19 Finance Monthly. Bus i ne s s & Economy Gen Z and millennials. However, actions speak louder than words, and delivering results is proving to be just as important as marketing. Sustainability within businesses is itself changing. The commercial landscape for companies is evolving and moving away from a consumptive capitalism approach towards a more regenerative form. Businesses that fail to adapt are likely to face extinction. The shift in consumer behaviours has also encouraged the growth of the green economy, which was reportedly worth £205.76 billion in 2021. This includes over 75,000 low-carbon businesses, such as recycling plants and wind turbine manufacturers, that prioritise the environment and employ over 1.2 million people across the nation. How can businesses tackle climate change? More often than not, businesses are taking steps to become more sustainable. On the other hand, sometimes companies are stuck on a transitional path, stalled by individual cost centres that are preventing holistic decision-making. This can often lead to departments making polarising decisions based on the way that their business runs. In these circumstances, companies fail to recognise the full scope of their resource cycle and all of the benefits that come with having a varied approach. To achieve meaningful progress, businesses should successfully implement sustainable waste management solutions into their culture, structure, and strategy. This might not be implemented straight away for some, although from a procurement perspective, they should be able to make decisions that have a lasting impact on the entire organisation. This has been a challenge for some businesses until recently, as each unit would procure for their own requirement, and there were not as many comprehensive solutions that could consider the whole resource cycle. Overall, there’s no doubt that sustainability is taking centre stage. Baby boomers and millennials have paved the way for Gen Z to campaign for current concerns surrounding the speed of climate change. In turn, businesses are being held accountable for their actions, fuelling hope for a future free from the negative effects of global warming. of adults reduced the number of new goods they bought between 2020-2021 as a result of the values of Gen Z and millennials. 39% Sources https://internetretailing.net/ sustainability/sustainability/a-thirdof-uk-shoppers-demand-greenerproducts--and-will-pay-more-forthem-22190 https://www.glamourmagazine. co.uk/gallery/gen-z-climate-activists https://www.bupa.com/news/pressreleases/2022/gen-z-seek-ethicalworkplaces-as-environ-mentalhealth-burden-bites https://www2.deloitte.com/uk/en/ pages/press-releases/articles/fourout-of-five-uk-consumers-adoptmore-sustainable-lifestyle-choicesduring-covid-19-pandemic.html https://www.prca.org.uk/ReachingMillennials-and-Generation-Z-withPurpose https://www.bbc.com/future/ article/20211105-how-carbon-mightgo-out-of-fashion https://www.theguardian.com/ business/2022/jan/14/dirtygreenwashing-watchdog-targetsfashion-brands-over-misleadingclaims https://www.theguardian.com/ environment/2021/aug/10/uksgreen-economy-four-times-largerthan-manufacturing-sector-saysreport https://www.countryandtownhouse. com/travel/does-carbon-offsettingactually-work/
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