2. Why Economic Sustainability?

Economic sustainability supports growth and development in the long-term without degrading natural resources, damaging the environment, or compromising the well-being of future generations. The various benefits of sustainable economy are as follows:

Improve Business reputation and attract investors

Sustainability being the buzz word, acts as a plus for any business and gives the company a purpose. This not only attracts more investors but helps get more motivated , skilled companies on board. In 2020, 85% of investors considered ESG factors in their decisions, that’s according to Gartner Research. Plus 91% banks monitor the ESG performance of investments. Lego’s decision to shift to plant- based sources and using sustainable materials made the company’s reputation skyrocketed. Going green shows the world that businesses also care for the environment making it a great marketing strategy.

Reduce business Costs

Greening or switching to alternative practices for your business may take some initial investment. A 2011 McKinsey survey on the business of sustainability found that 33% of businesses were integrating sustainable practices to improve operational efficiency and cut costs resulting in a 19% increase from the previous year.

Competitive market advantage and growing market for sustainability

With the talks on COP 27 and othernet zero emission goals set by each country. It becomes clear that a shift in strategy and innovation is needed inorder to avoid legal repercussions and further misalignment with the government policies. There’s a growing market for sustainable goods as the current generation is more conscious about their consumption and willing to spend on sustainable products. Therefore, Being a sustainable business helps gain market advantage by converting customers to sustainability -minded customers and thereby increase sales.