Sustainability Trends for Businesses in 2024

For those of us in the sustainability industry, the trends are clear. In our meetings, mixers, and meet-ups, we frequently discuss the same themes applied in our businesses and organizations. However, we often fail to reach new audiences—businesses and leaders who may not think about sustainability daily (like we do).

The BIG question is, how do we reach these people? How do we demonstrate the need and benefits of running a sustainable business?

It starts with awareness. These trends aren't all monumental; some can be implemented with a few operational changes, while others require more planning, investment, and strategy. That’s where PILLLAR Consulting comes in. We’re here to help you identify which of these trends can transform from ideas into a new way of doing business—your business.

Here are some key trends shaping the sustainability landscape in 2024:

1.     Adoption of Circular Economy Models: This is often table stakes for most businesses. One of the easiest ways to move your operations to a more sustainable model is by embracing circular economy principles—reducing waste, reusing materials, and recycling. This shift not only lessens environmental impact but also uncovers new business opportunities to reduce expenses. Show me a business that doesn’t want to reduce expenses, and I’ll show you a business that’s ready to close up shop.

2.     Integration of Digital Technologies: Innovations such as IoT, AI, and blockchain are transforming how companies manage their resources. These technologies enable better tracking, optimization, and transparency in sustainability efforts. Once you know your baselines, you are positioned to start capitalizing on reductions. Know your numbers.

3.     Access to Green Financing: There is a growing availability of green bonds and sustainability-linked loans, providing the financial support needed for companies to invest in sustainable initiatives.

4.     Enhanced Transparency and Reporting: Stakeholders are demanding greater accountability in sustainability efforts. Businesses are responding by adopting robust reporting frameworks and openly communicating their environmental impact and progress. Customers increasingly seek businesses that are intentional and aware of their environmental impact. Yell it from the mountaintop: you care about your impact, and you have the numbers to prove it.

5.     Shift to Renewable Energy: More companies are committing to 100% renewable energy sources, significantly reducing their carbon footprint and supporting the global transition to cleaner energy. While 100% renewable is a lofty goal, it is obtainable. But do you know what else is obtainable? How about 50% or 75%? This can and will make an impact on your bottom line.

6.     Employee Engagement in Sustainability: Engaging employees in sustainability initiatives is proving beneficial. Companies are seeing increased morale, productivity, and commitment to sustainability goals when employees are actively involved.

We are dedicated to helping businesses navigate these trends and implement strategies that drive meaningful, sustainable change. Whether it's adopting circular economy models, leveraging digital technologies, or shifting to renewable energy, we provide the expertise and support you need to make sustainability a core part of your business.

What sustainability trends are you observing in your industry? How is your organization adapting to the evolving sustainability landscape?