Business View Magazine | Volume 8, Issue 9

91 BUSINESS VIEW MAGAZINE VOLUME 8, ISSUE 9 THE SUSTA INAB I L I TY CONSORT IUM innovative products. In a recent study by New York University it was found that “50% of the consumer-packaged goods sector’s growth from 2013 to 2018 came from sustainability- marketed products… Products that had a sustainability claim on-pack accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales, up 29% from 2013.” THESIS: A Market Mechanism Driving Change There are two basic ways in which corporate practices change. First, companies can be forced to change practice by government regulations. Sustainability regulations generally attempt to protect against air, water, and land pollution, and reduce risks related to human safety. Regulations can be useful in that they protect the environment and society from the worst performers. environmental challenges that society must address, and consumer goods are a key lever. Global production and use of consumer goods accounts for more than 60 percent of all greenhouse gas emissions, 80 percent of water usage (mostly due to agriculture), and two-thirds of tropical forest loss globally. A sustainable world requires sustainable production and consumption. Incentivizing and supporting manufacturers and their suppliers to adopt new methods and design more sustainable products is one of our biggest levers for driving sustainability globally. Addressing the sustainability price tag of consumer goods doesn’t have to raise the actual price tag of those products. Improving sustainability can reduce systemic costs and expected costs due to supply chain risks and increases revenue and growth by opening new markets for greener, better, and more