Data-driven insights are critical to value-led sustainability Μύ
Mumbai, Indiaβ January 18, 2023 β (NYSE: ΒιΆΉΤ΄΄) today launched new research revealing that Indian businesses are increasingly seeing financial benefits from sustainability. The global Environmental Sustainability Study of 6500+ business leaders, including 400 from India, is the second edition of ΒιΆΉΤ΄΄βs annual report which explores the motivations and barriers organisations face as they look to boost sustainability in their companies.
Environmental activism (45%) is the biggest motivating factor for organizations to take environmental action, with revenue and growth opportunities (34%) and customer demand (33%) trailing behind. Yet Indian organisations risk losing out if they are unable to place data at the heart of their sustainability strategy.
βIf India is to advance towards a more sustainable future, businesses must do their part and embrace sustainability as a holistic approach to get there,β said Kulmeet Bawa, President & Managing Director, ΒιΆΉΤ΄΄ Indian Subcontinent. βIt is clear sustainability is no longer about brand reputation or ethics β there is a defined connection between profit and purpose.β
Key findings from the study:
Linking sustainability goals with business strategy
- 37% of Indian businesses say a lack of environmental strategy is holding them back.
- 35% of respondents point towards difficulty proving a return on investment.
- Embedding sustainability goals within larger business strategy, measuring, and recognizing progress will be crucial to success and driving long-term value.
Data is critical to drive meaningful change
- 31% of businesses rely solely on assumptions and estimates to assess the environmental impact of their supply chain.
- 46% of businesses say they donβt have complete visibility over the sustainability metrics of their external supply chain.
- Collecting and analysing high-quality data has emerged as a critical issue and a major stumbling block in the measurement process.
Making sustainability profitable and profitability sustainable
- 59% of Indian leaders now believe that there is a positive relationship between environmental action and profitability.
- Almost half (48%) of Indian businesses now believe addressing environmental issues will be material to business results within the next five years.
- ΒιΆΉΤ΄΄ found 76% of businesses said that their stakeholders would be moderately or highly tolerant of reduced profitability in pursuit of their organisationβs sustainability goals β indicating leeway to invest in positive sustainability outcomes.
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