Global Megatrends: Economic Growth
In the final installment of our five-part monthly Megatrends series – exploring the transformative global forces impacting the future of business, the economy, industry, society and individuals – we examine economic growth.
Megatrends have a powerful impact on every aspect of our world, defining our collective future. As a result, governments, NGOs, businesses, society and individuals all have a role to play in understanding and addressing megatrends. At SGS, we are evolving our organization to focus on the underlining issues, risks, challenges and opportunities that megatrends present.
Megatrend: economic growth
The global economy has grown twenty times over the last two centuries and is estimated to increase six-fold by 2050. The economy’s primary challenge is to balance our desire for economic growth and prosperity with finite natural resources.
On the consumer side, the production and disposal of items with a short lifespan can cause environmental damage and impact people’s health, while the progress of emerging economies increasingly influences the global consumption pattern.
To support economic growth, businesses must invest in sustainability, human capital and promote fair access to the workplace, technology and markets.
How SGS is addressing economic growth?
SGS is committed to addressing megatrends and believes them to be a fundamental responsibility. One of the many ways that SGS is addressing the economic growth megatrend is by pioneering a unique end-to-end solution for e-waste.
Alexandre Lusenti, SGS Product Manager for Renovo™, explains: “To help nations successfully and sustainably dispose of their waste, SGS created Renovo™, a self-funding, full-scale waste management system.
“In 2018, SGS implemented Renovo in the Ivory Coast and Ghana. The Governments of both countries designated SGS as the official external service provider to identify the products imported, determine their condition and prevent the importation of waste, thus reinforcing the Basel Convention on transportation of waste and hazardous goods.
“This identification is critical to size the facility correctly and to start the traceability process. SGS is also responsible for collecting an advance eco levy on all electrical and electronic equipment, and tires exported to support the countries’ efforts to protect their people and environment.”