the meeting “underscored farmers’ contributions to agricultural biodiversity, and drew attention to the interlinkages between the Treaty and [CBD].”

    “Four Working Group meetings are planned for the next biennium,” ENB highlights, “to allow for progress on the negotiations…

    Original Author Link click here to read complete story..

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    MMP News Author

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  • How Leaders Can Build and Cultivate a Sustainable Business | Entrepreneur

    How Leaders Can Build and Cultivate a Sustainable Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The global business ecosystem is witnessing an unprecedented metamorphosis, pivoting from traditional models to ones that deeply embed sustainable entrepreneurship as a core ethos. This new paradigm weaves together the age-old, profit-centric motives of businesses with a renewed and impassioned commitment to the betterment of society and the nurturing of our environment. It’s not merely a passing trend or a superficial alignment with popular sentiment; it represents the dawning of a more conscious era of commerce.

    Exhaustive studies and surveys have repeatedly highlighted a discernible shift in both consumer preferences and investor priorities. A growing cohort now resonates more vibrantly with brands and corporations that reflect their own ethical, ecological and societal values, underscoring that the ‘business as usual’ model is outdated and potentially detrimental in the long run.

    Related: 5 Ways to Make Your Business More Sustainable

    My personal immersion into sustainable entrepreneurship wasn’t an impulsive leap but a meticulously thought-out transition kindled by a seminal Harvard Business Review article. This piece, lucid in its narrative and compelling in its arguments, accentuated the urgency and indispensability of synchronizing business strategies with conscious, purpose-driven goals. It was a moment of epiphany, underscoring that generating wealth and catalyzing societal progress aren’t mutually exclusive but can be harmoniously synergized.

    To put it succinctly, the evolving zeitgeist of the 21st-century business world demands a recalibration of objectives and methodologies. The compass is no longer pointing solely towards monetary profit. Instead, it indicates a more holistic destination: profit intertwined with purpose, fiscal growth in harmony with ecological sustainability and societal advancement.

    Catalysts driving sustainable entrepreneurship

    As I navigated the complex world of entrepreneurship, I was continually made aware of the evolving ethos of consumers. A comprehensive IPSOS report shed light on this sea change, highlighting that modern consumers increasingly align their brand loyalty with ethical and environmental values. As I’ve learned, integrating sustainability into one’s business ethos goes far beyond public relations. It is a formidable pillar that can solidify a brand’s market position, unveil operational efficiencies, and mitigate long-term risks. Moreover, with international policy frameworks pivoting toward environmental conservation, businesses have both a moral and economic incentive to adopt sustainable practices.

    Related: Are You Implementing the 3 Ps of Sustainability? Experts Say You Should.

    Personal hurdles, solutions and insights

    On my entrepreneurial path, I sought inspiration from vanguards in the sustainable business space. For instance, the ascent of Beyond Meat isn’t just a testament to its innovative plant-based products. It’s also emblematic of a broader societal shift towards eco-conscious consumption. These companies underscore the commercial potential and societal imperative of green technologies. Their success stories are a testament to the fact that with foresight, innovation and persistence, sustainable businesses can indeed thrive and lead the market.

    Like every entrepreneurial venture, my journey was punctuated with challenges and introspections. A recurrent query that often surfaced was the economic viability of wholeheartedly embracing sustainability. I turned to online educational platforms and discovered courses that seamlessly blended sustainability with business, reaffirming that an eco-conscious strategy can align seamlessly with profitability, provided it’s executed with authenticity and foresight.

    Related: Sustainability In the Supply Chain Is the Need Of the Hour

    Reflecting and looking ahead

    In reflection, the role of an entrepreneur in today’s complex and rapidly evolving socio-economic landscape goes beyond traditional definitions. Entrepreneurs are no longer just innovators or market leaders; they’ve become architects of change, embodying a vision that intertwines profit with purpose. At the core, we’re expected to wear multiple hats — that of business magnates, societal reformers, ethical watchdogs and even environmental stewards.

    This multifaceted role emerged sharply during my foray into sustainable entrepreneurship. Every challenge faced and every decision made underscores a deeper realization: Sustainability is not just a buzzword businesses should adopt for contemporary relevance. It’s a foundational principle, a beacon guiding every strategic decision, shaped equally by ethical mandates and forward-thinking business pragmatism.

