The surge of interest in sustainability has led to the development of innovations and new activities. Some of the biggest shifts toward a more sustainable world include energy, transportation and construction, and carbon capture and storage. This year we can expect to see a significant push for eco-friendly solutions. Here are trends that will shape sustainability in 2023.
Emphasis on Renewable Energy
In 2023, renewable energy sources such as solar and wind will get a boost. The cost of these technologies has significantly dropped over the past decade, making them more attractive alternatives. According to experts, by 2024, almost 33 percent of the electricity in the world will come from renewable sources. Wind and solar are expected to account for over 300 gigawatts of capacity each by then.
Demand for Business Transparency
The number of people who prioritize planet-friendly brands and products has increased. Over 90% of Gen Xers are willing to spend more on sustainable goods and expect companies to be more open about their operations. To remain competitive, brands must be more transparent regarding their operations. They’ll also have to show how they reduce their carbon emissions and ensure that the materials used are ethically sourced.
Push for Sustainable Products
A recent study revealed that 63 percent of Americans consider sustainability to be an essential factor when it comes to buying consumer goods. A third of consumers are willing to pay more for sustainable alternatives. As a result, cosmetics and furniture will continue to gain popularity and capture more market share.
Resale Clothing Market
The rapid decline of fast fashion has led to the emergence of the second-hand market. Online retailers such as Depop, ThredUp, or Poshmark have helped boost the demand for used clothing. The resale clothing market is expected to grow 16 times faster than the non-resale market in the next four years. The main factors driving this industry’s growth include the increasing number of people interested in sustainable fashion and the lower prices.
Increase in Eco-Friendly Homes
In 2023, sustainability will remain at the top of people’s minds, with experts predicting that biophilic interior design will continue to be popular. This means that people will start looking for ways to make their homes more eco-friendly, such as installing solar panels and rolling solar shingles. In addition, home construction will also continue to be sustainable. Expect to see more products such as cork building materials and hemp insulation.