How Sustainable Practices Boost South African Business Growth
Sustainable Practices Drive Growth in South African Businesses
Hypothesis The growing usage of sustainable practices by South African entities has empowered expansion as well as environmental improvements.
Analyzing the data provided by Statistics South Africa in the 2023 Sustainable Development Goals Country Report, the level of sustainability integration in business processes has significantly improved.
For example, Woolworths runs the “Good Business Journey,” which proclaims the goal of reaching the outlook of zero packaging waste to landfill by 2022, which elaborates the company’s environmental consciousness.
Sustainability Planner: WWF South Africa works with industries that provide natural resources with the aim of enhancing the extraction and production of the resources for sustainable business.
A report from Productivity SA reveals that organizations that use renewable energy and engage sustainable technology have improved the productivity of firms.
Further, in a note by the Green Economy Coalition, they say that the embedding of sustainability into the public policies represents a major move from usual practices, thus developing a green economy.
According to Statistics South Africa, the turnover of small businesses was 21% in 2023, up from 16% in 2013, showing that there is growth that can be partly due to sustainability.
Moreover, the National Natural Capital Accounting Strategy put forward to promote natural capital accounting so that the information produced supports integrated planning and decision-making.
Being sustainable is also cost-effective to society and the environment on the one hand, as well as enabling South African businesses to expand the frontiers for economic growth on the other hand.
What measures has your business put in place in the effort to embrace sustainable practices? We hope to hear from you in the comments section below regarding your experiences.
