ESG-Derived Economic Opportunities on the Rise!
Since 2015, the implementation of a plastic bag levy has covered all retail points in Hong Kong. This demonstrates that environmental protection and sustainable development are global trends.
To ensure long-term success in business, the importance of ESG cannot be ignored!
What is ESG?
ESG stands for Environment, Social, and Governance. This framework is used to evaluate the extent to which companies coordinate these three factors in their operations and decision-making to achieve sustainable development principles.
The government actively promotes ESG fund certification, and most listed companies publish an annual “ESG report” to disclose their practices and performance in ESG, including carbon emissions, resource usage, and environmental strategies for day-to-day operations.
A Long Road with Continuous Business Opportunities
Take KMB as an example. In 2021, they introduced the third generation of solar-powered buses and further developed an improved version in 2023.
The electricity generated can directly power the bus’s main battery, supporting all onboard electronic systems. Apart from achieving self-sufficiency, material costs are reduced by 20%.
The trend of eliminating disposable plastic tableware in restaurants is also becoming more prevalent. Takeaway orders no longer automatically come with disposable plastic utensils and instead opt for wooden or utensils made from natural materials.
With demand comes supply, but the local green economy is still in the development phase, making it challenging for businesses to find suitable research and development or suppliers. For example, some eco-friendly food containers on the market use plant fibers, which have a lower material density than plastic.
Restaurants may have concerns about whether these materials will soften or deform when exposed to heat or stacked, especially for establishments that specialize in soups and noodles.
Market demand drives the industry forward, and local businesses have an increasing need for environmentally friendly devices and materials for their operations. Given the same cost, more people prioritize environmentally friendly products.
Developing eco-friendly materials and packaging brings market value and opportunities are right in front of us!
Every industry has its own specific business techniques. Seeking advice from an experienced accountant will help you avoid unnecessary detours and naturally grow your business.
Finding the right people and doing the right things will turn everyone into an expert.
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