As we continue to struggle during the COVID-19 pandemic, businesses have a lot going on. From the decline in their production to raising health concerns among the workers, it is pretty hard to stomach everything.
Apart from the epidemic, one other factor impacting the ROI for leading brands worldwide is climate change. As per various reports, it is pretty visible that the climatic conditions around the world are changing. However, as things stand, climate change is happening, and it will impact lives as we know it. Thus, let us discuss climate change’s role in leading brands worldwide.
Climate concerns among consumers
Unlike the previous era, when there were no internet and people were unaware of what was happening around them. Today, people are very much in the frame of what is happening around them, especially regarding the climatic changes.
There are many research papers in which the public calls the industry leaders to ensure that every product is sustainable enough. Consumers currently want brands to use renewable energy sources to tackle climatic changes.
Impact on all ages
Most brands worldwide do not offer products for a single age group. Instead, they provide products for every age group, intending to expand their horizons. However, these businesses must be aware that climatic change can affect every age group.
Thus, they must counteract accordingly to ensure that their business practices do not halt during the significant climate shift. In other words, they should ensure that their products are sustainable enough to withstand climatic change. Moreover, they should not compromise on sustainability in a limited number of products. Instead, they should implement it on every product belonging to every group.
The buying pattern of consumers amidst climatic concerns
These days, consumers are interested in the products they are opting for and the impacts they hold on to their daily lives. Thus, businesses that work in a customer-centric manner must be wise in strategizing to ensure that they are fighting climate changes efficiently. Unarguably, some brands are resonating with the needs of their consumers and acquiring success indefinitely.
The bottom line is that more and more companies understand the economic need to adopt a sustainability mindset. Thus, as we move to the second half of 2020, it is predicted that other brands will be striving to achieve a similar feat. However, without adequate strategizing, it will be next to impossible to ensure success in the changing climatic conditions of today.
A direct result of climate change on brands – Current analysis
You cannot win the battle against hunger due to climate change as it is a major hindrance. There is a prediction that the peril of starvation will increase by up to 20 percent in 2025. This statistic is the direct result of climate change. All these concerns are stimulating the brands to take severe measures to resolve all this. Hence, the prevention of food now becomes a necessary aspect. Brand’s scorecard should look forward to what successful food enterprises strive to diminish greenhouse emissions. During their supply chain’s journey, they make this effort to assist agriculture sectors and farmers adapt to a changing climate. Understand the direct effect of climate change on brands. Let us see what a famous and global brand reveals in this regard.
- Unilever – It leads to the scorecard on the climate with the rising score that is (9/10) in the entire scorecard. The enterprise has effective strategies for deforestation and palm oil, plans for its suppliers, and appeals to administrations to take measures. We expect that they will endure to display management and go even ahead.
- Nestle – It is growing to the climate trial with rock-hard plans on deforestation, palm oil, agricultural emissions, and encouragement meeting. There is still scope for development in the employment of promises, renewable energy ambitions, and setting science-based goals for emissions drops.
- Coca-Cola – A ex-leader on climate change, Coca-Cola is now in the center of the pack as other businesses have important reputable obligations. There is an actual chamber for perfection on the problems such as developing robust emissions drop and renewable energy aims and moving toward employment in matters like attempting deforestation across supplies.