    I’ve come to view sustainable entrepreneurship as a tapestry intricately woven with threads of ecological balance, social responsibility and economic viability. Each thread is as crucial as the other, and removing one would unravel the entire fabric. It is this delicate balance that drives the essence of modern entrepreneurship.

    However, it’s essential to acknowledge that adopting sustainability isn’t just about securing future market positions or hedging against potential regulatory shifts. It’s about genuine commitment. It’s about understanding that every product we create, every service we offer, and every market we enter has ramifications that ripple outwards, affecting communities, ecosystems and global paradigms.

    As we stand at this pivotal juncture, with the weight of impending climatic crises and socio-economic disparities bearing down upon us, the onus is on entrepreneurs to lead the charge. To pivot from traditional business models that prized profits above all else to holistic frameworks that value collective growth and shared prosperity.

    My message to fellow entrepreneurs is both an appeal and an exhortation: As we sculpt the businesses of tomorrow, let us engrain sustainability into our corporate DNA. Let every decision be a testament to a future that is not just economically robust but also socially equitable and environmentally resilient.

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    Henri Al Helaly

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  • How to Save The Planet (and Your Dollars) By Making Your Office Gadgets Greener | Entrepreneur

    How to Save The Planet (and Your Dollars) By Making Your Office Gadgets Greener | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In this decade, more and more businesses feel the need to adjust their operations in favor of more long-term sustainable practices. From consumer demands to politics and investors, environmental, social and governance (ESG) practices have never been discussed more than today.

    However, this boom is not just about using green energy in production or donating towards environmental efforts. It’s about changing entire corporate cultures, making employees and partners aware of sustainability issues and implementing shifts across all departments.

    Contemporary businesses are profoundly dependent on consumer electronics such as smartphones and laptops. These devices present distinct sustainability challenges and opportunities, spanning from recycling to lifespan extension. As such, they not only offer global entrepreneurs an exceptional chance to demonstrate their dedication to ESG principles by implementing adequate company policies and educating their workforce but also enable them to reap significant financial benefits in the future.

    E-waste and secondhand smartphones

    The global secondhand market is booming, and this is especially true for consumer electronics. In fact, according to CCS Insight, refurbished smartphone sales grew by more than 14% in 2023, outshining new smartphone sales and reaching a total of $13.3 billion in Q1 2023 despite suffering from a severe supply shortage. This growth is a testament to the evolving consumer sentiment, and this trend is poised to continue flourishing throughout the current decade and beyond.

    One of the key driving factors behind the expansion of secondhand mobile markets is the growing concern over electronic waste or e-waste. The proliferation of electronic devices has led to an alarming increase in e-waste, which poses serious threats to the environment, human health and animal well-being. Over 53 million metric tons of e-waste are produced around the globe annually, and only 17% of this e-waste is recycled.

    From toxic chemicals leaching into soil and water to hazardous emissions during the disposal process, the consequences of improper electronic waste management are far-reaching and detrimental. Furthermore, manufacturing new smartphones and other consumer electronics requires a substantial amount of resources, which are valuable and limited.

    With the raw materials that are found in e-waste being estimated to be worth around $60 billion, there are many reasons for companies to care about recycling and repairing used smartphones. Failing to recycle and reuse these resources exacerbates the scarcity of raw materials, which leads to higher production costs and an unsustainable product life cycle.

    Related: How the Circular Economy of Consumer Electronics Can Change Sustainability

    The infrastructure is advancing

    As consumer sentiment continues to lean toward sustainability, the necessary infrastructure to support the growth of secondhand mobile markets is developing in tandem. The global electronics recycling market amounted to about $40 billion in 2022 and is expected to reach a value of $110 billion by 2030.

    Recycling or refurbishing a used smartphone is a multifaceted process that requires a well-coordinated network of services. According to a 2022 study, convenience is a major factor when it comes to recycling.

    Japan, a global leader in handling e-waste, provides thousands of convenient drop-off points for consumers to discard their used smartphones, dedicated examination centers for a thorough assessment of devices, and avenues for repair and refurbishment.

