Business and Environment Sustainability

The world is celebrating Environment Day on 5^th June 2022 with the theme #OnlyOneEarth and focus towards “Living Sustainably in Harmony with Nature”. The day serves a reminder that our planet’s resources are finite and dwindling. It serves a reminder that the time to act is now for every government, business and individual.

In our world today, where climate change is a harsh reality, sustainability is the only path to true prosperity. Business and society have to make choices that enable a cleaner, greener and sustainable living.

It is a period of transformation in business where sustainability has to move from an auxiliary issue limited to ecological consciousness to the very core of the business driving profitability and business continuity. Businesses can no longer just focus on performance in terms of profits, revenues or shareholder returns etc. but also on organisation’s planetary footprint and triple bottom line (profits, people and planet).

Sustainable and long-term growth and development also needs creation of inclusive value chains. Each member in the chain needs to appropriate adequate value to build long-lasting relationships and trust. Such integrated collaborations or networks are essential to create innovative solutions for the various sustainability challenges. It requires integrated and wholesome solutions and hence we need to empower every member of the value chain to make their contribution.

While the need for sustainability is transforming the existing business models, what is encouraging is the emergence of new business opportunities in terms of markets, products or services in the green economy. There are some great examples of companies who have built successful businesses by not only shaping their corporate values but also the business model itself around sustainability. The ecological consciousness of consumers has a great role to play here as they demand healthier, greener and more sustainable alternatives in their lifestyle. Larger and more influential entities like governments, institutions and businesses would also have to take up the responsibility to make sustainable choices readily available, affordable and attractive to individuals.

Businesses today can reduce costs and gain competitive advantage by shifting to green manufacturing practices, renewable sources of energy away from fossil fuels, recycling and reuse, waste minimization and resource efficiency. Great sustainable investment opportunities exist today in industries ranging from renewable energy, waste recycling, alternative agriculture and water conservation to the emerging ones like sustainable fashion, food, packaging, green transportation, construction etc.

We could all take this opportunity on Environment Day to respond to the global call to “Invest in our Planet”, collaborating and innovating for a healthy, prosperous world.