Sustainability has been at the centre of global discussions for nearly a decade, yet it often feels like the world is waiting for it to fail. However, the notion that sustainability is failing is misleading.
From 2020 to 2023, sustainable products outpaced non-sustainable ones in retail value sales by one percentage point
Looking back at the trajectory of sustainability efforts over the years, it is clear that, despite setbacks, the movement continues to evolve rather than disappear.
The rise and challenges of sustainability commitments
The 2015 Paris Climate Accord spurred companies to set ambitious sustainability targets, with many committing to Science-Based Targets (SBTs) between 2016 and 2017, often with unrealistic deadlines. By 2018, investors emphasised environmental, social, and governance (ESG) factors, while public awareness surged in 2019, driven by figures like Greta Thunberg.
However, the COVID-19 pandemic in 2020 shifted focus away from sustainability, though governments, particularly in the EU, reinforced commitments through initiatives like the European Green Deal. Yet, challenges such as the war in Ukraine in 2022 and ongoing inflation in 2023-2024 raised concerns about companies scaling back on green initiatives.
The article is property of Euromonitor International, a data analytics company, and you can find it here.