    At ATRenew, we are now aiming to intensify recycling-related infrastructure development in China. For example, to facilitate convenient recycling, ATRenew has opened nearly 2,000 offline stores in a bid to provide the necessary infrastructure.

    Related: How the Circular Economy of Consumer Electronics Can Change Sustainability

    How businesses can position themselves

    Crucially, it’s not only the device manufacturers and refurbishment centers that can make a lasting impact. Every modern-day organization aware of these issues can position itself as a responsible entity committed to reducing e-waste.

    As usual, the first step to reducing e-waste and increasing the lifecycle of devices is to invest in the education of employees. Holding training sessions on the responsible usage, maintenance and eventual disposal of electronics can greatly enhance their longevity and suitability for refurbishment. Additionally, companies could organize public presentations or workshops to educate both employees and regular consumers, thus showing their commitment to the public.

    Finally, there are also a number of internal policies that could make a big difference. For instance, offices could introduce shorter tech refresh cycles during which current devices are upgraded, or even allow employees to bring their own devices – with appropriate security measures, of course.

    Regardless of which measure is ultimately used, all organizations can choose to put them on public display via social media and thus achieve a great branding effect with consumers and talent alike.

    Related: 70% of Consumers Say They’ll Buy ‘Green’ Products, but Only 5% Actually Do. That’s Due to a Common Marketing Mistake By Eco-Friendly Brands.

    A sustainable path forward

    The increasing prominence of secondhand mobile markets reflects a broader shift in consumer behavior, and this change is not merely a passing trend. Instead, it is a well-founded response to the challenges posed by e-waste and resource scarcity.

    As consumers are becoming more conscious of their choices and the impact of their actions, secondhand smartphones have become a preferred option since they align with the principles of sustainability and responsible consumption. This, in turn, is animating businesses to follow suit and provide a supply to quench that demand.

    With this positive feedback loop, the growth of secondhand smartphone markets in the recent past will definitely continue over the next decade. By reducing e-waste, conserving valuable resources, and making advanced technology accessible to a broader demographic, these markets are shaping a more sustainable and equitable future.

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    Kerry Chen

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  • 3 Things Businesses Should Remember When Handling Used Consumer Electronics | Entrepreneur

    3 Things Businesses Should Remember When Handling Used Consumer Electronics | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Recycling or handling used consumer electronics is a complex endeavor for all involved parties. Employers, consumers, electronics manufacturers, repair services, and recycling companies all need to play their part since there are many factors to consider when recycling consumer electronics.

    For example, consumers often lack convenient ways to dispose of consumer electronics properly. Additionally, after a product has been recycled, there will most likely be some toxic waste that has to be properly stored and disposed of. This electronic waste, or e-waste, is a big issue for the environment and people’s health.

    Some components, such as batteries, must be fully disassembled to extract toxic elements for proper disposal. Additionally, capacitors, resistors, and other electronic components that can be reused need to be removed and properly stored instead of being thrown on massive piles of e-waste in a landfill.

    So, to effectively recycle consumer electronics, a circular economy is necessary. That being said, there are some things to keep in mind when handling or recycling used consumer electronics.

    Related: How the Circular Economy of Consumer Electronics Can Change Sustainability

    1. The importance of properly dealing with consumer electronics waste

    The proliferation of consumer electronics in the last decades has led to a rapid surge in electronic waste generation. Globally, more than 53 million metric tons of e-waste are being produced each year, and it is projected that the global e-waste generation will reach 75 million metric tons annually by 2030.

    Due to the presence of toxic substances, such as lead, mercury, and cadmium, e-waste poses a severe threat to the environment. Consequently, many countries worldwide have set regulations to ensure the responsible handling of e-waste. For example, China banned the import of e-waste over two decades ago. While this helped immensely, there are still tons of e-waste being imported illegally.

    Since proper electronic waste disposal practices demonstrate commitment to environmental responsibility, it shouldn’t be surprising that companies with high ratings for environmental, social and governance (ESG) and corporate social responsibility (CSR) factors have been found to have lower debt and equity costs. Further, consumer electronics contain valuable resources, including precious metals and rare earth elements.

