Rethinking Growth: Sustainable Approaches to Business
VIEW EVENT DETAILSBusiness sustainability has come a long way from implying adherence to environmental regulations to fundamental strategic decisions driven by consumer demand, responsible growth and markets. The World Commission on Environment and Development defines it well - “For the business enterprise, sustainable development means adopting business strategies and activities that meet the needs of the enterprise and its stakeholders today while protecting, sustaining and enhancing the human and natural resources that will be needed in the future”. John Elkington also captures this accurately in conceptualizing the triple bottom line popularly known as 3Ps; profit, people and planet.
As markets pivot beyond traditional brand management narratives, return on investment and asset estimation, companies are now integrating sustainability principles like saving energy, developing green products and employee retention into their businesses. According to Mckinsey’s sixth survey of executives that recorded how companies understand and manage issues related to sustainability, a majority of the respondents acknowledged that sustainability programs make a positive contribution to their companies’ short and long-term value. With natural resources getting depleted, supply chains getting affected by climate change and investors increasingly paying attention to environmental, social and governance (ESG) risks, it is no surprise that businesses are being driven to adopt sustainable practices in their operations. Growing consumer consciousness and ‘eco awakening’ are additional drivers for businesses to go green. In a recent study commissioned by the WWF, the Economist Intelligence Unit reported a 71% rise in online searches for sustainable goods over the past five years. Hence, apart from the 3Ps, the 3Cs - costs, consumers, consequences, are also critical for businesses today while making strategic decisions.
While there are incentives, both positive and negative, the barrier of “absolute tension” between short-term profitability and the urgent need to reduce emissions exists. Limited access to capital, lack of innovative green finance options and unclear market models are some of the other key deterrents for businesses striving to incorporate sustainability as a core strategic priority. Join us for a conversation with Managing Director & CEO of Thermax Ashish Bhandari, Senior Partner at McKinsey Rajat Gupta, Executive Director of Arvind Limited Punit Lalbhai and Acting CEO of India Climate Collaborative Shloka Nath as we discuss sustainability in business, the schemes available, social responsibility, challenges and opportunities for brands in the market and purpose beyond profit.
This is the fourth session of our virtual series ‘Safeguarding the Present for a Sustainable Future’ supported by TCG Lifesciences Pvt. Ltd.
Outreach Partners
Ashish Bhandari is Managing Director & CEO of Thermax Limited. Prior to joining Thermax, he was the Vice President of India and South Asia region at Baker Hughes, formerly a General Electric company. He is credited with building Oil & Gas into one of General Electric's biggest businesses in India. Over his 15 years GE career, Ashish has worked in a variety of industrial businesses including GE Enterprise Solutions, GE Energy, and GE Oil & Gas. His prior work experience includes Schlumberger, consulting with McKinsey & Co. and two start-ups overseas.
Rajat Gupta is a senior partner at the firm’s Mumbai office. He has taken on several roles at the firm, from leading the energy and materials sector in Asia to helming various high profile, digital-first operational transformations, as well as spearheading the firm's sustainability practice in Asia. He helped set up India’s National Solar Mission. Recently, he led the global build-out of McKinsey Digital for the energy and materials sector. He has also published work on poverty, carbon abatement, and water in India, been on the jury for several awards, and served on industry and government committees on sustainability.
Punit Lalbhai is the Executive Director of Arvind Limited and leads Arvind’s manufacturing businesses which include Core Textiles, Advanced Materials, Engineering & Agribusinesses. He also spearheads initiatives in sustainability, CSR and Innovation at Arvind. Punit has been a practitioner of Heartfulness Meditation since 1998 and has been a volunteer trainer for the practice since 2012.
Shloka Nath is the Acting CEO of the India Climate Collaborative, an India-led platform founded by a group of philanthropies. Shloka is the Vice President of the Bombay Natural History Society. She is a member of the Advisory Board to IUCN’s Nature-based Recovery initiative. She is currently the Trustee of Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (CSMVS). Prior to this, Shloka co-founded and was the Managing Partner of Sankhya Women Impact Funds, a gender lens fund with a focus on sustainability. She has spent over a decade in journalism with the BBC in London, as a news anchor with New Delhi Television (NDTV) and Principal Correspondent with Forbes in Mumbai.