Corporate responsibility is foundational to our business. We are proud to release our latest Corporate Responsibility Report, which details our progress in 2022 related to environmental sustainability, diversity, inclusion and belonging and ethical governance. Read the full report: https://www.alkermes.com/responsibility#csr
Tag: 3BL
SEATTLE, Wash., and BELLEVUE, Wash., October 11, 2023 /3BL/ – Seattle University and T-Mobile (NASDAQ: TMUS) are joining forces to help deliver Seattle University’s Connected Experience initiative which aims to improve digital equity for students, advance student success outcomes, increase operational efficiencies and drive innovation. T-Mobile will be the primary 5G service provider for the campus-wide internet network as well as equipping the university’s staff with 5G-connected devices to streamline operations.
“The joint program will help us create a more collaborative and innovative campus for Seattle University students to learn,” Seattle University President Eduardo Peñalver said. “Seattle University is the place where innovation meets humanity. We are excited to collaborate with such a forward-looking, impactful company that just happens to be headquartered here in the Pacific Northwest.”
Seattle University will deploy several projects that leverage 5G such as:
Building out high-speed internet across the entire campus at a significant cost savings compared to wired solutions.Enhanced campus safety and security services using 5G-enabled smart cameras.5G-enabled devices and services for Seattle University leadership, faculty, staff, emergency response teams, and students.Creation of a program that enables international students to obtain cell service without needing a bank account or credit check. This provides SIM cards or eSIMs so students can have immediate service.Student-led academic projects leveraging 5G innovation.
“It’s always a bonus when T-Mobile gets to innovate with customers like Seattle University who are in our backyard. And this initiative builds on the strong relationship T-Mobile has enjoyed with Seattle University over the years,” said Callie Field, President, T-Mobile Business Group. “We love that students will immediately and directly benefit from T-Mobile 5G, and this is just the beginning.”
In addition to the immediate implementation of high-speed internet and devices, several initiatives are planned for the future. This includes an innovation hub and connected labs that will create a community around the learning experiences that 5G connectivity can deliver. The lab is intended to bring faculty, students, startups, community, partners, and established companies together to imagine, research, prototype, test, and showcase next generation products and services.
“We have dozens of projects in the works through this collaboration that will benefit our entire campus and the larger community over the next couple of years,” said Travis Nation, Vice Provost for Information Technology and Chief Information Officer at Seattle University. “Our students are going to be better prepared for the workforce of tomorrow because of the opportunity they will have to utilize the technologies that might have been inaccessible to them before.”
“At T-Mobile, we know that connectivity is an important factor for student success, so we’ve quickly worked hand in hand with Seattle University to upgrade the campus-wide connectivity.” said David Bezzant, Vice President, T-Mobile for Government. “We’re thrilled that students are benefiting from the improvements that are live today, and we’re already in the midst of building with Seattle University to bring them more benefits in the future.”
T-Mobile is the leader in 5G, delivering the country’s largest, fastest and most awarded 5G network. The Un-carrier’s 5G network covers 326 million people across two million square miles — more than AT&T and Verizon combined. 285 million people nationwide are covered by T-Mobile’s super-fast Ultra Capacity 5G, and the Un-carrier plans to reach 300 million people with Ultra Capacity this year — nearly everyone in the country.
For more information on what improved connectivity can unlock for your campus or business, visit www.t-mobile.com.
Follow @TMobileNews on X, formerly known as Twitter, to stay up to date with the latest company news. For updates on Seattle University, follow @SeattleU on X, formerly known as Twitter.
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See 5G device, coverage, & access details at T-Mobile.com.
About T-Mobile
T-Mobile US, Inc. (NASDAQ: TMUS) is America’s supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile’s customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Sprint. For more information please visit: https://www.t-mobile.com
About Seattle University
Seattle University is dedicated to educating the whole person, to professional formation, and to empowering leaders for a just and humane world. Founded in 1891, Seattle University is a Jesuit university located in the dynamic heart of Seattle with more than 7,200 students enrolled in undergraduate and graduate programs within eight schools and colleges.