    As a result, the production of consumer electronics leads to the depletion of finite natural resources. Not only does extracting these materials through recycling reduce the impact of environmentally damaging mining practices, but it is also a massive value gain since the raw materials found in e-waste are estimated to be worth around $60 billion.

    Additionally, recycling conserves energy and reduces greenhouse gas emissions that occur while producing new electronics. So, it is imperative to understand the benefits and necessity of recycling and properly disposing of consumer electronics. Further, ensuring accessible and sustainable disposal or recycling options for consumers is crucial to encourage responsible e-waste management.

    Related: Why Many Tech Execs Are Skipping the Consumer Electronics Show

    2. Challenges associated with handling used electronics

    While selling or donating used electronic devices can extend their lifespan and reduce e-waste, it comes with its own host of challenges. For example, neglecting to wipe clean electronic devices from data can pose a significant risk, especially if they are not properly disposed of.

    When an intact storage medium, like an SD card or an SSD, is found and still contains data, the information that’s on it can be extracted. This can potentially lead to identity theft or data breaches. So, it is vital to properly wipe data or physically destroy storage mediums before disposing of a device.

    Another factor to consider when handling used consumer electronics is proper storage. Of course, this is usually not a big issue when devices are being repaired. However, the situation is more complex when devices get recycled.

    Toxic elements found in electronics can contaminate soil, water, and air if not handled correctly. This can not only lead to serious health issues, but it can also negatively affect the environment. Hence, proper e-waste management is essential. This involves separating hazardous materials, recycling reusable components, and ensuring the safe disposal of toxic substances.

    Since only around 17 percent of the global annual e-waste is recycled, implementing appropriate disposal methods, such as sending e-waste to certified recycling facilities, can have a huge impact, especially if the recycling infrastructure is made accessible to consumers.

    3. How to properly recycle or dispose of used electronic devices

    While there are challenges associated with handling or recycling used electronic devices, the demand for refurbished and used consumer electronics is increasing. Even though supply chains for pre-owned consumer electronics are still underdeveloped across the globe, consumer sentiment is shifting, and people are looking for sustainable ways to handle their used devices. Accordingly, ATRenew has seen a rise in engagement and has transacted more than 32 million used devices via its nearly 2,000 offline stores in 2022.

    To effectively handle consumer electronics, both consumers and businesses should follow some guidelines. For example, consumers should consider donating or selling their device to extend its lifespan if it is in good working condition. Further, they should avoid throwing away electronic devices in regular waste bins.

    Instead, they should look for certified local e-waste recycling centers or collection events. Additionally, consumers should always ensure that all personal data is erased before they dispose of any electronic device. For example, at ATRenew, we’ve developed a data cleaning system, dubbed AiQingChu, that protects users’ data security through multiple times of data erasure and overwriting, thus preventing malicious recovery of data.

    On the other hand, businesses should ensure that these options are as accessible to consumers as possible. Further, they should collaborate with certified e-waste handlers to build the necessary infrastructure.

    By offering trade-in or recycling programs, companies can encourage consumers to return old devices for proper recycling or disposal. Not only does this promote convenience and encourage responsible e-waste management, but it also enables businesses to educate consumers.

    Closing thoughts

    Handling and recycling consumer electronics requires careful consideration and responsible practices from all involved parties. While consumers and businesses have a big role, legislation worldwide is also essential when properly recycling used consumer electronics. Fortunately, many countries already have legislation in place.

    For example, China implemented e-waste regulations decades ago, and Germany has been known for its advanced recycling infrastructure and collection systems for ages. Further, it has pioneered initiatives that hold manufacturers responsible for recycling their products.

    By prioritizing proper disposal methods, addressing data security concerns, and promoting accessible recycling options, the amount of e-waste and its detrimental impact on the environment and human health can be reduced. Embracing a circular economy approach ensures that valuable resources are extracted, toxic substances are safely disposed of, and electronic devices are given a second life.

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    Kerry Chen

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  • 5 Ways Tech Companies Can Improve Their Sustainability | Entrepreneur

    5 Ways Tech Companies Can Improve Their Sustainability | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In an era where environmental concerns have reached unprecedented levels, businesses across all industries face the imperative of adopting sustainable practices. Among the various industries around the globe, the technology sector has emerged as a prominent player, recognizing the pressing need to prioritize green initiatives.

