Sustainability is becoming core to business because it helps to create materials, products and services that responsibly benefit the economy, maximize positive impact on customers and society, and inspires innovation, technology direction and operational efficiency.
Sustainability helps in achieving strategic business goals. Corporate needs to continue to invest in products that meet society’s changing needs while enabling growth of the economy and helping meet SDGs by 2030.
The recent years are characterized by rapidly changing regulations, technology disruption, and market volatility and evolving customer demands. Corporations must see the circular economy as a business opportunity which will finely help sustainability commitment.
Climate-related regulations have impacted business across the world. Energy-efficiency programs, reducing plastic consumption, re-use of materials are key agenda under sustainability. In the long term, businesses will need to adjust to an environment increasingly affected by climate and a society that constantly demands higher environmental standards, greater accountability and stricter enforcement of regulations.
A leader in sustainability will be a leader in business – and this would be a goal that continues to be pursued by business.Rusen Kumar
While this will help in creating challenges for the industry and business, at the same time it will also bring exciting opportunities for innovation, efficiencies and lower emissions.
Businesses should always commit to invest in the communities where they operate for better lives. Sustainability cannot happen in a day and without hard work and vision of employees. Sustainability culture demands learning, open dialogue and idea sharing.
Every business must set ambitious targets to reduce greenhouse-gas, water and energy intensities and material-loss intensity to a lower level. Sustainability culture can mitigate risk of mega-projects by embedding sustainability into every project stage-age.
Resource efficiency and health and safety, operational excellence and governance and integrity improve long-term stakeholder’s value of business.
Sustainability initiatives must promote engagement and showcasing of thoughts and ideas that go beyond KPIs of employees. Sustainability creates a more secure environment for business and a more sustainable world.
Sustainability issues such as resource and energy efficiency, climate change, and plastic end-of-use pose a risk to existing business and value chain.
Businesses must view these issues as opportunities, not threats. Sustainability brings many advantages to business. By putting sustainability at the core, businesses can leverage the improvement of governance and transparency and finally raise their standards.
A leader in sustainability will be a leader in business – and this would be a goal that continues to be pursued by business.
(Rusen Kumar is the founder and managing editor of India CSR. He regularly writes on Sustainability and CSR)
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