Poised For The Rise Of Green Consumerism – Meeting Consumer’s New ExpectationsBack to List
Climate change is a critical issue mankind is facing and scientists say that man made climate change caused by greenhouse gas emissions can be traced back to as far as the mid-1800s. As global warming and climate change cause a rise in temperatures globally and increase the frequency and severity of extreme weather events, this poses a serious problem to Singapore and the surrounding communities due to our tropical climate.
As global warming continues to shake up the world, governments around the world are urging businesses to adopt eco-friendly practices, and consumers to adopt green consumerism.
In Singapore, our government has also begun to construct eco-residential homes outfitted with cutting-edge technologies such as centralised cooling in the hopes of transforming the country into an eco-town. How do we, as Singaporeans, pick up on green consumerism?
What is Green Consumerism?
Green consumerism can be defined as a form of a holistic and responsible approach to consumption that protects and preserves the natural well-being of the environment as much as possible. Simply put, it refers to a consumer behaviour in which consumers demand that products and services be provided sustainably to minimise the negative impact of consumption on the environment throughout the entire production to consumption process. This involves expecting businesses to adopt eco-friendly practices that are pro-environment.
Green consumerism is a modern-day social attitude and movement resulting from economic, social, and cultural factors in our society. It is specially intended to encourage people to become more aware of businesses’ production processes and to consciously change lifestyle habits to promote a green and sustainable lifestyle.
As the world transitions to a digital landscape and information becomes more accessible, consumers are heavily influenced to go green, and green consumerism is now a new expectation that businesses must meet. What should businesses do to keep up with Singapore’s transformation into an eco-town, in light of the rise of green consumerism?
Actions Businesses Should Take
Many companies in Singapore are jumping onto the green consumerism bandwagon, attempting to meet the green consumer’s new expectations while also making a profit. Some of these businesses began by prohibiting the use of plastic straws in food establishments.
According to a global study conducted in 2018, more than 60% of Millennials are willing to pay more for eco-friendly products, closely followed by 55% of Gen Zs and 46% of Baby Boomers.
As younger generations become more environmentally conscious and more willing to pay a premium for eco-friendly products, there is increased pressure on brands to adopt sustainable practices and offer greener products. What should businesses do to meet these standards?
1. Educate Consumers
One of the first things businesses should do is educate customers about the availability of green alternatives as well as various environmental issues. Efforts must be made to dispel consumer scepticism about the genuineness and quality of green products.
2. Sustainable Designs
This refers to ensuring that products and services have a green design; making sure that all components of your products are green, such as making use of biodegradable or recycled materials, reducing packaging, or using only sustainable materials in your service.
3. Sustainable Practices
These practices should reduce negative impacts on the environment while allowing businesses to continue making a profit. They include reducing energy use within commercial spaces such as offices and factories, as well as switching to natural gas, renewable energy, or electric fleet vehicles.
Daikin’s Approach to Meeting Green Consumer’s Expectations
Daikin is one of the world’s largest manufacturers of air conditioning equipment. As a global company with a strong presence, we are always on a quest for new ways to drive our mission in perfecting the air and contributing to sustainability efforts. Over the past several years, we have actively explored and researched innovative ways to scale our business while striking a balance between the positive and negative impacts of air-conditioners.
Air conditioners have become a crucial part of infrastructure due to climate change, especially in Singapore and surrounding tropical regions, they are appliances we cannot live without. However, the use of air conditioners is a contributing factor to global warming.
To resolve these issues surrounding their business, we are collaborating with Singapore Power Group to provide Singapore’s first large-scale residential Centralised Cooling System in the new HDB town – Tengah. We also acquired BMS Engineering & Trading Pte Ltd in 2019 as part of our green sustainability commitment where we aim to work with building owners to maximise energy efficiency in buildings and achieve net-zero energy consumption.
Daikin hopes to be able to contribute to sustainable development for the world by providing innovations to resolve future social issues, and provide society with a new value; value creation for the earth, cities and people.
1. Value Creation for the Earth
Daikin has been stepping up efforts in introducing state-of-the-art technologies to the market to reduce our environmental impact, alleviate climate change, as well as address environmental and energy issues.
Some of these technologies include higher energy-efficient products, development and adoption of refrigerants with lower global warming potential, reducing the environmental impact throughout their entire lifecycle from production to consumption, as well as promoting the use of reclaimed refrigerants.
2. Value Creation for the Cities
In partnership with SP Group, we hope to solve energy-related issues arising from urbanisation, create sustainable cities and develop an eco-town. We do so by using energy management technologies to carry out an efficient operation of centralised and district cooling systems for energy efficiency.
3. Value Creation for the People
Daikin is committed to ensuring healthy lives and promoting well-being for all ages by preventing heatstroke, infectious diseases and air pollution through safe and quality products as part of our Sustainable Development Goals.
We are also focused on ensuring affordable, reliable, and sustainable modern energy for all consumers by increasing energy efficiency, use, and spread of renewable energy through our technology.
Climate change is an important issue affecting Daikin’s business continuity, and, like Daikin, green efforts should be a top priority for businesses in today’s world.
While our government works to transform parts of Singapore into eco residential homes through the use of centralised cooling and other environmentally friendly approaches in areas such as the upcoming Tengah estate, businesses like ours are doing our part to add value to communities and economies. Are you ready to make green consumerism a part of your life?
Check out Singapore’s first smart energy town at Tengah, where technologies like centralised cooling systems and electric vehicle charging stations work together to build a sustainable and eco-friendly neighbourhood.
“We want to be a company that leads in environmentally-friendly practices, paving the way for a greener and healthier tomorrow. Our constant efforts in developing and adopting technologies to lower carbon emissions can make a better place for our community – for generations to come.”
Mr Chua Ban Hong
Managing Director of Daikin Singapore
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