Sustainability journey of Schneider Electric and interest in India’s growth story are a testament to the importance of sustainability in business.
Schneider Electric, a European energy-management multinational, has been on a sustainability journey for the last 15 years. The company’s focus on environment, social, and governance (ESG) performance parameters and decarbonisation initiatives has helped it stay ahead of the curve. India is a key market for Schneider Electric, with the country being the third-largest market globally for its digital and energy-saving products and services, and its largest talent hub, employing 34,500 people.
Schneider Electric’s global chief strategy and sustainability officer, Gwenaelle Avice-Huet, recently visited India to get a first-hand feel of what the country needs for its next phase of strategy.
In this article, we will explore the top 5 powerful takeaways from Schneider Electric‘s sustainability journey and interest in India’s growth story, including embedding sustainability in its business model, driving the sustainability agenda, lessons learned, corporate India’s readiness for the decarbonisation journey, and recommendations for Indian businesses embarking on the sustainability journey.
Schneider Electric‘s recommendations for Indian businesses embarking on the sustainability journey are valuable, and it is essential to focus on collaborative efforts between the private and public sector to build a supportive ecosystem.
Embedding sustainability in Schneider Electric’s business model
Schneider Electric’s global chief strategy and sustainability officer, Gwenaelle Avice-Huet, explained that the decision to embed sustainability in the company’s core business was taken 15 years ago. This means that everything the company does, including R&D, customer relationships, and the quality of products, revolves around sustainability. The company has been publishing sustainability disclosures for the past 15 years and has been recognised for its ESG commitments.
Driving the sustainability agenda
Schneider Electric aims to be an impact company, looking at the whole spectrum of the value chain, from suppliers to customers. The company is committed to reducing the footprint of emissions from its suppliers by 50% by 2025 and reports on this every quarter. Schneider Electric believes that sustainability is about a lot of data, and everything should be measurable, reportable, and verifiable.
Lessons from Schneider Electric’s sustainability journey
Schneider Electric’s commitment to investing at least 5% of its revenue in R&D has paid off, with the company receiving two awards for products in which it has invested over the last decade. To fuel the decarbonisation journey, the company has learned to take risks and bet on innovation. Despite having to retrace its steps, Schneider Electric never changed its goals, instead investing more resources to achieve them.
Corporate India’s readiness for the decarbonisation journey
Schneider Electric believes that corporate India must first be exemplary in its own footprint, and that factory decarbonisation is all about manufacturing digitisation. Sustainability Research Institute, the company’s think tank, has developed scenarios for India to show the key transformations occurring in transportation, fuels, and the use of various technologies. Schneider Electric believes that what happens in India over the next 30 years will have a huge impact on business models, technology, and talent development around the world.
Recommendations for Indian businesses embarking on the sustainability journey
Schneider Electric recommends that Indian businesses focus on three key areas: demand-side management, electrification, and greening of production. Indian companies should not mix reporting with action and should develop a robust plan that integrates business and ESG. Furthermore, businesses need to build a long-term ESG strategy and vision. Collaborative efforts between the private and public sector are necessary to develop a supportive ecosystem.
Also Read: Schneider Electric India VP Praises Budget 2023-24 for Sustainability Focus – India CSR
Schneider Electric India
Schneider Electric India is a subsidiary of Schneider Electric, a global leader in energy management and automation solutions. The company has been operating in India for over 50 years, providing innovative solutions for energy management and industrial automation to customers across various sectors, including building automation, data centres, energy and infrastructure, industry, and residential. Schneider Electric India has a strong presence in the country, with 30 factories and over 34,500 employees.
The company offers a wide range of products and services, including energy management solutions, building management systems, industrial automation solutions, cybersecurity solutions, and digital services. Schneider Electric India is committed to sustainability and has taken several initiatives to reduce its carbon footprint, improve its ESG performance, and support India’s sustainability journey.
The company’s Sustainability Research Institute in India develops scenarios for the country to show key transformations in terms of transportation, fuels, and use of various technologies. Schneider Electric India is dedicated to helping its customers and partners achieve their sustainability goals, and it works towards building a supportive ecosystem through collaborative efforts between the private and public sectors.
(Copy Right @ India CSR)