    With growing consumer awareness and demand for eco-friendly solutions, tech companies have realized that sustainability is no longer a mere trend but a critical driver of success that has a significant impact on their bottom line. According to research conducted by Deutsche Bank, companies with high ratings for environmental, social, and governance (ESG) have a lower cost of debt and equity. These findings were corroborated by MSCI in 2020.

    Additionally, the findings show that companies with high ESG ratings outperform the market in the medium and long term. Further, by implementing stewardship-focused programs, companies have not only seen growth in their financials but also in brand awareness.

    By adopting circular economic models, implementing waste reduction programs, and increasing their focus on extended life cycles of their assets, companies are creating a shift toward doing business from an eco-friendly perspective. This shift has created the need for companies that specialize in helping large organizations develop sustainability plans, operate with a focus on being eco-friendly, reduce waste, and implement strong stewardship practices.

    Here are five strategies that tech companies around the globe are using to level up their green credentials while decreasing their negative impact.

    Related: This Is Why Your Business Should Prioritize Environmental Efforts

    1. Embrace the circular economy

    The circular economy model is an economic framework that aims to minimize waste and maximize the efficient use of resources. In contrast to the conventional linear economy, circular economy promotes a closed-loop system where materials and products are continuously reused, repaired, remanufactured, or recycled to create new value.

    According to McKinsey, the European circular economy market size for electronics is expected to grow from €60 to €95 billion by 2030. Additionally, resource productivity is estimated to grow by 3 percent, which will generate cost savings of around €600 billion as well as €1.8 trillion in other economic benefits annually.

    For businesses, one of the most important resources they have at their hands is technology, be it software or hardware. Often, the largest and most impactful investments an organization makes are technology-related.

    With computer hardware accounting for around 30% of overall IT budgets, hardware spending is the largest portion of overall tech spending. Consequently, hardware products, such as laptops, tablets, and smartphones, are often at the top of the list in both cost and volume.

    The circular economy is based on the principles of designing for longevity and efficiency while minimizing waste and pollution. This is achieved by keeping assets and materials, such as smartphones or laptops, in use for as long as possible. Additionally, efforts are made to regenerate natural systems. In 2021, ATRenew reduced emissions by a total of 464,000 metric tons through re-commercializing pre-owned phones. This is equivalent to the carbon sink of about 1,533 square kilometers of urban forests in one year.

    2. Invest in eco-friendly products and manufacturing

    One of the key benefits of the implementation of a circular economy model is the reduction in waste. By prioritizing the reusing, repairing, and recycling of resources, the circular economy model minimizes the amount of waste that ends up in landfills or incinerators.

    According to the European Environment Agency, waste management, industrial processes, and product use account for over 12% of greenhouse gas emissions in the EU. Consequently, a circular economy model reduces the environmental impacts associated with waste disposal and mitigates pollution and greenhouse gas emissions during manufacturing.

    Investing in eco-friendly manufacturing processes and products is crucial for minimizing environmental impact. According to the Ellen MacArthur Foundation, 80% of a product’s environmental impact is decided in the initial design stages. Companies can increase their green credentials by using sustainable materials, reducing energy consumption, and minimizing waste.

    Further, sustainable practices attract environmentally conscious customers, positioning sustainable businesses as leaders in a competitive marketplace. In other words, embracing sustainability is both a moral and strategic imperative for the long-term success of any business.

    Related: How to Overcome the Shortage of Tech Talent in the US

    3. Encourage and facilitate recycling

    Recycling plays a crucial role in reducing electronic waste (e-waste), so encouraging it is important in promoting and advancing a sustainable approach to technology. With technological advancements continuing to happen at an astonishing rate, it is becoming increasingly important for tech companies to take responsibility for the lifecycle of their products.

    Companies can help reduce e-waste and minimize their environmental impact by implementing effective strategies, such as trade-in programs or recycling events that incentivize consumers to recycle their old devices. For example, tech companies can establish partnerships or in-house programs that allow consumers to trade in their used devices in exchange for credit toward a new purchase.

    Not only does this encourage the recycling of devices, but it also promotes brand loyalty and customer satisfaction. Education and awareness campaigns can also be powerful tools, especially considering that many electronic devices contain valuable and limited resources. Materials like lead, silver, copper and gold are essential for manufacturing new technology, making recycling even more attractive.

