Environmental protection and sustainability are no longer a trend but a movement for the future. With 76% of consumers saying that they will stop buying from companies with poor treatment of the environment and 88% of consumers claiming that they will be more loyal to a company that supports social and environmental issues, it is no surprise why so many companies are willing to invest so much in supporting environmental protection[1][2]. According to a global survey, 88% of publicly traded companies have ESG initiatives in place, with most companies allocating more focus and budget to this region every year[3].
As the world shifts its focus towards ESG, opportunities within the environmental protection industry are bountiful. Businesses existing or prospecting in this industry should keep themselves updated on eco-trends as follows:
#1 Upcycling
As a part of circular waste management, upcycling is when waste is transformed into new, usable materials or products for use. While upcycling is nothing new, the extent to which upcycling is explored this year is expected to reach a new high. Apart from upcycling old clothes into fashion statements or discarded furniture into trendy home décor, companies are now looking for more opportunities to upcycle, such as upcycling food.
Learn More about Circular Textiles:
Be Eco-Smart! Top Green Textile Products This Season
Upcycled food is when wasted byproducts from the production of one food product are crafted into other food products for consumption – such as using the pulp of plant-based milk to create a high-protein gluten-free flour or making jams out of blemished fruits that would otherwise be thrown away[4]. With a projection to reach US$97 billion by 2031 with a CAGR of 6.2%, upcycled food is one of the biggest growing markets in the food industry with huge potential[5].
#2 Use of Clean Energy
According to the climate think-tank giant Ember, greenhouse gas emissions from the power sector are expected to fall for the first time in history[6]. As wind and solar energy reach a record high of 12% of global electricity in 2022, we expect to see an increased use of renewable energy sources in the upcoming year – especially at a residential level.
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New Energy: The Eco-Friendly Solution for Sustainable Sourcing
With the cost of building and operating new renewable plants being cheaper than burning fossil fuels, businesses are more motivated to use renewable sources of energy instead of conventional ones[7]. According to experts, at a home level, as the cost of energy has become very volatile, we will be seeing homeowners switch to heat pumps or solar panels in their homes to offset high energy bills[8].
#3 IoT-Based Environmental Monitoring
Through Internet of Things (IoT) and 5G, businesses are looking to transition into energy-efficient smart buildings, such as automated monitoring of climate control, lighting, and security. Research shows that with the implementation of smart buildings, energy consumption can be lowered by a whopping 30%, providing great motivation for businesses in both cost and environmental issues[9]. IoT can also be applied to other areas of environmental protection, such as using it in waste management in optimizing waste collection and helping to lower the environmental footprint by limiting unnecessary use of waste mobility.
A Better Environment, A Better Business!
With environmental protection being an established future development, businesses should try to adjust to more eco-friendly policies to stay competitive.
From 26-29 Oct 2023, HKTDC’s Eco Expo Asia is back to support all types of businesses interested in going green or helping companies further develop their ESG policies. This exciting fair features the latest green products, equipment and innovative technology to assist companies from varying sectors in achieving their ecological goals. The expo will also invite industry leaders to share insights into creating a one-stop environmental protection business.
Register now and join us in person by clicking the banner below:
Meanwhile, share with us your green ideas to support eco-smart sourcing! Talk to us via below form:
[2] https://conecomm.com/2017-csr-study/
[3] https://www.navex.com/blog/article/environmental-social-governance-esg-global-survey-findings/
[5] https://www.alliedmarketresearch.com/upcycled-food-products-market-A53592
[6] https://ember-climate.org/insights/research/global-electricity-review-2023/
[8] https://www.greenmatch.co.uk/blog/sustainability-trends
[9] https://www.sciencedirect.com/science/article/abs/pii/S0140366421002279
