In today’s business world we hear the words 'purpose' and 'sustainability' used more often.

They could be described by many as buzzwords at a particular time. In some cases, this is somewhat true.

Others see them as words that reflect the times we are living in, which do indeed require more purpose-driven and sustainable ways of thinking and working.

Still, their overuse and misuse seem to create a lot more confusion and uncertainty around sustainable concepts and solutions than originally intended. It leaves many of us in a space of optimism or scepticism when we really want to be in a space of realism, which lies somewhere in between the two. 

The truth is that the words 'purpose' and 'sustainability' are important in this day and age because they support us in addressing our biggest existential issue to date - global warming. Also known as climate change, the urgency to address the issue is on an exponential rise. In many countries, it's been bumped up to the status of crisis or emergency.

What is crucial is that the words are used in a truthful and constructive way, rather than a deceiving and opportunistic one. Otherwise, we’re risking creating more scepticism around sustainability and business, instead of optimising on the brilliant solutions being developed around the world.  

We’re risking creating more scepticism around sustainability and business, instead of optimising on the brilliant solutions being developed around the world

One way I believe we can avoid this risk is by equipping ourselves and our business world with the right knowledge, tools and information around sustainable and purpose-driven business. This will support us in identifying between the honest and dishonest use of sustainability and purpose.

It will also give us a better understanding of the sustainable solutions available, their successes and how they create new and exciting business opportunities for our current and future reality.

Incentives that encourage healthy activities

One of my favourite examples of this is how insurance companies like Discovery Vitality have incentives that encourage healthy activities as a way of decreasing insurance claims, offering attractive discounts on appealing rewards.

In South Africa, for example, they have combined the Apple Watch with their business model. This is where members’ engagement with Apple Watch generates an actuarial surplus that is used to further encourage healthy behaviour and fund the cost of Apple Watch for highly engaged members.

Physical activity levels of Vitality members in South Africa increased 25 percent over the first few months that the programme was offered. 

I would like to create a solution-oriented space that gives a better understanding of what is meant by 'sustainable' and purpose-driven business and how it can be implemented. It is a space that makes sustainable opportunities clear and accessible.  

Before we get to the solutions, we first need to frame the context of climate change and the urgency to address it. This will give us a better understanding of why sustainability in business is not just important but a crucial way forward for long-term business growth and ultimately survival. 

Let’s start with climate change. Essentially, the start of climate change is warmer temperatures and the consequences. So far, we’ve witnessed intense droughts, water scarcity, severe fires, rising sea levels, flooding, melting polar ice, catastrophic storms and declining biodiversity. 

Climate is indeed changing and is no longer something that scientists are predicting for the future. Today, Europe is faced with unignorable shifts in temperatures and weather patterns, together with more regular extreme weather events.

Heatwaves

In 2022, more than 20,000 people died across western Europe during the summer heatwaves. The UK experienced temperatures that exceeded 40°C, south-west areas of France reached 42°C, while Seville and Córdoba in Spain set records of 44°C.

In Malta, the 2022 summer air temperature was 1.7°C higher than the seasonal climate norm, while last December temperatures reached a 100-year high.

Droughts

Drier weather fuelled by global heating is resulting in water shortages, with experts warning that to become “the new normal”.

Europe's most severe drought in decades is being felt throughout the continent from France to Italy to Spain and beyond.

In 2022, more than 100 French municipalities were left without running drinking water and were instead supplied water by truck. The Meteoroligical Office at the Malta International Airport reported 2022 to be the second-driest year of the past decade.

Wildfires

Both the heatwaves and droughts propelled Europe to be ravaged by wildfire destruction in 2022. By August last year, the total land area that burned across Europe doubled from the last 15-year average, the equivalent of one-fifth of Belgium was calculated to be burnt.

In Malta, they’re commonly known as grass fires, which happened more regularly in 2022.  During the span of just one week, nine grass fires took place in 2022 between Malta and Gozo. Three of them were sparked on the same day, putting our Civil Protection Department, firefighters and equipped volunteering groups under a lot of pressure.

Rising sea levels

Warmer weather has led to an increase in sea levels at a faster pace due to two main factors - the melting of ice in mountain glaciers and at the poles and the expansion of water in the ocean as it takes up heat.

The Guardian reported a study that showed twice as much sea level rise over the last 20 years on Italy’s Amalfi Coast and Spain’s Costa del Sol. Sea levels around the English coast are forecast to be about 35cm higher by 2050. As a small island state, this is probably our biggest threat.

With billions of people living in coastal regions, flooding caused by rising sea levels is one of the greatest long-term impacts of the climate crisis. UN Secretary-General António Guterres recently warned that “low-lying communities and entire countries could disappear forever. We would witness a mass exodus of entire populations on a biblical scale.”

Without this data, we do not gain the perspective we need to help us move into a solutions mind frame.

The main driver of climate change is human activity and our dependence on burning of fossil fuels like coal, oil and gas.

When we burn fossil fuels, we generate greenhouse gas emissions that act like a blanket wrapped around the Earth, trapping the sun’s heat and raising temperatures.

Everything we do, including the way we warm our homes, manufacture our goods, transport across the world and more, runs off of these three main fossil fuels.

I am not suggesting we stop all human activity. What is being suggested is that we critically question our current human activities and utilise existing alternative solutions or come up with new ones. 

We need to shift our dependence on these three main causes of climate change, to alternative resources that are more diverse, renewable and regenerative.

How you can make a difference

The good news is that today, there are plenty of these alternative solutions readily available for us to utilise. The even better news is that if we have got ourselves in this position, we can get ourselves out of it too.

Many people, somewhat rightly so, think their own “little” actions will not do much to reverse these big changes. I am here to not only tell you that your actions are important and can make a difference, but to show you how they can.

Greta Thunberg, the student who held solo school strikes to bring attention towards the crisis, would have never imagined that within the first eight months of her small action she would be leading more than one million students around the world to walk out of Friday classes to protest leaders' inaction on the crisis.

We don’t all need to be Gretas in this world to create positive change and impact. But there are always better choices we can all make.

Unfortunately, the catastrophic climate shifts alone have not been enough to mobilise the right amount of urgency that we need to address this crisis. It is going to require our efforts, commitments and willingness to do things differently.

No matter how big or small, changes are going to have to be made.

Today’s sustainable business solutions are endless, with more constantly being developed. If we let them, they can even be exciting and open up a whole new world of possibilities, opportunities and innovation for your business. 

I will be exploring and unpacking these solutions with the intention to make sustainable and purpose-driven business as accessible as possible. Without downplaying or sugar-coating the facts and urgency of the issue, I will be covering things like mindsets and myth-busting, the circular economy, a shared value approach to business, and more.

The hope is that you can take at least one thing that can inspire you to plant some seeds within your workplace, your team, your company or whatever you deem relevant. Achieving a safe and equitable future is going to take a lot of work. However, it requires us to work together in a way that is different to what we’re used to, collaborative and solution-driven.