NOVEMBER, 202419In an exclusive interview with Thiruamuthan, Correspondent, Industry Outlook, Prabodha Acharya, Chief Sustainability Officer, JSW Group, shares his insights on how businesses can incorporate sustainability without losing their market relevance and emphasize the implementation of the right technology to make it happen. In his current role, he partners with CEOs, senior executives, and operations heads to develop and drive sustainability strategies for the group companies. He has nearly three decades of working experience in the field of corporate sustainability, environmental management, emissions reduction, climate change corporate strategy and policy development.INDUSTRY INSIGHTSHOW TO IMPROVE ESG PERFORMANCE & BUILD SUSTAINABLE BUSINESS PRACTICESGiven the growing emphasis on environmental, social, and governance (ESG) criteria, what are the most significant trends currently shaping ESG performances in businesses?The world economic forum, has been releasing global risk reports annually for the last two decades. The respondents are CEOs of major conglomerates, they are stating that managing environmental hazards is vital to managing business risks. Typically, business risks are associated with fundraising, supply chain resilience and product quality. But now, environmental issues and its associated risks are taking precedent.In ESG, G is fundamental; without proper governance, nothing can be moved, regardless of whatever is being done. Though environmental issues are becoming more significant than social issues, all three are interrelated. Due to climate change, there is a lot of uproar and social disturbances, which is resulting in a domino effect that is impacting business productivity. Investors, Regulators and NGOs are demanding actions to be taken from the business side. From a business perspective, it is increasingly making sense to manage climate actions.Nature is not dependent on business, business is dependent on nature. It is a common sight to see industries being closed down for a long stretch due to lack of water and raw materials.Could you shed some light on how companies are developing strategies that effectively integrate ESG considerations into their core business strategies and decision-making processes?When a business strategy is being developed, governance has to be present. The absence of a proper governance mechanism makes businesses unable to function. Investor pressure, regulatory pressure and pressure from local communities are forcing corporations to develop strategies to integrate sustainable solutions as part of their decision-making policies.Prabodha AcharyaChief Sustainability OfficerIntegration of artificial intelligence (AI) & machine learning (ML) for predictive analytics will enable more precise and proactive maintenance, reducing downtime & optimizing performancePrabodha Acharya, Chief Sustainability Officer, JSW Group
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