Of Greening and Greenbacks

Context: Responsible competitiveness, i.e. pursuing economic growth simultaneously with environmental replenishment and building social capital can shape a more inclusive and sustainable future.

Impact of growth on climate change and social inequities:

• Estimates state that more than five billion people will live with acute water scarcity by 2050.
• The pandemic will aggravate existing social inequities even further, as livelihood/job opportunities are challenged.

Way Forward for Sustainable growth: Crafting Sustainability 2.0

• Need for a business model: that addresses the core needs of all stakeholders, including communities, employees, partners and associates.
  • For E.g. ITC through its e-Choupal business initiative provides internet access to rural farmers, and now aspires to empower over 10 million farmers, multiplying livelihoods for 50 million people.
• Economic policies and corporate investment must address the need to create new opportunities that can build competitive value chains anchored by employment-intensive businesses.
  • Agriculture, food processing and wood-based industries are large employment potential areas.
  • Promoting next-generation farming and resilient crops shall ensure food security and livelihoods.
  • Climate risk management is critical across all supply chains.
• A Low Carbon Strategy: Sustainability 2.0 necessitates that all sections of society work towards carbon and water neutrality, before pursuing a path to a net positive status. Pillar of low carbon strategy
  • Pillars of low carbon strategy: Large-scale sequestration, decarbonization, and renewable energy use and effectiveness.
  • A circular economy: needed that reduces, reuses and recycles waste to optimize resource use and lessen the burden on the planet from over-exploitation as well as end-of-life disposal. 
  • Derisking agriculture and vulnerable farmers: by promoting next-generation farming and resilient crops, will be critical in ensuring food security, as well as livelihoods to millions.
  • Biodiversity shall ensure the right ecological balance for a sustainable future.
  • Forging meaningful public-private partnerships synergizing individual sector expertise to amplify impact and reach.

Conclusion: Covid-19 has fast-tracked the collective consciousness. It is time we craft Sustainability 2.0 — to build back better, and together take action to bequeath future generations a better tomorrow than what we inherited.