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Originally published in Dow’s 2022 INtersections Progress Report
Our 10-year 2025 Sustainability Goals seek to enable the transition to a sustainable planet and society through science, innovation and collaboration. A common thread across our seven 2025 Sustainability Goals is our focus on finding collaborative solutions that will lead to transformative changes and more sustainable ways to do business.
PROGRESS AGAINST OUR 2025 GOALS: CREATING VALUE TO DOW AND BEYOND
Launched in 2015, our 2025 Sustainability Goals are our third generation of sustainability goals and important drivers of integrating sustainable practices into our day-to-day business practices. Aligned to the United Nations Sustainable Development Goals, our 2025 Goals set the foundation for Dow to take leadership roles in our industry around our priorities of Climate Protection, Circular Economy and Safer Materials.
As we approach 2025, we are proud of the progress we’ve made with our 2025 Goals, including:
Achieving two goals – Leading the Blueprint and Delivering Breakthrough Innovations – ahead of schedule. We have integrated the processes and learnings from their implementation into our day-to-day business practices. For example, in launching our Delivering Breakthrough Innovations Goal in 2015, we focused on increasing the net positive impact of our products, based upon knowledge of where our feedstocks and energy come from and the designs of our processes, how our products are used by customers, and how they are treated at end of life. Today, our businesses have transitioned from using the Sustainable Chemistry Index developed by Dow to track our goal progress to the Dow Innovation Portfolio Sustainability Assessment, which is a sciencebased, future-oriented and customer-centric tool that helps us assess our product portfolio and embed sustainability in our key business decisions. In addition, our businesses now set their own business-specific sustainability goals and track progress on outcomes.Building upon the learnings and tools developed from our goals to inform next-generation strategies, including our Transform the Waste target and development of our Biodiversity and Safer Materials strategies.Growing our impact by publicly sharing our findings. Examples include the ESII tool developed through our Valuing Nature Goal and our Blueprint Thinking Toolkit, as well as our collaborative blueprints on topics such as safer materials, water and nature.Continued focus on operational excellence through our four World-Leading Operations indices: Unplanned Events, Environmental Stewardship, Total Worker Health® and Transportation Stewardship.
2022 Highlights (View the image above)
Additional information on our 2025 Sustainability Goals can be found here.
Innovation: Supporting Recyclers to Increase High-Quality PCR Resins
To ensure high-quality PCR plastic resins, recycled plastics must be cleaned. The optimization of this process can be challenging, especially removing contaminants and properly separating materials such as labels, as well as controlling foam during the required washing steps.
Dow has developed an innovative washing technology called EVOWASH™. EVOWASH is a range of biodegradable, industrial-grade detergents and antifoams designed to maximize adhesive removal, improve the optical quality of plastic resins, and reduce foam generation in the mechanical recycling of PET, HDPE, LDPE and PP. Because EVOWASH™ detergents are biodegradable and generate low foam, they also have no impact on discharge water. The technology is an example of how Dow is using its materials science expertise to help accelerate the global transition to a circular economy for plastics.
by Hugh Cowperthwaite and Nick Branchina, Coastal Enterprises, Inc (CEI)
Maine, with nearly 3,400 miles of coastline and over 2,000 coastal islands, is inextricably tied to the sea. The Gulf of Maine has long supplied Mainers with both livelihoods and food but is one of the fastest warming bodies of water on the globe, with the average temperature rising by four degrees Fahrenheit over last four decades.
At three and a half times faster than the global average, the change is enough to materially affect people’s dinner plates and paychecks. And it’s not just the changing climate: Maine’s working waterfront is seemingly being squeezed on all sides, with high costs for bait and fuel, loss of working waterfront access to development, ongoing uncertainty regarding regulatory demands for ropeless gear, and worries about the impact of offshore wind on already vulnerable fisheries.
The overall annual impact of Maine’s fisheries (or Maine’s “Blue Economy”) is an estimated $3.2 billion and 33,300 jobs. That’s economic input and jobs Maine can’t afford to lose – particularly in Downeast Maine, where the sector accounts for 45% of all direct jobs.