    Related: The U.S. Has a Huge E-Waste Problem. But There Is Money To Make in Its Disposal.

    4. Extend the lifecycle of devices

    Extending the lifespan of electronic devices offers both financial and environmental benefits. By offering repair services, manufacturers and third-party providers can help consumers prolong the lifespan of their electronic devices. Not only is this often cheaper than buying a new device, but it also reduces e-waste and minimizes the environmental impact of manufacturing a new device.

    Another approach businesses can take to extend the lifecycle of electronic devices is to sell their used devices. By selling thoroughly tested and repaired used devices at a reduced price with a warranty, consumers bask in a vibrant array of choices, extending beyond the realm of brand-new products.

    According to Counterpoint Research, the demand for refurbished smartphones continues to grow. In 2022, the global secondary smartphone market saw growth of 5% year-over-year, with refurbished iPhone sales growing by 16%. Additionally, the secondary market of refurbished devices also creates new opportunities for businesses and consumers to get some of their investments back, reducing the overall cost of ownership and making affordable technology more accessible.

    Manufacturers can also support the environment by making affordable replacement parts available and providing repair guides or tutorials. Companies can extend the lifespan of their products and foster customer loyalty simultaneously by embracing repairability and sustainability.

    5. Foster a culture of sustainability

    Promoting sustainability within the company culture is essential for sustainable organizations aiming to make a positive environmental impact. Integrating sustainability into a company’s core values, practices, and decision-making processes becomes a shared responsibility and commitment among employees, consumers, and stakeholders. This commitment then leads to a range of benefits for all involved parties, as well as the environment.

    Weaving a strong sustainability policy into a company’s foundation as well as educating and engaging employees, sets a whole new standard that also comes with numerous benefits. Not only do sustainable organizations attract quality employees and sustainability-focused customers, but they also benefit financially.

    For example, after successfully defining and implementing a stewardship plan focusing on sustainability, REI now has one of the most successful circular commerce programs of any outdoor retail brand, taking in around 100,000 outdoor-related items to be traded or resold in their store locations in 2022. By integrating sustainability into all operations, tech companies can drive change and contribute to a more sustainable future.

    Related: 3 Ways You Can Bring Sustainability to Your Workplace

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    Kerry Chen

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  • How Going Green is Revolutionizing Branding and Corporate Identity | Entrepreneur

    How Going Green is Revolutionizing Branding and Corporate Identity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Changing weather patterns, disruptive floods and unprecedented forest fires have all dominated headlines over the past few years. Combined with continued warnings about the detrimental effects of climate change overall, these events have raised consumer awareness of the impact daily purchases have on the environment and society as a whole.

    Sustainability has developed into “an extraordinarily disruptive phenomenon impacting business.” The changes are not limited to measures relating to the environment in a traditional sense. Instead, a more modern take on sustainability includes environmental, societal and even economic factors.

    Brands that want to stay ahead of their competitors need to put sustainability at the heart of their identity to build a secure future.

    Related: Purpose-Driven Entrepreneurship — How to Build a Business that Makes a Positive Impact

    The importance of sustainability and green branding

    It is almost impossible to escape daily headlines about the negative impacts of climate change on entire populations. For this article, however, we will focus on the impact of the transition toward sustainability on businesses and the opportunities created by green branding.

    First and foremost, offering sustainable products and positioning a brand as one that puts sustainability at the heart of its decision-making helps businesses attract new customers. Nearly four out of five participants in a recent survey conducted by Nielsen IQ stated that they valued a sustainable lifestyle.

    In addition to that sentiment, consumers are increasingly willing to back up their intentions with actual purchases. A 2022 study by Deloitte found that two-thirds of all respondents were willing to pay a premium for sustainable offerings. The research went further and determined that those consumers would consider spending up to 41% more on environmentally friendly offerings.

    Deloitte’s findings mirror those of a 2020 McKinsey consumer sentiment survey that focused specifically on sustainable packaging. In that survey, more than 60% of respondents stated they favor brands offering sustainably packaged products.

