4 Min(s) Read
By Rajesh Uttamchandani Apr 22, 2023 1:31:51 AM IST (Published)
Sustainable businesses can only thrive if consumers are prepared to support them by making environmentally friendly choices. Being conscious of one’s consumption is also key to leading a more sustainable lifestyle that takes into account one’s impact on the environment, writes Rajesh Uttamchandani, Director, Syska Group.
Earth Day is observed by people across the globe highlighting the need to safeguard our natural world from adverse human impact and to individually and collectively act in an environmentally conscious manner.
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The adage of ‘Reuse. Reduce. Recycle.’ continues to be as resonant as ever. Simple efforts such as reducing the use of plastic, using energy judiciously, and minimising waste creation and pollution can go a long way towards protecting the environment. In the long-term, however, conserving precious natural resources and combating climate change requires green financial decisions on a national and global scale. It’s fitting therefore that the theme of Earth Day for 2023 is “Invest in our planet”.
Making Profitability & Sustainability Go Hand-in-Hand
It used to be a common belief that there’s a trade-off between following sustainable practices and profitability. This is increasingly proving to be a misconception. Climate change and environmental degradation, if left unchecked, can have a devastating impact on economies, severely affecting the profitability and financial health of businesses.
Businesses that have adopted strong Environmental, Social, and Governance (ESG) standards have enjoyed higher profits, stable stock performance, and of course, happier and more motivated workforces. In this context, ‘Sustainability’ is not merely a corporate buzzword, but rather, something that is becoming a key facet of corporate performance.
Governments also have a crucial role to play in promoting green business practices - through raising awareness as well as enacting policies that make sustainability the most favourable option for brands and consumers.
Sustainable Consumer Choices Matter
Of course, ultimately, the consumer is the king. This means that sustainable businesses can only thrive if consumers are prepared to support them by making environmentally friendly choices. Purchasing products and/or availing services from eco-conscious companies, and making investments in organisations developing green innovations are some concrete steps individual consumers can take to bolster an environmentally friendly business ecosystem.
Being conscious of one’s consumption is also key to leading a more sustainable lifestyle that takes into account one’s impact on the environment. Going paperless and digital as far as possible, using organic biodegradable products, assessing one’s carbon footprint, and participating in activities such as composting, are a few measures that can be taken at an individual level. Collectively, these individual efforts not only add up over time to help the planet, but they also foster a culture of sustainability, compelling government and industry alike to take action to safeguard the environment.
When it comes to consumer choices, one eco-friendly decision that can be made is with regard to lighting. For instance, LED technology has significantly transformed the lighting industry, offering a cost-effective and energy-efficient alternative to traditional lighting solutions. Such lighting helps not only reduce carbon emissions but energy bills as well – a win-win for both consumers and the planet! Other energy-efficient home appliances, such as ceiling fans, also contribute to a more sustainable household.
Smart automation solutions, a key innovation in the FMEG space in recent years, also have a role to play in making homes eco-friendlier. The ability to switch off smart lights, or other smart home appliances, remotely (or automatically after a predetermined length of time) prevents a considerable amount of energy wastage, further improving a household’s energy efficiency.
Towards a Greener, More Prosperous Future
Combating climate change and preserving the environment will require individuals, organisations and governments to collectively ‘invest in our planet’. Supporting and investing in eco-friendly businesses, minimising wastage, and making environmentally conscious consumption decisions are some of the measures individuals can take to contribute towards a more sustainable future.
—The author, Rajesh Uttamchandani, is Director at Syska Group. The views expressed are personal.
(Edited by : C H Unnikrishnan)
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