For Coastal Enterprises, Inc. (CEI), a community development financial institution (CDFI) based in Brunswick, Maine, investing in aquaculture supports community economic development by diversifying income streams along the rural coastline. It builds climate resilience while helping to ensure that families that have worked Maine’s waters for generations can have opportunities to do so for generations to come, while also welcoming a new crop of sea farmers to the coast.
Read the full article and check out the Love Point Oysters video as well all at- https://greenmoney.com/aquaculture-bringing-climate-resilience-to-maines-blue-economy
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HOUSTON, October 11, 2023 /3BL/ – LyondellBasell (NYSE: LYB) announced it signed a power purchase agreement (PPA) to secure 149 megawatts (MW) of renewable electricity capacity from Lightsource bp´s solar project in Spain.
Under this 10-year PPA, Lightsource bp will deliver approximately 284,000 megawatt-hours (MWh) of solar power to LyondellBasell annually. This is comparable to the annual electricity consumption of approximately 78,000 European homes, starting in 2026. With this latest PPA, the company will reach 78% of its total renewable electricity goal.
“We are taking decisive steps to reduce our absolute scope 1 and 2 greenhouse gas emissions, while creating solutions for everyday sustainable living,” said Chris Cain, LyondellBasell Senior Vice President for Net Zero Transition Strategy. “Solar power purchase agreements accelerate the development of clean energy and are a critical lever in our emissions reduction efforts.”
Approximately 15% of the company´s 2020 baseline scope 1 and 2 greenhouse gas emissions comes from its electricity consumption. As an important component of its pathway to net zero by 2050, LyondellBasell has a target to procure a minimum of 50% of electricity from renewable sources by 2030, based on 2020 procured levels.
The agreement is Lightsource bp’s first cross border corporate PPA signed in Spain and the company is currently working to bring over 1 gigawatt (GW) of solar projects into construction.
In line with Lightsource bp’s commitment to care for the environment and promote biodiversity, the solar project in Spain will integrate with the local ecosystem through the application of environmental measures. This includes the renaturation of the area with native species and the protection of fauna with the creation of refuges for the birds present in the area.
“We are delighted to have been selected by LyondellBasell as a partner on their greenhouse gas emission reduction journey” said Zosia Riesner, Director of Power Markets for Europe at Lightsource bp. We take immense pride in our ability to offer tailored and customized solutions to our customers while leveraging Lightsource bp’s global reach to offer additionality and innovative structures through our contracts. Our continued investment in growing our pipeline of projects across Spain provides exciting opportunities for collaborations like this in the near future.”
Lightsource bp is currently progressing over 10 gigawatts (GW) of utility scale solar projects at different stages of development across Europe, which will be made available to corporations and utilities seeking to reduce greenhouse gas emissions associated with their electricity supply.
LyondellBasell was advised on the transaction by Schneider Electric.
About LyondellBasell
We are LyondellBasell – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
About Lightsource bp
Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Our team includes over 1100 industry specialists, working across 19 countries. We provide a full service to our customers, from initial site selection, financing and permitting through to long-term management of solar projects. For more information visit lightsourcebp.com, follow us on Twitter @lightsourcebp, Instagram @lightsourcebp, youtube @lightsourcebp or view our LinkedIn page.
Forward-Looking Statements
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the availability, cost and price volatility of utilities; our ability to meet our sustainability goals, including our ability to reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; and the successful construction and operation of the projects described in this release. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2022, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.
In divided times, reaching consensus is difficult, but there’s no real question that pushing the pace and scale of climate action is a must to avoid the irreversible and catastrophic effects of future climate change.
That means we must find effective ways to finance clean technology, fair transitions, and global emission reductions. We must make sure our efforts have the greatest possible impact. And we must acknowledge the critical role that the private sector can play in ramping up climate finance and funding these activities, particularly in light of insufficient government policies and actions.
From this perspective, carbon credits and the voluntary carbon markets (VCM) on which they are traded may be the most misunderstood climate solution in the world.
A credible solution, or smokescreen for slow progress?
