Innovation in Sustainability
As the importance of sustainability continues to increase, so does the need to incorporate innovation into sustainable practices. Innovation is vital for growth, and organisations that do not adopt innovation are very likely to fall behind in the competitive business world. Sustainable innovation allows companies to not only innovate their products and services but also do their part for the environment – by having unintended environmental impact. In a world where 90% of Gen X consumers are willing to pay more for sustainable products, now is the time to take action and prioritise sustainable innovation.
Vijay Vaitheeswaran
Global Energy and Climate Innovation Editor at The Economist, Former Chairman of The Economist: Innovation Summits, & AuthorChris Walker
Climate Change Expert & Sustainability Executive, Director of Business Development at Carbon GeoCapture & Partner at ReThink SustainabilityCaroline Ashley
Director of SteelWatch & Former Global Director of System Change ProgrammesNatalia Olson-Urtecho
Board of Advisors Member at KEI Cities, Advisor for the European American Enterprise Council & Former CEO at EGLord Adair Turner
Chair of the Energy Transitions Commission & Former Chair of the UK's Climate Change CommitteeDavid Saddington
Head of International Climate Strategy, COP Engagement and Governance & WWF Earth Hour Hero AwardDavid Ferguson
Head of Net Zero Innovation at EDF & Former Head of Sustainability at EDF EnergyKatarina Uherova Hasbani
Founder and Host of “The Sustainable Company” podcast, Founder of The August Company & Founder of EnruptWill Pearson
Co-Founder of Ocean Bottle, Forbes' 30 Under 30, & Ambassador of A Plastic PlanetMichael Rada
Founder of Industry 5.0, Advisory Board Member for Before 3020 & Former Manager of SUMISHOJoanne Jørgensen
Former Design Director at Nike, Founder of TeamGlue & Former Head of Design at SilverflintSustainable innovation is the practice of making intentional changes to products and services, that in the long term have an impact both socially and environmentally – whilst also having economic benefits for a company. Sustainable innovation can involve developing novel products or changing operational processes to ones that prioritise sustainability – such as reducing waste or emissions. With 38% of executives already acknowledging that sustainability is a top priority and 86% of organisations having a sustainability strategy in place, now is the time to act and prioritise innovation in sustainability today.
What are Examples of Sustainable Innovation?
- Public electric transport – Public transport has been innovated to have a sustainable and environmental impact, through the use of electric vehicles. Such transport is better for the environment as it reduces the emissions being generated, such as CO2 and NOx.
- Plastic recycling – The plastic industry has encouraged sustainable innovation through recycling, moving away from their ‘take, make and dispose’ methods to ‘reduce, reuse, recycle’. By innovating their processes to include recycling, they are helping contribute to a circular economy.
- Bio-fuel – Companies have innovated their processes by turning waste products into biofuels, such as the company Bio-bean which has turned their waste coffee into fuel to help power London double-decker buses.
How Can I Achieve Sustainable Innovation?
Ultimately, to achieve sustainable innovation you must innovate your services and processes whilst having a positive impact on the environment. This can be achieved by:
- Reducing the use of natural resources in manufacturing and distribution processes
- Reducing the production of waste
- Introducing the opportunity to reuse and recycle products
- Using more efficient and environmentally friendly packaging
Source: Network for Business Sustainability, Forbes, IBM Institute for Business Value & McKinsey
