How purpose-driven profit and a rethink of economics can create a planet-positive future.
In today’s world, we’re facing big challenges. Climate change is, of course, one of the biggest, but at the heart of this and other issues is excess consumption in a resource hungry economy.
So, how can we rethink our economic systems to not only thrive but also protect the planet and future generations. After all, it’s increasingly clear that the traditional approach to the economy is no longer fit for purpose.
One concept gaining significant traction is Doughnut Economics, a framework introduced by economist Kate Raworth. Picture it like a doughnut: the inner ring represents the essentials for a good life, things like access to healthcare, education and security. The outer ring marks the ecological and resource limits of our planet. The goal is to find the sweet spot between these two rings, where everyone’s needs are met, but we also stay within the Earth’s ecological boundaries. This approach shifts the focus from the endless pursuit of growth to the pursuit of sustainability, equity and ultimately, well-being for people and planet.
For-profit businesses have long been seen as engines of economic growth, but today, more and more companies are recognising that they can (and should) do more than just go after profit. Profit is sometimes seen as a dirty word, but it shouldn’t be. Businesses can, and should, contribute positively to society and the environment by adopting sustainable business models. In fact, many businesses are discovering that purpose and profit can not only coexist, but that doing so can actually help their business grow.
A key example is the rise of the B Corporation movement, where companies commit to meeting high standards of social and environmental performance. B Corps prove that it’s possible to be financially successful while also addressing social and environmental challenges. These companies don’t just chase profits for shareholders, they work to make a positive impact on people, communities and the planet. As consumer demand for ethically produced goods rises, businesses that adopt purpose-driven strategies find that they’re often rewarded with loyal customers who share their values.
B-Corp is far from perfect, and is due a significant revamp in the coming months, but the concept is at least a step in the right direction. If we’re to tackle the climate and environmental challenges the world faces, we can’t have a situation where for-profit businesses plunder the world of resources, only for governments and non-profits to clean up behind them.
A planet, people and profit approach to business (aka the 'Triple bottom line') is also seen in the circular economy, where products are designed to be reused, repaired and/or recycled, rather than discarded. This model reduces waste, creates new opportunities for innovation and allows businesses to thrive while keeping their impact low.
As individuals, we have a powerful tool at our disposal - consumer choice. Every time we make a purchase, we’re casting a vote for the kind of world we want to live in. By supporting businesses that prioritise sustainability, we’re helping to create a market that values people and planet over profits alone.
This “vote” through our spending habits is already driving change. Take the fashion industry, for example. As more consumers demand eco-friendly clothing, companies are innovating with sustainable materials, ethical labour practices and reduced carbon footprints. Even industries that once seemed resistant to change are beginning to take sustainability seriously, and that’s because consumers are speaking up with their wallets.
We have Government incentives and Charities that provide help, but is this enough?
Governments and charities play a crucial role in tackling global challenges, but they can’t do it alone. The Dasgupta Review, an important report on the economics of nature, points out that we’ve failed to account for the value of nature in our economic systems, leading to overexploitation of resources. While governments can regulate and charities can raise awareness, it’s the private sector, especially businesses, that has the scale and power to create large-scale change.
Rather than seeing profit and sustainability as opposing forces, businesses should recognise that they can thrive while also making a positive impact on society. This is where purpose-driven profit comes into play. When businesses align their goals with positive social and environmental outcomes, they not only help the planet, but they also create lasting value for themselves and making them more resilient in the face of climate change.
The United Nations’ Sustainable Development Goals (SDGs) call for collaboration across all sectors - public, private and civil - to build a more sustainable world. Businesses must be part of this effort, and by making planet positive purpose a core part of their mission, they can help lead the way.
We must teach sustainability from the ground up as well.
Schools and universities are where the next generation of leaders, entrepreneurs and consumers learn to navigate the world. By integrating sustainability into curricula at all levels, we can ensure that future decision-makers are equipped to create a more just and eco-friendly world.
But we’re at a stage now where we need to go beyond just being ‘sustainable’. Business has to actively make the world a better place.
We need to stop being less bad and start doing more good.
Schools can teach students about the importance of biodiversity, the environmental impacts of consumer choices and the principles of regeneration and sustainable development. Whether through dedicated environmental studies programmes or by weaving sustainability into subjects like economics, science and social studies, education helps students understand the interconnectedness of social, economic and environmental issues.
Education also helps business leaders and consumers understand their impact - which is why we at The Bioasis will soon be launching a dedicated change-making programme to the corporate world.
Back in education, many schools are now looking at their impact and also teaching students how their choices affect the planet - from where they buy their clothes to how they travel and the food they eat. By encouraging students to think critically about their consumption patterns, we’re helping them make better decisions as they enter the workforce and become more impactful consumers.
Coexisting Purpose and Profit Being A Win-Win Scenario
In the past, many saw purpose-driven work and profit as two conflicting goals. But today, there’s a growing recognition that they can coexist, and in fact, thrive together. Companies that embrace this idea understand that pursuing a greater social or environmental good doesn’t have to mean sacrificing financial success. In fact, doing good can lead to long-term, more resilient profits.
A great example of this is the rise of companies that focus on creating positive social and environmental impact as part of their core mission, like Patagonia, which integrates environmental responsibility into every facet of its business - and even putting planet earth as its major shareholder. Such companies have shown that a commitment to purpose can boost brand loyalty, attract customers who care about the planet, and ultimately lead to more sustainable profits.
A for-profit company with a unique business model
At the Bioasis, we are a for-profit company with a unique business model. We work at the cross section of adventure, education, conservation and eco-tourism. We encourage large landowners to allow pockets of land to be given over to wildflower meadows, allowing us to establish our off-grid basecamps. In return, we pay them an income whilst bringing in an army of young people to help improve the land and biodiversity through small-scale rewilding and conservation activities. In the process, we are educating people young and old, improving mental health and wellbeing, and contributing to the rural economy and resilience of the natural landscape.
It’s not just win-win, it’s win-win-win-win.
So in summary, creating a sustainable future isn’t just about governments or charities. It’s about all of us, and it starts with rethinking how we measure success. Donut Economics offers a roadmap for a more sustainable and equitable world, and businesses, consumers and educators all have vital roles to play in this transformation.
By supporting businesses that prioritise sustainability, voting with our wallets and educating future generations about the importance of environmental and social responsibility, we can help steer the global economy toward a future that works for people and the planet. The choices we make today will shape the world we live in tomorrow. Let’s make sure they shape a world we actually want to live in.
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