The world emitted over 35 billion tonnes of carbon dioxide in 2023. Nearly double the amount released in 1990, notes the World Economic Forum. Over the same period, the planet lost 502,000 square miles of forest cover. These aren’t just numbers; they are grim reminders of why we need to expedite our sustainability efforts.

By now, one thing is quite clear sustainability is not just a fleeting trend. It is a defining force that will shape the future. And businesses around the world are well aware of its role, with 90% of executives believing that embracing sustainability is pivotal for driving long-term growth and resilience. The challenge lies in the implementation part, where, according to the World Economic Forum, only 60% of organisations have sustainability strategies. The vacillation is obvious, given the complex nature of sustainability, which involves balancing economic, environmental, and social factors. However, the benefits to the world and businesses of shifting to sustainable practices are manifold.

Minimising waste 

The efforts to minimise waste start with identifying its sources and measuring the waste output. A thorough waste management audit helps identify areas of concern and formulate strategies, keeping the trouble points in consideration. With this comes the strategy of creating a closed-loop system to promote circularity in the business process, with a focus: on reusing, recycling, refurbishing, recovering, and repairing materials to minimise the use of virgin raw materials. Circularity begins with efficient waste segregation and collection that is further recycled and made into a fresh product. Waste segregation is the first step in creating the loop and is often the phase in which most businesses struggle due to a lack of proper planning and infrastructure. 

Sustainable packaging, like biodegradable, reusable, or minimal packaging, is also a key strategy in reducing environmental impact and positioning as a responsible business. With conscious consumerism on the rise, integrating sustainable practices and transparency could enhance brand loyalty and profitability, thereby providing a competitive edge in the market. The demand for sustainable products is rising in the market, as evidenced by the fact that 67% of participants in a Deloitte study were willing to pay up to 41% more for sustainable products.  Moreover, the inclination for sustainable products was higher among the younger generation.

Maximising resource efficiency

Maximising resource efficiency ensures that the available resources are utilised to the fullest. It saves costs, improves operational efficiency and helps conserve resources for future generation. An important part of this is explicitly outlining the sustainability goals of the organisation. As sustainability has multiple dimensions, it is easy to get diverted without a clear strategy and well-defined priorities to lead the efforts and design strategy. Adopting energy-efficient technologies, implementing water recycling systems, and embracing digitalisation are some key strategies for achieving sustainability in industrial operations. Embracing sustainable practices can reduce operational costs and affect operating profits by up to 60%, suggests McKinsey & Company.

Challenges and solutions

Strategy formulation is certainly the principal concern in going sustainable. However, there are a few more areas that often impede progress in this direction. The upfront cost of transitioning to a sustainable process is one of them. From advanced recycling technology to procuring raw materials from responsible sources, it is true that they cost a little more than normal, making it difficult for small-scale businesses to acquire them. With government support and incentives for businesses striving to go green, it has become possible to cover the initial cost. 

On top of this, changes like these are often met with resistance from the workforce, who are accustomed to doing the work in the traditional way. This resistance could be addressed by raising awareness and skill development. Sustainability is also likely to attract skilled professionals in the future, as a study suggests that 70% of workers are drawn to environmentally sustainable employers.

Minimising waste and maximising resource efficiency are two crucial elements of sustainable development. They apply to every sector, irrespective of their size, scope, or industry. To become a truly sustainable business, these should be the prime focus. The strategies should be implemented throughout the business process in a transparent manner to gain consumer’s trust.