Insights from the 2024 Velocity Sustainability Summit: Charting the Path Forward in Sustainability
November 5, 2024
Allan Dougall
VP Strategy and Client Service
The Fish Agency
The 2024 Velocity Sustainability Summit was a remarkable gathering that brought together industry leaders, innovators, and advocates with a shared commitment to pushing the sustainability movement forward. With a blend of optimism, camaraderie, and realism, this summit provided a unique lens into the future of sustainable practices and how brands, consumers, and regulators are navigating this evolving landscape. Here are some key takeaways highlighting the challenges and the opportunities ahead.
1. Unity in Purpose: A Collective Push Toward Sustainability
One of the most inspiring aspects of the summit was the palpable sense of camaraderie among attendees. Despite differences in industries, methodologies, or goals, everyone shared a common vision: advancing sustainability. This unity speaks to a growing recognition that the environmental crisis demands collective action and that no single entity or individual can shoulder the responsibility alone. The spirit of collaboration observed at the summit indicates that the sustainability movement is evolving beyond isolated efforts and toward a cohesive, supportive network. Together, participants in this movement are more equipped to drive meaningful change.
2. Embracing Incrementalism for Lasting Impact
The summit emphasized a crucial reality: no “magic bullet” exists for solving the environmental crisis. Instead, the gradual, cumulative steps will ultimately create a lasting impact. Incremental improvements—whether through regenerative agriculture, post-consumer recycled (PCR) content, fair trade sourcing, or packaging reduction—are proving effective in reducing environmental footprints. By focusing on these smaller, continuous changes, brands can sustain momentum without succumbing to the often-paralyzing pressure to achieve sweeping results overnight. This pragmatic approach is more achievable and sets a realistic model for others in the industry to follow, fostering an environment where small victories are valued and celebrated.
3. The Rise of Traceability as a Critical Standard
Traceability emerged as a key theme and is poised to become one of the decade’s most significant challenges—and opportunities—. As regulations around sustainability claims tighten, brands will need to meticulously document their supply chains, sourcing methods, and manufacturing processes. Particularly in the context of Private Brands, vendors that can support these reporting requirements will enjoy a competitive advantage. Third-party accreditations and category specialists may help shoulder some of the burden, but traceability will be a formidable task that cannot be overlooked.
4. Profitability and Sustainability: Allies, Not Adversaries
One of the standout messages from the summit was the affirmation that sustainability is not a hindrance to profitability. In fact, it can be a powerful enabler. As consumers increasingly seek out brands that align with their values, those who make sustainability an integral part of their identity will likely see financial rewards. Far from being a mere compliance issue, sustainability is now an aspirational quality that resonates deeply with modern consumers.
5. Storytelling: The Art of Engaging the Conscious Consumer
The complexity of sustainability can overwhelm consumers, making storytelling an essential tool for brands. The summit underscored the need for clear, compelling, and concise communication around sustainability impacts and benefits. Effective storytelling demystifies sustainability and fosters a deeper connection with consumers, who are eager to understand how their purchasing choices contribute to a larger environmental cause.
A Path Forward
The 2024 Velocity Sustainability Summit highlighted the challenges and the promise of the sustainability movement. From the importance of incremental progress and traceability to the undeniable potential of sustainability as a driver of profitability, each insight points to a future where responsible practices become the norm rather than the exception. As we move forward, the key takeaway remains clear: the path to sustainability is a shared journey, one that requires continuous effort, transparency, and a commitment to positive change. In this journey, each step counts, and together, we have the power to make a lasting difference.