—one that protects people, planet, and profits. In the race to reduce emissions, consumption, and waste, everything is on the table. Supply chains are being recalibrated. Source materials are evolving. Travel requests are carefully scrutinized.
But companies can’t do it alone. Consumers also play an important part. What they’re willing to do defines, in part, how far businesses can go. And while consumers have said they want companies to be stewards for change—and that they’re willing to commit significant personal resources to protect the planet—there has historically been a disconnect between their aspirations and their actions.1
However, the pandemic may have turned the tide. Last year, the IBM Institute for Business Value (IBV) found that 93% of global respondents said COVID-19 had influenced their views on sustainability.2 And over the past year, this trend has intensified. Our February 2022 survey of 16,000 global consumers in 10 major economies found that more than half (51%) of respondents say environmental sustainability is more important to them today than it was 12 months ago (see Methodology on page 20)
Key Findings
51% of respondents say environmental sustainability is more important to them today than it was 12 months ago.
49% of consumers say they’ve paid a premium for products branded as sustainable or socially responsible in the last 12 months.
We also found that consumers’ actions are starting to match their intent. In 2021, we found that half of consumers said they were willing to pay a premium for a sustainable brand or sustainable products. 3 And this year, 49% of consumers say they’ve paid a premium for products branded as sustainable or socially responsible in the last 12 months.
Many consumers see these issues through a shared lens. Almost two-thirds (65%) of consumers say that sustainability and social responsibility are at least somewhat linked. To understand how those linkages play out in their daily lives, we asked consumers about their ability to take action with respect to environmental sustainability and social responsibility, highlighting 15 key topics:
– Reducing gender inequality
– Ending poverty and hunger
– Reducing income and opportunity inequality
– Providing access to quality education
– Promoting inclusion and equal access to justice
– Ensuring good health and wellness
– Ending systemic racism
– Securing fresh water supplies
– Reducing ozone layer depletion
– Reducing air, water, and ground pollution
– Protecting rainforests and other ecosystems
– Reducing loss of species and protecting biodiversity
– Supporting the circular economy
– Addressing climate change
– Reducing wildfires and brushfires
We found that a significant portion of people in developed countries find it difficult to make choices that take sustain - ability and social responsibility into account. And individuals in developing countries often face even more significant challenges.
However, while socio-economic factors—such as where people live, their income level, and how informed they are— influence an individual’s ability to act, our research has revealed a few common barriers that hold all people back.
The ability to remove these barriers puts businesses in the driver’s seat, giving them the opportunity to make a positive impact on the environment. It all comes down to pulling the levers that will both resonate with consumers and boost the bottom line.
“You want to be in the game because you want to be learning,” said Marshall Wilmot, President, Retail and CDO of ATCO, in an interview for our upcoming 2022 CEO Study. “Then you can see what’s going to have the best ROI in the future.”
To help executives develop sustainability strategies that will support profitability, our research highlights what habits individuals have already changed, where they would like to do more, and how companies can capitalize on unmet consumer demand for more sustainable choices. By paving a clearer, more accessible path to responsible consumption, executives can do even more to build a sustainable future—for the planet, for their customers, and for their businesses…
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How businesses can become stewards of change
The sustainability imperative is approaching a precipice. If we don’t make big changes in the short term, climate change will take many options off the table. As UN Chief António Guterres put it, the world is “sleepwalking toward climate catastrophe”—and the problem is only getting worse.14
While no single nation—let alone a single organization—can reverse the tide, the decisions executives make can have a ripple effect across the global economy. In fact, a recent study by the World Economic Forum found that just 8 supply chains account for 50% of all global emissions.15
This opportunity to make a positive impact isn’t lost on execs. Recent IBV research found that almost 4 in 10 (39%) executives said that environmental sustainability is a top priority for them today, and more than half (53%) said it will be a top priority in 3 years. However, while 86% of organizations have a sustainability strategy in place, just over 1 in 3 (35%) have acted on that strategy.16
What can help businesses overcome this inertia? It all starts with a mindset shift.
“One thing that I’ve learned is, don’t wait to be perfect in everything to embrace sustainability or be more proactive on it,” said Guy Cormier, Chair of the Board, President, and CEO of Desjardins Group, in an interview for the IBV’s upcoming 2022 CEO Study. “No one is perfect on the planet right now. We just have to do everything we can to change the situation.”
With the fate of the planet hanging in the balance, collaboration must become a top priority. When executives across sectors come together to discuss challenges and share solutions, new doors spring open and awe-inspiring ideas take shape. And if the private sector, global governments, and NGOs join forces—with everyone pushing toward a shared destination— humanity may be able to chart a course to a sustainable future...
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