The global market is becoming more unstable and subject to change than ever before, and it’s easy to see why.
In 2022, we experienced the Ukraine war, which sent shockwaves around the world. In the years prior to that, we were struck by the coronavirus pandemic. The culmination of those unforeseen events has created supply chain problems, increased costs and problems hiring and retaining staff.
For many companies, shifting to a sustainability-focused approach could be the answer. In this guide, we’ll take a look at sustainability in greater detail before looking at some examples of brands that are embracing sustainability strategies.
What is a sustainability strategy?
A sustainability strategy concerns itself with the long-term survival of a business. It involves evaluating any risks or weaknesses, such as environmental impacts, and putting in place an action plan to address them.
It can also involve setting targets and implementing initiatives that will help the business become more sustainable in the long run. Additionally, it involves developing partnerships with stakeholders to ensure that everyone works together towards achieving common goals.
In addition to environmental concerns, which is arguably the biggest issue at the moment given the climate crisis, there are also considerations regarding social harm, such as in the case of gambling companies, and economic impacts too.
By addressing these impacts, sustainability strategies can prove essential for businesses to remain competitive in today’s world and can help them achieve greater success in the future.
Let’s take a look at how some companies are achieving that.
Examples of brands striving for sustainability in 2023
Let’s take a look at some examples of brands striving for sustainability in 2023.
SkyCity Casino
One company that’s striving toward greater sustainability in 2023 is SkyCity Casino.
The drive behind SkyCity online casino becoming sustainable is no doubt due to the greater scrutiny that is being placed on the gambling industry.
Betting does have the potential to become addictive. This addiction can sometimes lead to related problems, such as financial difficulties and anxiety and depression. It can also lead to the breakdown of relationships.
With the impact of gambling on certain people becoming clearer, governments have stepped up their efforts to encourage companies to address their social impact and potential harm.
SkyCity is arguably one of the better gambling companies on the sustainability front. They make efforts to provide grants to community groups and organizations and have made over 5,000 to date.
Since 1996, they’ve donated around $66m to SkyCity Community Trusts. A big effort has also been made to reduce the waste sent to landfill. Since 2015, they’ve achieved an 81% reduction in this regard.
Betting companies such as SkyCity prove that even in potentially harmful industries, efforts can be made to tackle issues through an effective sustainability policy.
Ikea
Ikea is a Swedish-based furniture and home goods retailer that has become known for its commitment to sustainability. By utilizing innovative design techniques, Ikea has been able to reduce its environmental impact while still providing high-quality products at affordable prices.
In fact, Ikea has implemented sustainable practices in all areas of its business, from design and manufacturing to retail and customer service. For example, it powers some of its stores using solar panels and sources most of its wood from sustainable forests.
They also focus on reducing waste and creating products that are designed to last longer, thereby minimizing their environmental impact. By staying true to these values, Ikea is able to stay competitive while also making a positive impact on society.
ExxonMobil
ExxonMobil is one of the world’s largest publicly traded energy companies. The multinational gas company owns a range of different firms, from fueling stations to chemical companies.
Given the issues surrounding these practices, particularly in regard to the environment, such as the burning of fossil fuels being the biggest contributor to climate change, and human health as the company’s chemical plants impact the surrounding residents, Exxon has long been committed to sustainability.
Through its commitment to innovation and technological advancement, Exxon has been able to reduce emissions, improve energy efficiency and create a cleaner environment for future generations.
The company has also invested heavily in renewable energy sources such as wind, solar and biofuels, which is an important long-term step.
Additionally, ExxonMobil has implemented numerous safety measures to reduce the risk of accidents and ensure the safety of its employees.
All these efforts demonstrate that ExxonMobil is a sustainable business that is dedicated to creating a better future for everyone.
