Businesses have begun striving and exponentially growing in distinctive and rare industry oceans. Entrepreneurs have mixed sustainability with profits to create a new avenue of business opportunities. Environmental sustainability is on the rise and profits are finally accompanying it too.
Combining profitability and ocean sustainability
Entrepreneurs have explored creative and unconventional solutions to create products that protect the environment while helping them earn profits. These profits become relatively easy to earn when an effective solution is developed since customers are willing to pay higher prices to protect our world.
Businesses are using advanced technology to bring back biodiversity, water quality and restore marine life. This act allows them to be environmentally conscious while protecting the future of their business model as well.
For example, the Food and Agriculture Organization of the United Nations has stated that nearly 9.1 million tons (over 10 per cent of all the fish caught every year) are thrown away. Half of this number stems from the use of trawling nets. Dan Watson of SafetyNet Technologies profitably developed a solution to this problem in the form of advanced fishing nets with LED lights that allow efficient large-scale fishing. These LED lights substantially reduce the number of unwanted species that end up getting caught in nets. The business also allows crews to save on fuel and regulatory fines.
“In an era of overfishing and shifting habitats because of climate change that defy international regulations, reducing the amount of fish or other marine animals that are caught by mistake could have important consequences for the health of various populations as well as ocean biodiversity on the whole,” Mr Watson said. The vast environmental, economic and ecological impact of their innovation allows them to profitably grow their business. SafetyNet Technology’s products allow fishermen to experience up to 25% revenue increase and a 20% decrease in fuel usage, which extends to a decrease in fuel costs as well. These profound benefits allow SafetyNet Technology to promote their products effectively with strong revenue and demand, making it easy to be profitable as well. They further customise their products to match the needs of their customers, incentivising customers to pay more as well.
In the same vein, Mr. Marty Odlin is another entrepreneur who decided to create Running Tide after witnessing marine life decline rapidly. Odlin employed a combination of robotics, sensors and machine learning (Ml) to create an aquaculture operation. While this system helps him sell boats, oysters and clams, he also grows Kelp (seaweed) which can pull carbon dioxide from the atmosphere and permanently isolate it. This carbon dioxide is then buried in the ocean floor and carbon offsets can be made available for consequent sales. The carbon offset market is an extremely sustainable market that allows carbon footprints to reduce substantially.
Large businesses have also been shifting their operations to work towards ocean sustainability while maintaining profit levels.
For example, the Dutch designer company, G-Star RAW, partnered with Parley, to make a denim collection from ocean plastic. According to the World Economic Forum, at least 8 billion kilograms of plastic are dumped in our oceans every year and this horrifying statistic is equivalent to discarding a truckful of plastic into the ocean every minute. To protect our oceans from this disturbing reality, Parley gathers bionic from plastic in the ocean and transforms it into yarn by using a unique manufacturing process. The denims look and feel exactly like regular denim but help save our marine life and oceans as well.
Pharrell William’s company Bionic Yarn which transforms plastic into fabric has also joined this partnership and has led to various merchandise collections of Pharrell Williams being profitable as well.
Conclusion
With the increased awareness of environmental damage across the world, brand-conscious individuals are moving to trustworthy sustainable brands and are willing to pay a premium for sustainable products. The willingness to pay high prices shows solidarity and allows business to maintain profit margins while making the world a more sustainable place.