The complexity of the VCM, and the fact that corporations are often motivated to use credits for reputational benefit (i.e. to polish their image), make the system difficult to understand and carbon credits easy to criticise, as we have seen from the spike in markets-focused media coverage this year.
But does purchasing carbon credits actually delay companies’ efforts to decarbonise? Is it just an excuse to continue with business as usual? And, more importantly, will buying carbon credits actually result in real-world impact?
A growing body of evidence shows the benefits of funding climate action: purchasing carbon credits makes commercial sense, drives organisation-wide decarbonisation at a faster pace than in organisations that don’t make credit purchases, and helps measurably fund the technologies and innovations that are needed to meet global climate goals. Today, investing in climate action beyond direct value chains is seen as both “urgent” and “essential” – but also best practice.
As emissions-free operations are sadly still a far-off prospect for most companies, carbon credits remain one of the most viable, near-term options for companies to measurably reduce global emissions. Purchasing carbon credits forces companies to measure their footprint, pay a price for their pollution, and put their money where their mouth is. It shouldn’t be all they are doing – they must decarbonise too – but it’s a tangible and accessible way to take action that creates real benefits in the short term.
With perfection demanded from both carbon credit-issuing projects and the companies voluntarily funding climate action, it is easy to see why businesses may stop buying credits or talking about them. Yet this ‘greenhushing‘ creates more problems than it solves by delaying corporate action.
We agree wholeheartedly that every climate solution, including climate finance mechanisms like carbon credits, should be scrutinised and their performance regularly evaluated and improved. The effect of sensationalist headlines, dubious research and blanket criticism, however, is counterproductive to solving the climate crisis in that it fails to put better alternatives on the table. It also focuses blame on companies that are doing something versus those that are doing nothing. If we truly want to move the dial on climate action, we must scrutinise and support those who have the most work to do.
Carbon markets are evolving and they are here to stay
Honest conversations about the integrity of our global climate mechanisms, including the VCM, are a must. Scrutiny here is key, as carbon markets reward continuous improvement: the fact that performance faces constant evaluation and auditing, with lessons learned carried over into new work and new methodologies, is a sign of a healthy system. Any credible climate solution should be continuously improved so as to apply the best available science and technologies. This is why it is equally important to evaluate solutions in the right historical context: what is cutting-edge today may become more standardised tomorrow, but these efforts will have provided critical insights, frameworks, and improved performance metrics, enabling new climate technologies to be credibly scaled – as just one example. This means that all previous and ongoing investment and finance to support those solutions are worthwhile, as they help enable improvements over time.
And improvements are being made all the time, across the whole market – from the Integrity Council for the Voluntary Carbon Market (IC-VCM) and Voluntary Carbon Markets Integrity Initiative (VCMi), to the Science-Based Targets initiative (SBTi) and carbon standards themselves. In Australia, the Australian Carbon Credit Unit (ACCU) scheme recently underwent a review, and recommendations sought to ensure the high integrity of the scheme and that it delivers confidence to participants. South Pole has also been doing its part in pushing for quality and ambition in market-based mechanisms for more than 17 years.
These efforts to improve and iterate are particularly important, given that the VCM is also paving the way for compliance markets under the Paris Agreement, which will be led by governments. In the lead up to 2030 countries are establishing and reviewing carbon pricing and compliance schemes to increase their national emissions reductions, and many are looking increasingly at voluntary carbon market mechanisms (like standards and registries) to guide the development of their compliance instruments, or they are looking to the units issued by independent standards to serve as the compliance instruments themselves.
Navigating through the noise: taking action now
We need to support those companies that want to take action but are just not sure what to do. We do that by restoring confidence, establishing open dialogue and clear best practice frameworks and making an ongoing commitment to maximum transparency.
