Ring in the new CSR- Corporate Sustainability Resolve
Once upon a time….when the barter economy flourished so did the planet. At what point did the relationship start going south is a matter of research, but it’s the awakening to re-establish that equilibrium, which seems promising. Riding high on the need to take immediate corrective measures for the planet-health , is the reemergence of the sustainable mindset in business. Way back in 1999 , John Elkington introduced the concept of triple bottom line, propounding that “a concern for society can coexist with an ambition for profit”. Since then it has been a topic of interest for corporate academicians. Akin to a wave which rises and falls carrying the energy of the ocean along with it, the off and on relationship between sustainability and businesses has now come to a point that it can be harnessed for the best results. Obviously, a resolve to bring it to fruition is a must. Hence, the term- Corporate Sustainability Resolve.
No, we can not allow it to be just another guise for the same old CSR. Prima facie, the two terms seem to be analogous but actually despite the overlap in certain areas they stride different planes. A focus on society and environment obviously exists in both, but where for the old CSR it comes at the end of the business cycle, for the new CSR it is intertwined. One is carried out by communication team to mitigate the damage caused, another is carried out by planning and operations team to minimise any negative impact. No wonder the new breed of entrepreneurs is adopting Corporate Sustainability model for their start-ups in a big way. It is more future oriented and holistic in perspective.
Lest this seems to be an easily incorporated intention, the truth is that such a business is very likely to face road blocks at every planning and operational milestone for want of a widely replicable model. So far either only micro enterprises or niche companies have been able to create a sustainability footprint. In large scale enterprises, the sustainability resolve has usually remained confined to certain divisions, that too proverbially following the Maslow’s Hierarchy of Needs model i.e. after fulfilment of the lower and middle-rung needs, the company decides to subscribe to the resolve to be sustainable as an outcome of its self-actualisation need. Nonetheless, such examples are also laudable and may create emulation worthy pathways.
Post-pandemic corporate boards are forced by the changing environmental realities and regulations to work towards reducing carbon footprint and wasteful practices. Enterprises in industries such as food, fashion, construction or even digital and governance, are striving hard to curb negative eco-footprint.
Sustainability, of course, is the outcome of the intention of an organisation and then, its continued effort to refine, re calibrate and reorient itself. If Larry Fink’s (CEO, Black Rock) pronouncement that “investment community is focusing on sustainability” is a pointer, then sustainability might actually turn out to be an ‘accelerator’ to transform the way companies think, plan and operate. The Gen Z consumers’ willingness to be guided by personal ethics and make informed decisions to support environment- friendly products should be an added impetus for the change that is on its way