A recent report by PlasticFree and Fashion Snoops emphasizes the benefits of transitioning to a plastic-free business model. They describe it as a substantial investment in long-term business sustainability and profitability.
From this report, there are actionable steps for brands to future-proof their operations by moving away from plastic use. The organizations warn that continuing to rely on plastic could pose a $100 billion annual financial risk to businesses by 2024, equivalent to 25% of turnover in low-margin industries.
The report predicts that consumers’ attitudes toward plastic will undergo dramatic changes in the coming decade.
Transitioning to a plastic-free business model mitigates financial risks associated with rising global regulations on plastic use. As governments worldwide introduce stricter laws to combat plastic pollution, companies that proactively reduce their plastic footprint can avoid potential fines and compliance costs.
Additionally, eliminating plastic aligns businesses with growing consumer demand for sustainable and environmentally friendly products. This alignment leads to increased brand loyalty and a competitive edge in the market. This is because consumers are more likely to support brands that demonstrate a commitment to sustainability.
Adopting a plastic-free approach can open up new market opportunities and drive innovation. By exploring and investing in alternative materials and sustainable practices, businesses can develop cutting-edge products that appeal to eco-conscious consumers. This proactive stance can also enhance a company’s reputation, positioning it as a leader in corporate responsibility and environmental stewardship.
Transitioning away from plastic supports broader environmental, social, and governance (ESG) goals. Companies that excel in ESG performance are more likely to attract investments, improve stakeholder relations, and achieve long-term profitability. By reducing plastic use, businesses contribute to a healthier planet and secure a prosperous future for themselves.
PlasticFree and Fashion Snoops recommend several strategies for businesses to future-proof themselves, including:
Using natural alternatives to plastic
Incorporating reuse and right-to-repair models
Investing in full traceability systems to understand environmental impacts
Tracking global plastics legislation
Avoiding greenwashing by supporting claims with third-party verified data
The report also calls recycling a “false solution” because of the ongoing rise in plastic production and pollution.
PFAS, or per- and polyfluoroalkyl substances, are a group of chemicals known for their persistence in the environment and in the human body. They even have the nickname “forever chemicals.”
A wide range of consumer products contain PFAS and are highly resistant to degradation, accumulating over time. PFAS is linked to numerous health issues, including Increased risks of cancer, developmental delays in children, decreased fertility, reduced ability of the body’s immune system, and interference with hormones. They disrupt endocrine function and can lead to hormonal imbalances, further exacerbating health problems.
The pervasive nature of PFAS means they can contaminate water sources, soil, and air, making exposure virtually unavoidable. Their presence in the environment and their ability to accumulate in living organisms pose significant long-term health risks to both humans and wildlife.
The report highlights the dangers of more than 16,000 substances used to make plastic, with over 4,000 known to be hazardous to human health. Recycling can exacerbate these health impacts by concentrating harmful chemicals.
Plastic has become a default for businesses that disregard ecological health and the well-being of humans. But we can change the furute. Switching to a plastic-free business model is more than just being sustainable. It’s a smart choice that can make your business more profitable and resilient in the long run.
