And we are back… albeit slightly softer around the edges than when we went away, but that’s what the Holidays are all about aren’t they?

While it has always struck me as odd that we elect to hit the ‘reset’ button on ourselves halfway through winter – when the natural world is still largely asleep – there is something to be said about getting into the headspace that a New Year brings.

2024 is going to be a big year: for business; for sustainability; and ultimately for sustainability in business. We’re about to embark on a year filled with new legislation (are we all prepared for the arrival of CSRD?), a tougher crackdown on Greenwashing, and ultimately greater demands from our partners and supply chains as it all begins to take its degree of effect.

This year, we are kicking proceedings off with a quick round-up of 2024 predictions, trends, and ‘big wishes’ from the Products of Change pool of Ambassadors – so let’s set the tone for the year together:

In Fashion

The fashion sector has a lot heading its way this year. There were as many as 16 pieces of legislation relating to fashion and textiles under discussion late last year in the EU alone, with the first – Corporate Sustainability Reporting Directive – coming into land in 2024.

“My dream headline would be “worldwide global ban on use of virgin polyester in fashion”, says Julia Redman, Products of Change’s Ambassador for Fashion. “It’s one of the major ways in which the fashion industry can genuinely contribute to the reduction in fossil fuels. Given that 62% of all fibre used in the fashion industry is polyester, it might actually make a meaningful difference.

“But in terms of predictions, the rate of uptake on the introduction of Digital Product Passports will be an interesting statistic. Given that it will become a legal requirement in the not too distant future for large corporates, it will be interesting to see how quickly this is implemented.

“Altogether, it feels as if consumer awareness and urgency surrounding the climate emergency is growing and demand for more sustainable products will continue to increase.”

The law laid down

2024 will be the year in which much of the remaining groundwork will be laid for some landscape-shifting legislation – whether that’s the EU’s Ecodesign for Sustainable Products Regulation; new EU Green Claims Directive to curb greenwashing in marketing; data collection for incoming Extended Producer Responsibility laws; Corporate Sustainability Reporting Directives; and the Corporate Sustainability Due Diligence Directive.

Each of these will impact the way businesses operate. And it’s not just EU or UK businesses that will feel it.

“From the US side of things, this year is all about legislation,” says Andrea Green, Products of Change’s Ambassador for the Us and Advisor. “Whether it’s new state laws around packaging, or escalating greenhouse gas emissions reporting, or even successful trials in favour of kids suing states over their lack of climate positive action – 2024 will be the year of planning for new laws. And this will lead to the need for greater action from the licensing community.

“As the largest licensors set bigger corporate commitments, it will roll down to the consumer product departments and onwards to the licensees.

“In fact, in the US, I predict we will follow closer to the EU Corporate Sustainability Reporting Directive regulations with the much-anticipated climate-focused SEC language coming in April.”

A BIG year for small businesses

There’s been a groundswell of businesses leading where governments fail to in recent years, reflected in the surge of movements such as B Corp and other small business initiatives across the landscape.

“From what I see and hear from activists and over 4,000 small businesses who make up the majority of the world’s 6,000 certified B Corp – 2024 is the year of people and small businesses stepping into tackle climate change, loss of biodiversity, and increasing poverty in our own communities where governments and large corporations continue to let us down,” suggests Heidi Florence, Products of Change Advisor and owner of the Fair Enough sustainability consultancy.

“Personally, I’m craving a year of connection with nature, I want to honour each season and feel as if I’m part of it instead of living very separately. Perhaps there’s a trend emerging for seeking meaning when it’s a struggle to feel optimistic?”

It’s time to get realistic.

Stubborn optimism has got us so far and the belief that we can make the right kind of change and at the right kind of speed is crucial in giving us the tools, fortification, and resolve to drive the positive change needed. However, with such a tidal wave of legislation heading our way and so many of us still so vastly underprepared, it’s time for a little dose of realism, too.

“The time for ‘being on a journey’ will be reclassed as greenwashing in 2024,” says James George, Products of Change Advisor and Ambassador for the Circular Economy. “Sorry to feel negative, but time is running out.

“COP is no longer fit for purpose, and we all need to stop being ceaselessly optimistic and a little more realistic… and honest. We need to call out the nonsense. Incrementalism is a death by one thousand cuts, and we have reached 997.”

Echoing his sentiments, Products of Change Advisor and Ambassador for Packaging, Mike Swain suggests that 2024 will be the year of ‘realisation of just how far we have to go.’

“I’m already seeing a lot more activity, a lot of clients have asked third parties to ‘fix it’ for them, and the realisation they can’t is just setting in,” says Mike. “I expect 2024 will bring more of the general public pushing for action and answers.”

Products of Change is here for you

If it sounds overwhelming it’s because 2024 will be pivotal. But there’s no need to panic. This is precisely what Products of Change has been created for, to help this wonderful industry transition and transform while navigating the road bumps placed in our way.

Over the course of the year, we will be delivering numerous resources and hosting regular meetings and workshops on the platform as together we all tackle the tighter regulations on things such as supply chain and product transparency, reporting, and the requirement for product level impact data, as well as those other matters too like designing for recyclability and the continued expansion and trial of circular models in business and retail.

There is plenty to be excited about. The New Year always brings with it that feeling of potential. Let’s together make this a year of positive strides towards our next goals – and then see how far this community of business leaders, pioneers, and innovators can push the through next boundary.