After a record-breaking decade of global heat, it is no surprise that the economic outlook for 2020 will involve a greater shift toward sustainability goals. Not only are the masses concerned about climate change, but producers are also seeking more efficient methods to generate products. Meanwhile, state governments are tightening regulations to promote greener solutions and awareness. Here are some of the leading economic trends to prepare for in 2020, as predicted by economic experts.
- Laws will require manufacturers to be more responsible for waste
The goal of sustainability among governments is partly driven by public demand, but
also for achieving greater economic efficiency and a cleaner environment. Laws will be passed in a growing number of places, such as California, to require manufacturers to adopt extended producer responsibility (EPR) practices. Many companies already are working toward reducing waste on their own to satisfy their local communities and stakeholders.
- Partnerships will develop to share resources
One of the ways various types of organizations will promote themselves as going green will be through partnerships. They will develop ways to collaborate on reducing waste and putting more emphasis on recycling. They will find partners through trade shows and joining green initiatives such as NextGen Consortium, which promotes awareness on alternatives to single-use food packaging waste.
- Online shopping is leading to eco-friendly product delivery systems
Plastic packaging has become symbolic of waste these days, as it builds in landfills and waterways while killing wildlife that chokes on it. This damage coincides with the growing popularity of online shopping, which potentially can reduce plastic packaging.
Ordering online usually means shipping the product to the consumer. Several producers are testing closed-loop delivery systems, such as the global platform called Loop. Online shopping helps to cut carbon emissions.
- Awareness will continue to spread about environmental toxins
Researchers continue to find and identify dangerous toxins in consumer products, including food, drinks, drugs, and cosmetics. While these news stories don’t regularly make headlines, they contribute to making environmental activists more aware of dangerous materials and substances. Activists then circulate the information to their followers through publications, social media, and public awareness programs.
- Women are abandoning fast fashion trends
Following the collapse of fashion retailer Forever 21 in September 2019, consumer awareness is spreading about the waste associated with throwaway clothing. Women are spending less on these wasteful products that end up in landfills. Many consumers are now seeking brands that promote zero waste and use closed-loop designs. Levi’s and other denim brands are using recycled cotton through the Blue Jeans Go Green initiative.