It is important that all industries find ways to tackle climate change and become more sustainable. Everyone has a part to play, but there are a handful of industries that have historically had more of an impact than others. The luxury sector has a few of these industries, including fashion, construction and the auto industry. So, what are businesses in these industries doing to tackle climate change and be more environmentally friendly in 2023?
Fashion Industry
The fashion industry is one that is often brought up when it comes to environmental impact. There has been good progress made in recent times with many luxury brands adopting an eco-conscious approach and transforming their operations. This includes using sustainable materials, sourcing materials in an eco-friendly manner and using sustainable manufacturing processes. Consumers are also becoming a lot more eco-conscious, so there is less demand for fast fashion and instead, people are investing in quality as well as shopping in the second-hand market. It is consumer pressure that has made a big difference in fashion in recent times with many high-end brands adopting green practices to appeal to today’s consumers.
Construction Industry
Construction has an impact on the environment that is much greater than most industries. Therefore, it is no surprise that there are so many regulations and changes being made to this industry. ESG (environmental, social and governance) has become hugely significant in this industry and construction companies are having to make big changes to the way that they operate. This includes the use of green building materials, environmentally-conscious building design, better waste disposal methods and reduced fuel consumption as a few examples. Businesses can also get support in the form of ESG consulting to transition to net zero and allow for sustainable growth.
The Car Industry
The car industry is another luxury industry undergoing transformation. Obviously, the rise of electric cars has been at the forefront of this. All luxury manufacturers are now focusing their efforts on electric vehicles whether this is electrifying their current range or introducing advanced new cars. Traditional cars are slowly being phased out around the world and many are already making the switch to reduce tier impact and save money. The charging infrastructure is also constantly growing and the battery technology is improving, so range anxiety is less of an issue these days as well. While range anxiety is one of the main hurdles putting off potential EV buyers from making the switch, the upfront cost of buying one is arguably the main factor. This leads to another form of anxiety, which is maintaining the value of the car, this can be offset in the event of an accident through contract hire gap insurance.
The above are some of the luxury industries that are undergoing huge change right now to become more sustainable. Now is the time for action when it comes to tackling climate damage and there are a number of industries that have to make big changes in order to reduce their impact, especially at a time when consumers are selective of the brands that they use and eco-aware.
