Climate change is inherently confusing and complex. Nearly every piece of climate change news in the media centres on catastrophic, global crises – how are individual consumers expected to make a difference? According to the WEF, 91 per cent of today's millennials believe humans are the cause of climate change, and 78 per cent are willing to make lifestyle changes to do something about it.
This represents a $1.6 trillion opportunity. Millennials in the US spend $26,000 every year on everyday expenses from bills to entertainment. They are now the largest generation in US history, with 80 million people moving into their prime spending years. But a combination of inconvenience, distrust and price prevents their demand for sustainable options from being accurately expressed in the market.
Consumers expect businesses to solve climate change, but without persistent, visible demand for low carbon goods, there is little commercial rationale for businesses to act first. Imperfect market information, poor coordination and short-term profit chasing prevent businesses from investing in the sustainable goods and services we need. The challenge: How might we make sustainable living the obvious choice?