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When we talk about sustainability and the need to change our consumption habits, many of us question – can my one decision make a difference? Yes, it can, because more and more people are making such decisions. A study commissioned by the World Wide Fund for Nature found that online searches for sustainable products have increased by 71% in five years. Of course, people’s choices drive business to change too, and these six sustainability trends are the best evidence of that.
Sharing economy
Initiatives to promote more efficient use of natural resources and less pollution remain important in 2022. As a result, the trend towards minimalism will strengthen, more people will buy new things only when they really need them (buying on a need-basis), and the sharing economy will grow. One of the reasons why the sharing economy is growing in popularity is that it allows us to make the most of our resources, especially when they are not in use. According to estimates, the sharing economy has grown from USD 18.6 billion in 2017 to USD 40.2 billion in 2022. It is projected to reach USD 335 billion in 2025. The industry will grow more than 20-fold over the next 12 years.
Sustainable packaging
We have all seen the images of oceans polluted by plastic bags and heard many calls to action. Retailers themselves are also showcasing initiative by completely eliminating single-use plastic bags and governments are legislating to tax such packaging.
Technological innovations are also being used to find more sustainable packaging alternatives. Here we can be proud of Lithuania’s leadership: later this year, Bagfactory will present a solution developed with scientists from the Kaunas University of Technology that allows reusable shopping bags to be made from 100% recycled PET nonwoven textile material. The company will be the first in the world to use this technology to help implement circular economy principles.
Low-cost renewable energy
Although energy from renewable sources is more expensive than that from fossil fuels, the situation is changing rapidly. Wind and solar power plants have fallen in price by 70% and 89%, respectively, over the last ten years, and their capacity will surpass that of coal and gas in less than five years, according to a report by the International Energy Agency. Moreover, renewable energy will continue to get cheaper as the cost of renewable technologies goes down as we increase their capacities. So when countries like the US invest in renewables, it lowers the cost for everyone and makes the technology affordable for the whole world.
Sustainable fashion
The Covid-19 pandemic has given many of us a chance to pause and rethink our relationship with fast fashion, to assess what really matters to us: the novelty of a garment, its comfort, or its quality? In a study conducted by the business consultancy McKinsey, 58% of respondents indicated that they are now less interested in fashion, and as many as 70% say they are now inclined to use their clothes for a longer time. It is predicted that by 2022, many will be opting for minimalist, long-lasting clothes that don’t go out of fashion so quickly. The brand will become less and less of a factor in purchasing decisions, instead, people will prefer the composition of the fabric and opt for clothes made from organic cotton, hemp, bamboo fibre, and other natural materials.
Fighting food waste
Regardless of the culture or economic status of a country, food waste is not tolerated anywhere. A growing number of initiatives are emerging to combat this phenomenon and to find ways to use Food creatively to keep it out of the landfill. For example, the brand Misfit Foods makes juices from fruit and vegetables that are rejected by supermarkets for their substandard appearance. Do Good Chicken uses Food rejected by supermarkets to make feed for its own chickens, which it then supplies to the same supermarkets. Food waste is also devastating for our planet. Food that ends up in landfills emits methane gas, which is 25 times more potent than carbon dioxide and contributes significantly to the greenhouse effect.
Electric cars
The popularity of electric cars, which were launched just a decade ago, is growing rapidly. In 2010, there were around 17,000 electric cars on the road worldwide, and in 2019 there were 7.2 million – 400 times more. At the end of 2021, there were 299 real EVs registered in Lithuania, almost six times more than a year earlier. The most popular model among the public is the Volkswagen Up (126 units).
Although the growth of the global EV market has slowed down in recent years, demand for EVs remains significantly higher than for other cars, with the latter shrinking by 5% in 2019 and EVs growing by 9%. Deloitte forecasts that already this year, the cost of maintaining EVs will be no different than that of internal combustion engine vehicles, and the growing market share of EVs will also accelerate the development of the charging station network.
These six sustainability trends make it clear that whatever the investment – whether it’s the decision to buy an electric car or the decision to greet the new season in the same pair of jeans that still look great – we are all contributing to a more sustainable world. I invite you to remember this and make it a daily practice.
Gvidas Krolis, the CEO of Bagfactory
