Businesses across the globe have recognized that embracing sustainability is no longer a choice. They realize that they need to be mindful of their operations in order to maintain overall profitability.
Climate change is one of the most imminent threats that have unprecedented implications on how people live, work and play. Changes in temperature and weather patterns and the rising sea levels are putting the existing ecosystem at risk. Corporates and civil society need to be collectively aware of and own the changes immediately. With enhanced globalization in recent times, the concept of Sustainability has graduated from being a support function to becoming the nucleus of a profitable enterprise.
Ever wondered as to what has led to this shift in businesses pursuing meaningful business profitability? What has transpired behind the scenes of this dynamic digital age that has forced the leaders to review their strategies and ensure that they do what they are doing in a more responsible way? Well, the answer is simple – “There is no business on a dead planet”.
The rise in population and the subsequent increase in the demand for energy resources and supplies has led to serious environmental concerns. Waste creation and disposal have also become a major challenge for civilizations to survive. With the issue of climate change looming large and increased pressure on limited natural resources, more organizations are embracing sustainable business practices to maintain their overall long-term growth.
With an astute focus on people, planet and profitability, sustainability is all about meeting the requirements of the current generation as well as facilitating the future for the upcoming ones. Going beyond purely financial conversations, this concept of Triple Bottom Line focuses on the development in the social and environmental value of a business, thus opening many possibilities to re-imagine the future.
In a circular system, resource input and waste, emission, and energy leakage are minimized.
Organizations and management have to look towards new ways of operations that focus on optimal inputs usage, energy and resource usage, recycle and reuse the waste that is generated. To achieve that, organizations will need the right skills in design, more dependence on IT and new business models. Cross-sector collaborations are also required to create dynamic usage of waste for one sector as inputs to other processes and sector.
Everyone has a role to play in shaping a sustainable future and each one of us needs to do their bit in securing our shared resources and solving the climate change puzzle. Increased collaboration between the government and the private and public sectors can help break down barriers to sustainable growth.
What matters today is the way businesses build their successes in sustainable practices and initiatives to pursue similar improvements across new digitized processes and business models. This requires industry-wide collaborations with partners across the value chain.
Achieving inclusive growth at a global level calls for multi-pronged sustainable interventions and for that to happen organically, we need to cultivate a fresh-thinking approach.
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