A Look at How the Sharing Economy Supports Sustainability

A new way of living is emerging that challenges the notion that the ownership of goods and services is the ideal. This novel economic model envisions a world where individuals have greater access to what they need and resources are safeguarded for the future. The sharing economy is a transformative concept built to be sustainable. Let’s take a look at how this works and the benefits.

The problem with consumerism

First, a word on how populations generally use their purchasing power. Modern societies have evolved to rely on an abundance of human-made goods. As technologies have developed, owning a range of products has become increasingly affordable. And, targeted advertising has shown this consumer-based way of life as desirable.

However, the ability to extract and employ the Earth’s resources to satisfy people’s needs in this fashion has been problematic. The emphasis on buying, using, and disposing of things is short-sighted. It produces pollution and depletes the planet’s limited resources. Continuing this practice isn’t environmentally sustainable.

The sharing economy defined

Basically, this economic model emphasizes efficiency, convenience, and conservation. The approach is based on the sharing of goods, resources, and services between individuals and organizations. Using various digital platforms, it opens up pathways for people and groups to access, rent, or share resources that aren’t fully utilized. This often takes away the need or inclination to own assets and supports a more efficient use of property.

The sharing economy is showing up in different sectors, ranging from accommodations and finance to transportation and a host of professional services. Think about the opportunity that people have to rent their homes or cottages on Airbnb, or how sites like GoFundMe are set up for individuals to raise money for personal causes. Libraries that have long been participants in the sharing economy are getting on board by allowing tools, sporting equipment, and other items to be signed out. The movement is expanding via coworking spaces, shared knowledge platforms, and other innovative ideas.

Common characteristics

What all sharing economies have in common is simple. There are four main elements, as follows. Using resources for the duration that they’re needed rather than owing them is key. The whole process is typically driven by technology that enables providers and borrowers to be easily in touch. The peer-to-peer model focuses on direct exchange between two parties without the transaction going through an intermediary. The outcome is resource optimization, waste reduction, and practical continuity.

Conserving natural resources

Manufacturing demands a significant amount of natural resources. Depending on the industry, different kinds of materials are required. Steel may go into the making of a range of products, while precious metals might be used by only a select number of companies. When assets are offered through a sharing setup, fewer of these goods are produced and less of the Earth’s resources are in demand. One example is car-sharing initiatives such as Zipcar through which drivers can reserve a vehicle without the need to own one themselves.

Furthermore, industries consume vast amounts of raw materials just in the manufacturing process itself, never mind what goes into the final product. Energy is largely sourced from natural gas and electricity. Water has a role in the production process in terms of lubricating, cooling, and cleaning machinery. With less manufacturing, such natural materials are conserved and any environmental degradation in acquiring them is minimized.

Preventing pollution

Pollution is another issue that’s mitigated in the sharing economy. For instance, the surge in interest in secondhand fashion is rising as a form of opposition to fast fashion that has become the norm. Clothing swaps and thrift shops are positively impacting the environment by reducing the amount of textile waste.

Lowering the amount of greenhouses gases released into the atmosphere is another byproduct of this new economy. While industrial production pollutes the air, vehicle exhaust does, too. Consumer products often have to travel great distances to arrive in the marketplace, and this usually means large trucks taking loads around the country. Lower demand for new items changes this.

When it comes to personal transportation, vehicle and bicycle sharing programs reduce traffic congestion and the resulting release of harmful emissions.

Building stronger communities

Sharing economies benefit local communities in other ways. Certainly, there are advantages to programs like Vrbo, which assists people in renting out vacation properties, which reduces the waste of building more hotels and maintains the character of the area.

Community connections are strengthened through platforms that allow people to offer others a vacant seat in their car when they’re traveling to the same destination. Offering an empty chair at a sold-out concert or supplying one’s time or talent to assist a community member are other ways that neighborhoods can feel just a little more welcoming and willing to work together.

As the sharing economy increases in popularity, it will continue to demonstrate how it supports a sustainable and comfortable life.