INNOVATIVE SMEs AND SUSTAINABLE DEVELOPMENT PRACTICES
DOI:
https://doi.org/10.61837/mbuir010123081sKeywords:
circular economy, life cycle assessment, sustainable developmentAbstract
Sustainable development practices can help innovative small and medium enterprises (SMEs) to reach a growing number of consumers, as 50% of the growth of consumer packaged goods (between 2013 and 2018) was tied to sustainability-marketed products (New York University Stern study), while 70% of shoppers, driven by sustainability, would actually spend 35% more for environmentally-responsible purchases, according to IBM study. Circular economy principles, Life Cycle Assessment (LCA) and 17 United Nations Sustainable Development Goals (No Poverty, Zero Hunger, Good Health and Well-being, Quality Education, Gender Equality, Clean Water and Sanitation, Affordable and Clean Energy, Decent Work and Economic Growth, Industry, Innovation and Infrastructure, Reduced Inequality, Sustainable Cities and Communities, Responsible Consumption and Production, Climate Action, Life below Water, Life on Land, Peace, Justice and Strong Institutions, and Partnerships for the Goals) can highlight environmental hotspots in the small and medium businesses’ value chain, and offer the mitigation options to reduce environmental impact and boost cost-efficiency.
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