India Inc Must Rethink & Redefine Sustainability, says G20 Sherpa Amitabh Kant

The transition to Sustainability 2.0 presents a powerful opportunity for businesses to lead the way to tap into growing markets for green products and services, evolving consumer preferences and secure competitive environments, according to Amitabh Kant, G20 Sherpa and former CEO of NITI Aayog. 

“Sustainability should be woven into the very fabric of an organisation’s core values and long-term strategy,” Kant said, addressing the 11^th edition of India and Sustainability Standards, Sustainability 2.0 hosted by the Centre for Responsible Business (CRB). The event themed around leveraging opportunities, balancing trade-offs and navigating potential pitfalls, brought industry leaders together to discuss the next phase of sustainable business.

Kant highlighted the need for a paradigm shift within India Inc. to benefit not only shareholders but also employees, communities and the environment. He emphasised that emerging technologies, such as artificial intelligence and blockchain, play a crucial role in achieving and measuring sustainability. These technologies allow businesses to transform operations, reduce waste and create efficiencies that were once unimaginable. He cited India's progress in renewable energy, particularly through scaling up of solar and wind power. 

Kant called for amplifying such success stories not just within India, but globally to inspire sectors and nations across the Global South to adopt similar practices. However, he cautioned that the sustainability pursuit is undergirded by a trade-off. “Businesses often face difficulties, including higher upfront costs of greener technologies, potential decline in short-term profitability, and complex supply chain challenges."  

Riding such challenges requires a radical shift in mind-sets, said Kant, underscoring the importance of adopting long-term strategies. “While investments in sustainable practices may appear daunting initially, they yield substantial dividends in resilience, risk mitigation and regulatory alignment overtime."  Kant also warned against potential perils like greenwashing, which could undermine genuine efforts to drive sustainable change. 

EU ambassador to India Herve Delphin also spoke at the event highlighting India's pivotal role as a driver of global change. “India with 18% of the world's population represents a formidable force for transformation. To achieve the Paris Agreement targets and advance the sustainable development agenda, the EU needs strategic investment partnerships with India,” he said 

He emphasised that investing in India offers the EU opportunities to support sustainable energy and transition goals, allowing both regions to make substantial financial and technological impacts. Delphin also mentioned the series of legislative initiatives across the EU, targeting environmental issues like decarbonisation, deforestation, waste management, pollution and promoting socially responsible business conduct. 

Reflecting on priority areas Delphin pointed to the EU-India Clean Energy and Climate Partnership as an avenue for addressing critical investment needs in sustainable energy and climate initiatives. 

India's role as a global leader in sustainable development has garnered attention but experts at the events stressed that any transformational changes must include just transition measures. Dr Bhaskar Chatterjee, former secretary, Government of India, and senior advisor at CRB remarked that India must balance its development needs with sustainability requirements. “Dependency on coal will remain, but we need to strike a balance to move India forward from a developing nation to a sustainable leader," he asserted.

The event underscored that India stands at a unique crossroads where it can redefine sustainability as an essential part of business and national growth, blending economic aspirations with environmental responsibility to forge a model of inclusive, sustainable development.