The author feels that Indian business is extremely cruel to the environment. Everything we have is because of the environment.
By Rusen Kumar
Sustainability is getting talked about every day. This has become a major topic discussed in the boardroom. Efforts are being made to align all business disciplines with the concept of sustainability. Sustainability talks about the best ways to do business. The concept of sustainability is gaining popularity all over the world. India is also no exception to this. Indian businesses are becoming increasingly obsessed with sustainability. This is revealed by reading the Annual Reports, CSR Reports and Sustainability Reports of the companies.
Planet, people, and business
The triple bottom line (TBL) approach is important. TBL forms the core for sustainable business operations. They are more intertwined and inseparable today than they ever have been in the past. Natural calamities, global warming, and governance issues are impacting reputations & businesses, along with heightened shareholder & consumer activism, and increased regulatory scrutiny.
In my view, the purpose of imbibing the sustainability concept is to prepare the business for the challenges of the future. Surviving requires more resources and fewer challenges. According to me, this is the mantra of sustainability. The basic elements of business are the environment and society. Any business should be considered successful as long as it causes minimum damage to the environment. Business success should not be measured by profit. Distortion arises from making a profit by harming the environment and society.
An example of how the landscape is changing can be found in the banking system. The RBI has proposed to integrate climate-related risks into its practice of monitoring for business. It will monitor the stability of the financial system, and modeling climate risk scenarios to identify vulnerabilities. This could imply that banks and financial institutions would need to chalk out new frameworks to imbibe climate change-related concerns into their credit decisions and risk management functions. Globally, societies and corporations are re-evaluating priorities and redefining purpose on individual and collective levels.
I think Indian businesses know very little about their environment. I also feel that Indian business is extremely cruel to the environment. Everything we have is because of the environment. So we need to understand the concept of ESG deeply. Before doing any business, we should think about why we should do it, and for how long we should do it.
We have to understand that every business we do is a burden to the environment. We are not developing the business but putting the burden on the environment. ESG is all about environmental awareness, social responsibility, and good governance. ESG has become the focal point of the lens through which governments, corporates and individuals should look at their day-to-day jobs and decision-making. Therefore, ESG has to be included in the day-to-day work.
Creative thinking
A sustainability leader needs creative thinking. For this, the sustainability leader must be a very quality person. The ability to link multiple disciplines is what makes a sustainability leader unique. It is becoming increasingly clear that companies that tend to do well on ESG. Stakeholders, especially employees, want to associate with sustainable organisations. There is a marked social shift towards empowerment, fulfillment, and pursuing purpose.
Businesses are responding to this behaviour by putting sustainability at the centre of multi-faceted efforts. These range from appointing a chief sustainability officer, incorporating sustainability goals in job roles, committing to net carbon zero targets, cause marketing, investing, and divesting with sustainability in mind.
Jobs in the sustainability field
Sustainability is understood to be very complex. It’s complicated too. There are many issues associated with sustainability. Understanding sustainability has always been challenging for a leader. From this, it is known that there are infinite possibilities for moving forward on this subject. It can be said that the sustainability sector has immense potential to create new jobs.
The focus on sustainability and aligning business with ESG goals open up new and interesting career avenues for India’s young population. To stand a good chance for a career in sustainability, individuals can work on improving their understanding of the industry that they want to contribute to as part of a career in sustainability. A good sustainability leader must have a detailed study and understanding of his business. For this, the sustainability leader will have to increase efforts.
Every company should set goals to reduce resource exploitation. Nowadays the concept of ESG is very much discussed. It is also necessary. Let’s talk loudly on ESG.In the absence of resources, a business cannot be run. Whereas we have very limited resources. So, we need to alert the Indian business community about this.
The Ability
Additionally, good research and writing skills, the ability to engage with multiple stakeholders and influence agendas, and exercising strong analytical skills to offer preemptive solutions are must-haves for a good sustainability leader. There are not many institutions in India to explain the concept of sustainability. Universities need to increase understanding in this direction. There is a need to create awareness among people about sustainability by preparing courses. Sustainability in our country in general is being learned through experiences and practices.
About the Author
The author regularly writes on Corporate Sustainability and Responsibility (CSR).
