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Customers and consumers also demand supply chain responsibility and sustainability as part of a company’s value proposition under a growing ethical consumerism movement. [23] Consumers’ purchasing behaviors reflect this trend as 70% say they are willing to pay a 5% price premium for products produced by more-sustainable means. [ 24 ]
Sustainable travel behavior—Reducing the amount of travel (e.g. through home-working or teleconference service) or finding alternative transport means for journeys, such as cycling for leisure rather than driving. Seeking tourism offerings that try to protect the global and local environment and also the cultures within tourism destinations.
Corporate sustainability strategies can aim to take advantage of sustainable revenue opportunities, while protecting the value of business against increasing energy costs, the costs of meeting regulatory requirements, changes in the way customers perceive brands and products, the volatile price of resources.
Sustainable development has become the primary yardstick of improvement for industries and is being integrated into effective government and business strategies. The needs for sustainability measurement include improvement in the operations, benchmarking performances, tracking progress, and evaluating process, among others. [12]
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Customers love these good wishes for starting the new year. As I reflect on our industry-leading results over the past few years, I come back to our due focus on operational efficiency and innovation.
Throughout these changes, we remain dedicated to safety, sustainability, and operational excellence, aiming to create long-term value for our stakeholders while fostering a more sustainable future.