If your organisation wants to fund global climate action with carbon credits but is finding the process difficult to navigate, here are three areas to focus on:
Understand what you’re buying and why: A compelling business case for carbon credits will engage your stakeholders, from those in finance and risk through to sustainability teams, and move the conversation beyond the media headlines. Start by developing a carbon strategy which covers current and future regulatory scenarios, sets an internal carbon price and defines procurement priorities such as project types, co-benefits and budget. See our guide to purchasing carbon credits for more guidance on navigating risk and maximising impact.Get familiar with developing best practice: The Integrity Council for the Voluntary Carbon Market (ICVCM) recently launched its Core Carbon Principles and the process is underway for the carbon project standards to review and align with this new framework. This guidance won’t be a silver bullet for carbon credit buyers in the short term, but can be a useful reference for framing conversations with credit providers now to prepare for the future. Equally, companies should be paying attention to the latest guidance from the SBTi on Beyond Value Chain Mitigation, which is expected to be released later this year.Consider your climate claims carefully: Some companies have found themselves in hot water as a result of how they communicate their use of carbon credits. Claims such as “carbon neutral” and “emissions offset” are becoming less popular in some places around the world; instead, we encourage clients to share how they are “making climate contributions” and “funding climate action” through carbon credits because these statements show the company is taking responsibility for emissions. See our latest Climate Claims Report for more detailed guidance on this important topic.
More companies must show leadership and continue investing beyond their value chains. Media articles come and go, but the fundamental facts remain the same — the climate crisis is escalating and we need to use all the available tools to solve it. Now is the time for more action, not less.
Pepco is proud to partner with more than 244 local non-profits in the District of Columbia and Maryland that open doors to career opportunities, healthy living, and access to renewable energy in our community.
Through partnerships with dedicated non-profits and other local organizations in our region, we’re able to make a meaningful difference in the lives of our neighbors and power a brighter future for us all. It’s another way we’re delivering more than energy. Learn how we’re empowering our community here.
University of the District of Columbia
The University of the District of Columbia (UDC) is the only public university in the nation’s capital and is dedicated to empowering education, research, and community service. By offering an affordable education, fostering an equitable and inclusive campus culture, and valuing students’ growth, UDC opens doors to unique career opportunities and community connections.
As part of our Historically Black Colleges and Universities (HBCU) Power Partnership, which prioritizes investing in tomorrow’s talent today, we have committed $2 million to UDC over the next three years to fund scholarships, workforce development, and community initiatives.
Learn more about the University of the District of Columbia here.
Providence St. John Baptist Church
Providence St. John Baptist Church is a family church in Upper Marlboro, Maryland committed to serving its neighbors. Their community garden, founded in 2021, has not only benefitted local food banks, but also provided high school students and local volunteers an opportunity to learn about maintaining a garden, soil conservation, and the importance of organically grown produce.
Pepco provides support for the garden, including a one-time $5,000 employee volunteer grant, and employees volunteer monthly to help maintain it.
Learn more about Providence St. John Baptist Church here.
Jubilee Housing
Jubilee Housing builds diverse, compassionate communities by offering deeply affordable housing and expanding equitable access to renewable energy in the community.
Through a community solar program, Pepco, New Partners Community Solar, and Jubilee Housing are able to capture solar energy from Pepco’s headquarters to support the District’s Department of Energy and Environment’s (DOEE) Solar for All program, which directly benefits Jubilee residents. This, in addition to easy access to family programs, support services, and thriving neighborhoods, gives low-income residents the opportunity to overcome barriers and build successful, fulfilling lives.
Learn more about Jubilee Housing here.
Originally published on NRG Energy Insights
For first-time demand response (DR) customers, the commitment to reduce energy usage during periods of peak demand is new, but still impactful. Their participation in the DR program helps to destress and modernize the power grid and contributes to reducing emissions.
We started the NRG GreenRoots program 15 years ago to show our appreciation for our customers’ energy efficiency and sustainability efforts.
A greener way to say thank you
Since 2008, we’ve recognized first-time DR customers by planting 10 trees on their behalf through NRG GreenRoots. We partnered with the Arbor Day Foundation to donate trees in areas that need them, and more than 32,000 trees have been planted to date.
Much like our DR customers, trees make an environmental impact. In one year, a mature tree can absorb more than 48 pounds of carbon dioxide from the atmosphere. Additionally, trees help sustain ecosystems, improve air and water quality, reduce the planet’s overall temperature, and much more.