    Green branding can help your business win new customers and become more profitable. But what about the alternative, can companies afford to ignore sustainability and the effects of climate change? The answer is no. Questioned for Deloitte’s 2022 C-Suite Sustainability Report, 97% of participants stated that their companies were already affected by disrupted supply chains and business models.

    Putting sustainability at the heart of your business, including your branding, is necessary to ensure the company’s future.

    Related: Earth Day 2023: Why Sustainability is a Win-Win for the Environment and Your Business

    Strategies for sustainability and green branding

    How can businesses implement sustainable practices? The options depend on the nature of the business.

    • Sourcing eco-friendly materials is one of the most obvious options for brands to increase the sustainability of their products. Ensuring that raw materials come from reputable, proven sources increases consumer trust.
    • Reducing waste throughout production and other business processes is another option for businesses to become more sustainable. Not every company will have the same potential in this respect. But even if your business is offering a service, there are generally areas in which wastage can be reduced to benefit the environment and reduce expenses.
    • Look beyond the environmental aspects of sustainability and consider elements like diversity and inclusivity. They all increase the brand’s sustainability and contribute toward its positioning as a responsible business.

    Implementing sustainable business practices is not something reserved for large multinational corporations. Businesses of any size have an opportunity to identify areas for improvement and work on those.

    Related: Examples of Environmentally-Friendly Business Ideas

    Case Studies

    Here are just two examples of businesses that are putting sustainability first.

    1. Patagonia

    Outdoor clothing brand Patagonia has built its reputation as much on durable, high-performing gear as on its focus on sustainability. In 2022, the company’s founder and his family went one step further. Rather than selling the business to facilitate a comfortable retirement, the Chouinard family gave Patagonia away to a non-profit and a specifically designed trust.

    The stipulations are simple: all profits will be used to fight climate change and protect undeveloped ground globally. Patagonia’s move was widely publicized and removed any doubt about the company’s standing as a leading sustainable brand.

    2. Beyond Meat

    Vegan meat manufacturer Beyond Meat is a company built on offering a more environmentally friendly alternative to traditional meat. The company also prides itself on producing a burger made from simple ingredients that require less water and has significantly less greenhouse gas emissions than classic beef burgers.

    Challenges and risks

    Like all major business transitions, green branding and moving toward more sustainable business practices do not come without risks and challenges for businesses. However, with a solid strategy in place, these can be overcome or mitigated in the first place.

    1. Greenwashing: to be successful and resonate with consumers in the long term, sustainability efforts must be genuine. The practice of greenwashing, where companies make environmental claims that are found to be untrue, can be highly detrimental to a brand’s reputation. Instead of making big claims, businesses do better when they prioritize smaller but consistent efforts.
    2. Increased costs: sustainable raw materials often come at a higher cost than other materials. However, bear in mind that customers are happy to pay more for sustainable products and services. Balance your costs against the benefits of gaining access to new audiences and ensure your business is charging a fair price to mitigate this risk.

    These are only two examples of the potential challenges and risks brands face during their transition to sustainability. Although they can pose serious challenges, neither is as dangerous to your brand as the risk of being left behind by competitors embracing sustainability.

    Related: 6 Ways Going Green Can Make You More Profitable

    Conclusion

    Over the past few years, consumer attitudes toward sustainability have changed dramatically. Sustainability, including environmental, societal and other aspects, is having a growing influence on purchase decisions. Research shows that consumers have good intentions in this respect and are prepared to back those up with actual purchases. To secure their future, brands must embrace sustainability now or risk being left behind.

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    Jessica Wong

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  • U.S. Announces Nuclear Fusion Energy Breakthrough

    U.S. Announces Nuclear Fusion Energy Breakthrough

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    Scientists have successfully produced a nuclear fusion reaction resulting in a net energy gain, a major breakthrough in a decades-long quest to unleash an infinite source of clean energy that could help end dependence on fossil fuels. What do you think?

    “It’ll take some pretty big fundraising dinners to stop this.”

    Debora Emel, Prank Adviser

    “If clean energy is so great, why haven’t we invaded anyone for it yet?”

    Spencer West, Chief Filer

    “I thought we all agreed Earth was more of a run-out-the-clock scenario.”

    Malcolm Gareau, PSA Director

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