How sustainability will change the face of economy in the long run?

Sustainability is all about long-term effects, a concern for the generations to come, and a promise to leave the planet better than it is today. And while this mission might be critical, this concept is challenging on its own. Simply put, sustainability comes with a triple bottom line, including economic, social, and environmental considerations. But regardless, sustainability is, in fact, also the biggest economic opportunity of our time.

This belief is rooted in three different tenets. First, according to a Nielsen study, over 2/3 of millennials prefer to consume a product that is eco-friendly. So, when you see several brands finding alternatives to single-use plastic, this is not just “by chance”. Moving on, according to Deloitte’s annual survey, almost 75% of millennials want to work at a place where they feel a sense of purpose towards the planet and the people. Lastly, it is an agreed fact that big problems do have big opportunities. The 17 sustainable development goals (SDGs), as defined by the UN, are expected to cost the global economy over $10 trillion.  

However, if we combine the above tailwinds with green and sustainable investments, our green economy is, in fact, growing. The global sustainable economy witnessed a jump of 34% since 2018 due to sustainable investments and employment opportunities.  

The formula is pretty simple: the time for sustainability is here. We also cannot ignore the fact that the way brands are creating value, consumers are adopting sustainable products and investors are allocating their investments accordingly. Moreover, governments are also favoring such moves by banning single-use plastics that aim to cause a significant positive impact.  

India is home to 1.4 billion people and is highly vulnerable to the impacts of climate change. Sustainability is especially important for the future of our country. Our country experiences a wide range of climate-related disasters such as floods, droughts, heatwaves, and cyclones. Recent floods in the northern states of Himachal, Uttarakhand and Delhi are a testimony of nature’s fury. These events also have severe consequences on agriculture, water resources, infrastructure, and public health, affecting millions of people and leading to economic losses. 

India is also the fifth-largest economy and one of the fastest-growing major economy in the world. India's economy heavily relies on agriculture, with a significant portion of the population engaged in farming. Climate change can disrupt agricultural patterns, leading to reduced crop yields and increased food insecurity, which, in turn, can have profound socio-economic consequences. 

On a positive note, the future of “Made in India” green products in global markets holds multi billion-dollar potential. We have the three key tenets that drive the success of any source market (a) availability of raw materials (b) availability of technology, and (c) availability of talent pool. India has an abundance of all three with a large domestic consumption base.   

The paradigm shift towards sustainable practices is redefining industries and reshaping market dynamics. As more consumers embrace eco-friendly alternatives, businesses are compelled to innovate, pivoting towards solutions that harmonise growth with ecological responsibility. This shift presents an incredible opportunity for a new kind of economy, one that values ethical production, minimises waste, and champions the beauty of our natural world. 

As a sustainable startup co-founder, I've witnessed the transformative power of conscious consumer choices. It's heartwarming to see individuals who embrace products that echo their values. We are no longer content with mere transactions; we seek transactions that resonate with our souls.  

What lies ahead is a landscape transformed by conscious choices. As more businesses recognise the imperatives of sustainability, we're witnessing an evolution where mere financial gains no longer measure growth. The economy of tomorrow will be one where ethical consideration are paramount, where prosperity is defined by the well-being of our planet, its inhabitants, and future generations. 

Sustainability is not just a trend; it's a way of life that ripples through time. And, this new paradigm is much closer to happening than it has ever been.  

(Rahul Singh is the Co-founder of EcoSoul Home Inc.)