Shaping a future of sustainability
Environmental conservation is essential to powering a brighter, sustainable future. With goals to reduce emissions 50% by 2025, from a 2014 base year, and reach net-zero by 2050, we’re committed to decreasing our carbon footprint and helping our customers do the same.
Thank you to our first-time DR customers for participating in the program and your initiative to positively impact the community and the environment.
Want to learn more about DR? When customers participate in a DR program, they agree to reduce their energy usage during periods of peak demand. In return, customers get paid for consuming energy responsibly and efficiently.
Originally published on TriplePundit
Indicators suggest that the worst of the economic strain is behind us. And while this doesn’t mean consumers will enjoy unabated shopping sprees any time soon, it may hint that more people will consider factors beyond the price tag when selecting a brand.
In tight economic times, consumer decision-making is generally limited to factors of price and quality — in other words, how do I get the most bang for my buck? When the grip on household spending loosens, though, and consumers find themselves with more disposable income, they have more room to consider other factors in their decision-making.
The U.S. Consumer Price Index for June 2023 saw the smallest monthly increase since 2021, signaling that inflation may have plateaued and offering consumers a bit of reprieve from the previous years’ bank account blitz.
In 2022, U.S. food prices had their largest annual increase since the 1980s, and per-capita disposable income fell by 6.6 percent. Now, food prices are beginning to stabilize, and the forecast for 2023 indicates that disposable income will start to see a small climb. Meanwhile, the global economy is also beginning to recover from disruptions caused by the COVID-19 pandemic.
If consumers find economic relief in the near future, they’ll enjoy more freedom to choose products and services based on preferences beyond simply finding the best price.
What does the data say about purchase drivers?
Data from Glow, a consumer data research company, shows that U.S. consumers consider price and quality as the most important factors when selecting goods or services in any industry. Given the state of the economy as of late, this isn’t much of a surprise.
Alongside price and quality, other purchase drivers include ease of use, customer support, availability and convenience, features and benefits, and sustainability. The final factor there, sustainability, is already top of mind for many consumers — and its relevance is quickly growing.
So, what really goes through consumers’ minds when they consider making a purchase? In industries where the price-quality combo is comparable between brands, consumers are more likely to look to the next set of drivers to aid in their final decision-making, said Mike Johnston, managing director of data products at Glow.
When we look at the Glow data for sustainability as a purchase driver across industries, it features as a top-three driver for 40 percent of U.S. consumers when it comes to energy providers, as well as 31 percent in the auto industry. The industry that sustainability ranked lowest in, convenience stores, still saw 20 percent of consumers ranking it as a top-three purchase driver.
“If there is a factor that is important to 1 in 5 consumers, or more, this is significant for any business as it can have a material impact on whether their brand is selected,” Johnston said.
Why is sustainability demand on the rise?
The whole spectrum of environmental, social and governance (ESG) issues is gaining traction with a large share of consumers. Granted, some consumers stand firmly in the “anti-ESG” camp, but a significant portion of shoppers are shifting their purchase drivers to prioritize sustainability.
Based on a recent study by NIQ, 69 percent of global consumers say that sustainability and ESG concerns have increased in importance to them over the last two years. It’s no surprise that the climate crisis has prompted many people to reevaluate their buying habits, but that’s only part of the reason why sustainability issues are playing a more prominent role.
“There are a mix of reasons for the growing importance of sustainability across consumers,” Johnston said. He points to the growing exposure in society of social issues, corporate scandals and the global climate crisis, as well as the changing demographics of the consumer base, as to why sustainability demand is on the rise.
“Sustainability and ESG issues are routinely seen to be more important with younger consumers,” Johnston said. These younger consumers, like millennials and Gen Z, are growing in importance quickly and increasingly occupying a larger share of the market.
‘Young’ consumers drive the sustainability surge
We can call them young, but there’s a good chunk of millennials who are closer to retirement than they are to high school, and they aren’t getting any younger. The dynamics of the market are changing as baby boomers and Gen Xers scale back their market influence.
