In an exclusive interview, Arijit Pal Choudhury, MD, Head of Human Resources, Corporate Communications & Sustainability at Nomura Services India, delved into the intersection of organisations and sustainability.
Arijit shares his insights on the prevalent lack of urgency when it comes to implementing sustainability practices and identifies the challenges that organisations might encounter on this transformative journey.
We explore Arijit’s perspectives, as he reinforces the importance of sustainability for businesses and the steps necessary to integrate it effectively into an organisation’s principles.
Edited excerpts
How would you define sustainability?
To me, sustainability is a promise – a commitment to leave a flourishing earth and a thriving community as a legacy for future generations. It is about finding a balance between maximizing the benefits of economic growth, optimizing the way we consume available resources, and preserving the ability to fulfil tomorrow’s requirements.
It is a reminder that we all are intrinsically connected – to one another, to every co-existing life-form, to mother nature – and that we have a duty to ensure the preservation of this entire family. After all, preserving is perpetuating and enabling!
In our journey to a better tomorrow, sustainability guides us towards the long-term viability of 3Ps – the Planet, its People, and their Profits. As people pursue modernisation and make profits, it is important that we respect the planet by nurturing the interconnectedness between the environmental, economic, and social systems.
You have made an interesting point about finding the balance between the pursuit of economic growth and a sustainable tomorrow. Can you elaborate on this perspective?
Modernisation and technological advancements have ushered in an era of progress and prosperity, introducing us to unimaginable comforts and conveniences, while simultaneously enticing us into a web of wants. With increasing wants, it is important to balance modern ways of living while answering the greater call for sustainability.
When I think about economic growth riding alongside sustainability, I am reminded of India’s vision to become a $5 trillion economy. This is an opportunity for us to be a role model to the world in achieving this goal by embracing sustainability. More so because, sustainability is not new to us; it has always been at the core of Indian culture and customs. It is time for us to revisit the Indian traditional system which emphasizes Kartavya (duty), and values such as respect for the environment and community service. Our modern lifestyles should also adopt sustainable living lessons from traditional Indian communities.
But that is not enough. Implementing sustainable development is a joint effort that needs commitment from individuals, organisations, industry bodies, and governments. At the core of this is the individual. If every individual starts practicing a more environmentally conscious and community-focused way of living, it will create a ripple effect, and bring about a tsunami of positive change.
As sustainability continues to gain prominence, how would you describe its journey over the years?
It has been very encouraging to see the adoption of sustainability principles evolving from a compliance-driven obligation to a spirited approach that indicates a nudge in the collective understanding and awakening of organisations and individuals. Today, sustainability considerations are well thought through in investment decisions, corporate governance frameworks, and public policies.
One of the most promising developments recently has been the increasing consciousness across different sections of society. This is fuelled by easy access to information which makes it easier to understand sustainability. There has been burgeoning advocacy for sustainability, ethical practices, and equality, triggering a chain reaction that is prompting businesses to realign their eco-friendly and socially inclusive efforts to remain relevant.
All of this has ushered in a new sense of purpose for businesses as they focus on long-term sustainable growth rather than short-term profits.
While there is a definite intent by organisations to integrate sustainability, there seems to be a lack of urgency in doing so. What according to you could be their challenges?
As corporates continue to realign themselves to global sustainability goals, there has been a shift in focus towards creating a legacy that has less to do with market capitalisation or profitability and is more about the impact they make in the industry and the community at large.
Any change requires time and resources to get embedded as practices evolve. Sometimes, the focus on sustainability withers away due to a dearth of innovative solutions, lack of expertise, technological limitations, and infrastructure constraints.
Additionally, measuring the impact of sustainability practices is a challenge. Currently, there are no robust industry mechanisms to measure and report environmental, social and governance metrics. As such, each corporation works on its own structures and appears to be locked into its own individual sustainability agenda. They are unable to channel their efforts and resources into a grander collaborative endeavour.
However, we do see rapid development in this area, with visible efforts to standardize measurement and reporting within and across industries. Such standardisation will bolster organisations’ sustainability efforts soon.
According to you, how can an organisation build a culture that embraces and endorses the principles of sustainability?
Building a culture of sustainability is a process. It involves collective effort, conscious commitment, and a clear strategy.
To embed sustainability as part of an organisation’s culture, leaders must become catalysts of change by visibly demonstrating their commitment and nurturing an environment that encourages generation of sustainable ideas. Companies must also tap into the unique perspectives and experiences of individual employees to channel their purpose into collective wisdom. Their contributions must be recognized and rewarded, incentivizing them to become better corporate citizens.
Additionally, an organisation needs to be armed with strong communications channels and a robust governance structure. Good communications enable culture building, be it in spreading awareness about the goals pursued, engaging employees to nurture sustainable initiatives, or empowering them to express themselves. Coupled with this, a solid governance framework will ensure transparency and accountability around the firm’s intent and actions.
It is also important for organisations to recognize that no other goals can be truly effective unless they embrace the path to sustainability. Sustainability must transcend all other factors when creating business goals. Linkages between these goals and sustainability KRIs (Key Result Indicators) should be clearly communicated to employees and external stakeholders.
Organisations hold immense power to bring about a wave of transformation. Going beyond organisational boundaries, if firms collaborate and create responsible consortiums with a shared vision for a better world, they could potentially ignite an inspiring movement.
