Sustainability is no longer rhetoric in business, rather a paradigm that would help the organizations in mitigating the impact of their actions on close proximities. During the pandemic, it has become a focus area for where the enterprises are heading. Sustainability, today is a prominent factor, as ESG (Environmental, Social and Governance) metrics analyse the sustainable practices and ethical impact of an enterprise, including boardroom diversity, carbon footprint, sustainable sourcing and community development.
The road to complete sustainability is long, but the long-term impact is definite. India is on a path to becoming a $5 trillion powerhouse and we've already been witness to unprecedented growth in its economic activity. That being said, the trade-off must not be made at the cost of inclusion and sustainability. While getting there will be challenging, it is possible. How can these ambitions be met? Finding solutions will require innovation and collaboration, within and across organizations—accelerating the ability to grow through advances in technology and capabilities, spurring innovation without damaging the planet, and bringing people along in equitable, inclusive ways. Companies will require to make sustainability an element of their corporate culture and train employees on how to integrate sustainability into their work.
India's leadership, affirmed at the G20, focuses on energy self-sufficiency via renewables. CEOs and boards must embrace a holistic agenda beyond decarbonization, considering new markets and strategic positioning.
Leadership must grasp the challenges on the path to net-zero emissions. It's a universal, whole-of-economy shift, encompassing direct emissions, product, supply chain, and electricity consumption.
For sustainable financing, defining net-zero targets is essential. CFOs and CEOs must shift capital from high-emissions to low-emissions sectors, with financial institutions playing a pivotal role. Innovation and investment, particularly in EV-charging infrastructure, are crucial in the next decade.
G20's global influence underscores the need for collective environmental action. Transforming sustainability requires cross-sector collaboration, from supply chains to industry associations, and investments in vital technologies.
G20 nations' unsustainable practices contribute to environmental crises. Organizations must upskill leaders at all levels to align with nature. Middle and upper management must grasp net-zero implications for effective transformation.
Transitioning to net zero raises questions on risk management, including physical and transition risks. Disclosure of risks enhances capital planning, investment decisions, and peer benchmarking for companies.
Anup Basu is a professor at the Centre of Behavioural Economics, Society and Technology in Queensland University of Technology, Brisbane. He is an internationally renowned expert in the field of pensions, investments, and behavioural finance. Professor Basu’s research has been published in leading international journals and has made significant impact on public policy and industry practice. His work has been presented in the joint hearing of the United States Government Department of Labor and the Securities & Exchange Commission (SEC), cited by the World Bank, IMF policy research report on pension plans, OECD Working Party on Private Pensions, the US Government Accountability Office, the US Senate Hearing before the Special Committee on Aging, and the Australian Government's Review of the Australian Superannuation System.
Professor Basu has been the recipient of several research grants from the government and industry and has been a consultant and advisor to government bodies, regulators, and companies including the Australian Securities and Investments Commission (ASIC), Queensland Investment Corporation (an investment manager with more than $100 Billion AUM), UniSuper (a pension fund with $70 Billion AUM) and FINSIA, the peak industry body for finance professionals in Australia.
Professor Basu is a regular commentator in media and his work has been covered on numerous occasions by the Financial Times, Pensions and Investments, Australian Financial Review, The Australian, Canadian Business, Gulf News, Business Review Weekly, Sydney Morning Herald, Daily Telegraph, The Age, and The Courier Mail.
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