For millennials, 61 percent say that sustainability and ESG issues have increased in importance for them in the last 12 months. Across all categories, sustainability is a top-three purchase driver for 33 percent to 50 percent of these consumers. Aside from convenience stores, at least 10 percent of millennials ranked sustainability as the top purchase driver in all categories.
On the other side of the coin, baby boomers are least concerned about sustainability when making a purchase, according to Glow data.
Sustainability has to work in tandem with other purchase drivers
It’s growing in importance, but sustainability hasn’t yet reached the level of a standalone purchase driver in most cases. Depending on the product, price or quality has the ability to settle decisions single handedly.
It’s not uncommon to think or hear a shopper say, “I don’t care, just give me the cheapest one you got,” signaling price as the sole purchase driver. Or, likewise, “I don’t care what it costs, I just want the job done right,” meaning quality trumps everything else.
Consumers who care about sustainability are often willing to pay more and possibly even make a sacrifice on quality or convenience. But how much more will they pay, and how much else will they sacrifice? The answers to those questions vary depending on the product, industry, and consumer but are generally something like, “A little bit, but not too much.”
“There are many studies that show that consumers are willing to pay a premium for sustainable products,” Johnston said. In particular, Gen Z and millennials are more eager to pay those premiums.
Businesses that embrace the sustainability surge and can find that sweet spot between price, quality and sustainability will position themselves to attract a large share of the growing market for more sustainable products.
This article series is sponsored by Glow and produced by the TriplePundit editorial team.
Image credit: Jacob Lund/Adobe Stock
MADISON, Wis., October 11, 2023 /3BL/ – Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) announces its state-of-the-art Innovation Lab and dynamic Innovation Ignite program. These initiatives underscore Baker Tilly’s commitment to nurturing an innovative culture that empowers talent across all levels, embracing the belief that every individual has the potential to be an innovator and a catalyst for groundbreaking ideas.
The Innovation Lab, located in the firm’s Madison, Wisconsin office, serves as a dedicated space for collaboration, creativity and ideation. Designed to accommodate in-person participants and virtual attendees, the lab provides an inviting atmosphere with inspiring artwork, comfortable seating and floor-to-ceiling windows for maximum inspiration. Advanced technology streamlines idea sharing, transforming the lab into a thriving epicenter of innovative thinking and proactive problem-solving.
Ethan Bach, managing partner of strategy and innovation, highlighted, “While diving into innovation design sprints and experimental endeavors, these team members serve as inspiration for others to embrace the innovation mindset. They actively contribute fresh ideas that drive forward bold hypotheses and daring trials.”
One of the significant initiatives hosted in the Innovation Lab is the Innovation Ignite program, launched in May, with an inaugural cohort of early-career professionals. Innovation Ignite aims to equip Baker Tilly’s professionals with essential skills in creative problem solving, analysis and design thinking. Through engaging workshops and mentorship by both firm leaders and external innovation experts, participants are challenged to apply their newly honed skills to real-world challenges while building cross-functional relationships. These challenges encompass enhancing firm culture, harnessing the power of AI and elevating client experiences.
“At Baker Tilly, we believe everyone can be an innovator. By embedding innovation into our professionals’ career experience and our culture, we give people the tools and frameworks to propel their own creativity and advance our firm’s strategic objectives,” said Kristen Russell, managing director of innovation and solutions. “Equipping our team members with an innovative mindset and preparing them to share and amplify that mindset within their teams is what makes this program so exciting.”
The Innovation Ignite program echoes Baker Tilly’s belief that innovation is an inclusive endeavor, accessible to all regardless of role or position within the firm. It reflects the firm’s commitment to fostering a culture that thrives on creativity, collaboration and continuous improvement.
As Baker Tilly continues to propel innovation at all levels and harness the impact of the Innovation Lab and Innovation Ignite program, the firm remains committed to pushing the boundaries of possibility and embracing change as a catalyst for growth and success. For more information about Baker Tilly’s Innovation Lab and Innovation Ignite program, visit: bakertilly.com/page/innovation-ignite-lights-a-fire-for-early-career-professionals.
About Baker Tilly US, LLP (bakertilly.com)
Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 41,000 professionals and a combined worldwide revenue of $4.7 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.