Going green: sustainability key to future success as consumers and employees look to businesses to act

New research from Mastercard reveals that implementing sustainable business practices is considered by many business leaders to be the next significant challenge faced by Australian organisations in the years ahead, identifying sustainability as critical for success in their industry. 

81% of Australian consumers claiming they already actively seek to reduce their carbon footprint, almost half stated they would actively avoid shopping at a business that did not source its products sustainably. One in ten even went as far as saying they would only purchase from sustainable businesses by 2024. The findings highlight the risk faced by organizations that do not prioritize climate and environmental practices in 2022.

Additionally, it seems the risk of business inaction on climate extends to potential employees. 51% of Australians currently either actively looking or considering new employment opportunities in 2022 and say they would not work for an employer who did not have an active sustainability plan in place.

Most local business leaders recognise the challenge and opportunity this presents and committed to improving their sustainability practices in the next 12 months. However, while many recognise the importance of sustainable business practices to protect the environment they also identify other challenges such as focusing on pandemic recovery and lack of government incentives as key factors preventing them from focusing on or prioritising sustainability.

The role of technology in empowering us all to create a more sustainable future

Australian consumers and business leaders are open to using technology to become more sustainable. The majority of consumers who make efforts to track their carbon footprint or sustainable behaviour do so via technology such as apps or wearables. 

72% of business leaders are interested in adopting new technologies to improve their sustainable practices, including data analytics,  automation technology, and blockchain, which can enable brands to trace and share product lineage, so customers can make informed purchases.

Richard Wormald, Division President, Australasia, Mastercard says  “In the digital age, businesses and consumers alike can leverage technology to track and manage carbon and other emissions across the value chain, from sourcing materials and manufacturing to final distribution and personal consumption. Mastercard is committed to using technology and its global network to inspire and enable collective action that fosters a more sustainable digital economy.” 

Planting roots for a profitable and sustainable future

While being green is perceived by some to be more costly, more than half of Australian businesses are confident that implementing these initiatives will increase their profitability in 2022 – a belief that shopper sentiment seems to support.

Mastercard continues to expand its global offering of more sustainable and action-focused initiatives through a range of products and programs to support customers and partners. This includes:

  • The Mastercard Carbon Calculator, developed in collaboration with Doconomy, provides month-on-month insights on a person’s estimated footprint across a variety of spending categories, helping them better understand their impact on the environment.
  • Sustainable Cards — As part of its mission to maximise sustainable product innovation and security investments, Mastercard’s Global DigiSec Lab analyses the material makeup of cards to assess environmental claims and leads academic research on environmentally friendly ways to recycle existing plastic cards. To date, 198 financial institutions in 59 countries worldwide have issued Mastercard cards made from approved recycled, recyclable and bio-sourced materials.
  • Wildlife Impact Cards – Mastercard has teamed up with Conservation International to protect and restore wildlife habitats around the world, including priority areas equal to 40 million hectares of landscapes and 4.5 square kilometers of seascapes globally by 2030. The Wildlife Impact Cards are designed to give people with a passion for nature and the environment a way to help protect Wildlife and their habitats. This unique card program highlights the urgency for action by having the card’s expiration date reflect the potential extinction date of many Critically Endangered species.

For more information on how your organisation can support Mastercard’s Priceless Planet Coalition in Australia, please e-mail Pricelessplanetaustralasia@mastercard.com

For more information on the Priceless Planet Coalition more broadly, visit Mastercard.com.au.