9+ Business Sustainability Statistics [Industry, Cost, Trends and 2023 Update]
The green movement has been growing by leaps and bounds in recent years. Business sustainability is becoming more popular among businesses all over the globe.
From the creation of renewable energy sources and eliminating business waste to building LEED certified structures and using smart technology, there are countless ways companies can improve their business practices.
Here are some interesting business sustainability statistics about how many businesses are going green and how much it improves company profits as well as environmental preservation.
Business Sustainability Statistics: Key Numbers
- Products marketed as sustainable grow 2.7X faster than non-sustainable products.
- Corporate responsibility practices boost sales by 20%.
- 92% of buyers trust socially or environmentally responsible brands.
- 55% of consumers are willing to pay more for eco-friendly brands.
- Sustainable brands have 34% customer loyalty, compared to 27% for less sustainable brands.
- Sustainability-focused S&P 500 companies have 18% higher ROIs.
- $26 trillion in economic benefits when businesses go green.
- According to the IEA, going green costs $45 trillion.
- 33% of businesses use sustainability strategies to cut costs and increase efficiency.
- 76% of Americans expect businesses to fight climate change.
- 73% of Americans would stop buying from a company that does not care about climate change.
On this Page:
Consumer Perceptions
- 65% of Americans want corporations to drive social and environmental change in the absence of government action.[3]
- 61% of US customers consider sustainability before buying.[9]
- 73% of Americans would quit buying from a corporation that ignores climate change.[1]
- 92% of buyers trust brands that are environmentally or socially responsible.[5]
- 73% of Millennials will pay more for eco-friendly goods .[6]
- 85% of global consumers are making more sustainable purchasing decisions than they were five years ago..[9]
Cost of going green for business
It will cost $45 trillion to go green, according to the International Energy Agency.[10]
The above money value represents the cost of shifting to renewable energy. This is the expected sum of all clean energy investments, including solar, wind, biomass, and other advancements needed for a total changeover to green technologies.
However, at this moment it may seem like too large of an investment to make without evidence that it’s worth the initial price. But once we look at some numbers that back up our decision to go green, we can see that there are plenty of benefits waiting to be enjoyed in return.
Eco Friendly Industry Growth
The global Green Technology and Sustainability market is likely to grow from USD 11.2 billion in 2020 to USD 36.6 billion by 2025 at the CAGR of 15.5%.[11]
The major growth drivers of this market are the increasing investments in sustainable production, regulations geared towards reducing emission levels and rising environmental concerns around the globe. The stringent regulations with respect to climate change are a key driver for the market growth.
Eco Friendly Trend Statistics
35% of respondents said they chose sustainable products to help protect the environment, 37% said they looked for products with environmentally friendly packaging, and 41% said they avoided the use of plastic when they could.
It’s great to see most consumers aware of their behaviors’ environmental impact. But this raises an interesting question: do sustainability measures reach those in need? While most buyers consider sustainability and eco-friendly packaging, many do not live a sustainable lifestyle. So how can we get more people to buy green?
For starters, eco-friendly products must be easier to identify and purchase; otherwise, some consumers may not seek them out. There also needs to be more education and awareness on these concerns. The good news is that there are plenty of environmental organizations out there, but more are needed, and it will require both organizations and individuals to make a difference.
Sustainable Business Statistics
Why is sustainability important to business success
Sustainability and corporate responsibility will grow in importance. To be clear, being eco-friendly is not a condition for being profitable, but organizations who appreciate the value of sustainability will win. Companies may improve their consumer reputation and establish trust by taking a long-term approach to sustainability.
Here is these two statistics confirm that:
- 73% of Americans would quit buying from a business that ignores climate change.
- 92% of buyers trust brands that are environmentally or socially responsible.
Why are companies going green
Going green is beneficial for business. While not quite altruistic, the benefits outweigh the drawbacks. Going green makes them money, keeps employees and improves their reputation in the community.
You may think they’re trying to do good, but they’re really just in it for themselves. But how can anyone be cynical about a cause like going green? We should all support companies that implement eco-friendly policies if we care about our future and want to leave a positive legacy.
Business Sustainability Strategies
If you’re a business owner, you are no doubt aware of the importance of keeping your business sustainable. It won’t survive otherwise. Incorporating sustainability into your organization is an excellent way to plan for the future.
Business sustainability strategies may include intentional sustainability, water and electric conversions, supply chain efficiency, developing recycling programs, purchasing only energy efficient products, developing sustainability work policies, and others.
Final Thought
More businesses are going green than ever before, and many people are taking advantage of the benefits. If your business hasn’t yet shown that it’s willing to go green, you may be missing out on some great chances to make your business more environmentally friendly by taking steps in that direction.
The more firms that go green and continue to go green, the easier it will be for other businesses to do the same in the future. Sustainability is a wonderful long-term goal for any organization.
In order to help businesses all over the world see how the green movement can help them, I have looked at a lot of different business going green stats. You don’t want to miss these important findings, whether you run a big business or a small one.
Source
https://scholar.harvard.edu/hiscox/publications/buying-green-field-experimental-tests-consumer-support-environmentalism
https://www.simon-kucher.com/sites/default/files/studies/Simon-Kucher_Global_Sustainability_Study_2021.pdf
https://www.nrel.gov/docs/fy09osti/44261.pdf
https://www.pwc.com/cl/es/publicaciones/assets/2019/report.pdf
https://www.xerox.com/downloads/usa/en/x/Xerox_CSR_Report.pdf
FAQs
What does going green mean for business
Ultimately, going green means so many different things to so many different people. But it’s easy to understand how a reduction in the cost of energy and resources used might result in substantial savings for a corporation.
Plus, if you really want to save money on your utilities, utilizing less energy will move you ever closer to that objective
What are sustainable business practices
The sustainable business practices may include use of biodegradable materials, reduce paper waste, better water management plan, invest in green projects, sustainable business travel strategies, use of modern ways to schedule and host conferences (Zoom) and many others.
What movement has encouraged marketers to pursue environmentally sustainable strategies?
While there are a plethora of groups working towards sustainable developments and eco-friendly products, there has been one main trend that has motivated many marketers to begin to adopt more sustainable strategies—that movement is millennials. According to nielsen study reported that, 73% of Millennials will pay more for eco-friendly goods.[6]
This generation is more likely to choose sustainable products thanks in part to their increasing environmental knowledge, which originates from their generational attitude that sees consumers as stakeholders, not just customers
What can companies do to become sustainable
There are several things that a business may take to become more sustainable. It’s crucial to recognize that the idea of “going green” is not merely a fad or trend. Going green can be seen as adopting efforts to minimize environmental deterioration and encourage sustainable behaviors.
The most important thing anything can do to become sustainable is limit consumption. If you don’t need it then don’t buy it
And others include creating a paper recycling program, adding motion sensor lighting, buying organic office supplies, and thinking about the items they order. These adjustments might seem little now, but if everyone in the world thought in this way we could live in a far more sustainable future.
What is the difference between sustainability and going green
So, what is the difference between sustainability and going green? The good news is that the distinction is minor and the meanings are nearly identical.
The only exception is when referring to an environmental certification process or program. Instead of “becoming sustainable”, you may use “certified green” or “going green”. It’s easy to confuse the two concepts because they’re both about how we live and treat our world.
What was the world’s most eco-friendly country in 2022
In 2022, Denmark was the world’s most eco-friendly country, with Luxembourg and Switzerland following close behind. The United States was ranked twenty-four.
