BEIJING, CHINA, Aug. 01, 2023 (GLOBE NEWSWIRE) — Sustainability, today, is not merely a trend but a deep-seated priority. As evidenced by the 2021 Global Sustainability Study, a considerable 85% of people have steered their consumption patterns towards more sustainable products over the past half-decade. Moreover, a significant 60% assert that sustainability is a deciding factor in their purchases.
In this changing landscape, consumer expectations are evolving too. They now demand that businesses not only provide goods and services but also align with their own values. A growing preference is emerging for ethical brands that advocate for environmental friendliness, social justice, and diversity. In essence, consumers are increasingly engaging with companies that reflect their concerns and commitments towards creating a more sustainable world.
Furthermore, embracing sustainable development has become an imperative for every company.
The 17 Sustainable Development Goals of the 2030 Agenda, instituted by the United Nations in 2015, form a collective call-to-action for all societal pillars: governments, civil society, business, science, and every individual. A robust and inclusive private sector, in this context, works as a stabilizing force, drawing investment, generating employment, and thereby cultivating prosperous, sustainable communities. Simultaneously, the act of advancing sustainable development reciprocates benefits for businesses. It is a matter of simple logic: in the long run, businesses cannot flourish unless the communities they serve and the planet they inhabit are also thriving.
Businesses need to recognize that sustainability is not a discretionary choice, but rather an operational imperative. Transforming into a more sustainable enterprise may necessitate initial investment, yet in the long-term, such initiatives foster innovation, boost efficiency, and facilitate cost savings. In a marketplace where sustainability is the currency, those who fail to adapt run the risk of consumer attrition.
As public interest and scrutiny intensify around environmental, social, and governance (ESG) matters, companies are navigating an increasingly complex landscape of ESG disclosure requirements. The U.S. Securities and Exchange Commission (SEC), for instance, has proposed new regulations that may necessitate enhanced ESG disclosures. Similarly, Japan has taken a step forward by enforcing mandatory ESG disclosures for publicly listed companies. This escalating trend across nations indicates a unified global initiative, compelling companies to integrate sustainability more thoroughly into their business operations. Hence, sustainability is not only emerging as a key component of business strategy but also as a legislative requirement.
Peering into the future, the game-changing shift unquestionably lies in the realm of Environmental, Social, and Governance (ESG). This is particularly evident with the impending introduction of the Corporate Sustainability Reporting Directive (CSRD) by the European Union.
As the engine of one of the world’s largest and most vibrant economies, Chinese enterprises are poised to take a leading role in championing sustainable development. Through innovative business models, international collaborations, strategic planning, and astute corporate management, they hold the potential to effectively catalyze a shift towards a sustainable future in business practices.
QuantaSing Group(NASDAQ: QSG), the largest online learning service provider for adult interest learning in China, and one of the top five service providers in adult learning market in China based on revenue in 2021, is a standout among them. On July 18th, at the Base Recognition and Cultivation Ceremony of the Zen Millet (an initiative spearheaded by SEE, aiming to counter the encroachment of desert landscapes in Alashan while safeguarding its precious underground water resources), QuantaSing Group publicly pledged its sustainability commitment by adopting a 10-acre Zen Millet cultivation base, setting an ambitious water conservation target of approximately 5000 tons. Looking ahead, QuantaSing Group intends to distribute the harvested millet amongst its users, symbolizing a blessing for the users’ continued success cause grains such as millet symbolize prosperity and abundance in Eastern cultures. Besides, this initiative eloquently conveys the company’s dedication to sustainable development to its consumers.
Furthermore, China’s ‘dual carbon’ objective has ignited a fresh wave of sustainability initiatives, with Chinese enterprises maintaining their leadership role as major market players in sectors like energy, finance, and automotive. As of 2023, China has established itself as the global frontrunner in electric vehicle exports, charting a course towards a low-carbon future.
These advancements in sustainability by Chinese enterprises mirror the nation’s burgeoning leadership in the sustainable economy. Their steadfast commitment to ESG principles underscores their comprehension of sustainable development’s significance – it is not just an ethical mandate but a vital factor in preserving investor trust, customer loyalty, and overall market stability. As these companies persist in weaving sustainable development into their business strategies, they are not only fortifying their competitive edge on the global stage but also making a substantial contribution to the worldwide sustainability agenda.
Leah Guo QuantaSing Group Ltd. ir at quantasing.com
Source: QuantaSing Group Ltd.
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