There has never been a greater need to focus on the right sustainability actions, says Sapthagiri Chapalapalli of Tata Consultancy Services

Sustainability is now a core driver of purposeful business across Europe. Protecting the planet is at the heart of this agenda — but being sustainable is about much more than that.

Sustainability has become an integral practice for most ethically minded businesses. However, while it is often associated with environmental credentials, a wider vision of sustainability that encompasses people, profit and the planet is key to realising its true value.

For example, by building long-term sustainability through better technology, efficiency and ideas, we can better support the communities in which we operate.

This vision is one that aligns with the idea behind the European Green Deal, the EU’s plan to build a sustainable economy in which no person or place is left behind. Companies will play an important role in realising this goal, which views sustainability through the lens of long-term economic, governance, social, ethical and environmental (EGSEE) performance.

Inclusive Vision

Most importantly, it is an inclusive vision that unites all business stakeholders — from the board to people in the community. Everyone works together to ensure mutual benefit.

In Association with

So how can this be achieved? We need more than KPIs with targets set decades into the future. Sustainability measures must begin now — and these actions are a good starting point.

First, it’s time to make young talent an active part of sustainability decisions. They are the ones who will be most affected by our actions, after all. But more than that, they are the leaders of tomorrow. Through commitment to innovative programmes and initiatives, organisations can help bring fresh perspectives and energy to sustainability strategies. As we empower young talent, we also need to ensure they have the necessary skills to build on their beliefs. Which brings us to upskilling and reskilling.

Upskilling Talent 

Second, focus on upskilling talent. More than a billion jobs are likely to be transformed by technology over the next decade, according to OECD estimates. This makes digital skills a priority, and companies are best placed to drive this agenda, starting with their own workforces. STEM fields in particular can help to grow and nurture talent within the organisation and support training at scale.

There is another dimension here, too, where companies should consider how they can support digital skills within their wider communities.

Third, leverage the power of technology because it can open up new opportunities and new ways for businesses to operate. And with the world at an environmental tipping point, the time to take advantage is now. Many companies are in positions where they can drastically improve some environmental trends, as well as support wider sustainability goals, with co-creation and by leveraging industrial innovation. However, partnerships will be needed to fully unlock multi-stakeholder interest and investment to drive market innovation at scale.

Business Model

Next, redefine the business model. Technology has moved from being an enabler to a key business driver in the past decade or so. We live in an era of unprecedented change. For example, in just five years, global renewable energy capacity has grown by 50%, while the global stock of electric cars has grown by 900%.

As sustainability shifts the profit pool to multi-billion-dollar industries, organisations are having to rethink their core businesses, and investors are reconsidering asset allocation. This is key to helping to accelerate the sustainability shift.

In addition, make environmental progress every day. What does it take to bring these beliefs to life? A plan, of course. But it will require regular progress too. Even a three-year growth strategy will need to be nimble enough to encompass regulatory change and shifting priorities. Change is unpredictable, but a long-term commitment to sustainability, built on action, provides a stable base.

Finally, create a renewed purpose for the whole organisation. Sustainability is indeed everybody’s business and the sooner we incorporate it into the fabric of life, the better. At TCS we believe that a more sustainable future is more achievable through partnerships.

• Sapthagiri Chapalapalli (pictured) is head of TCS Europe at Tata Consultancy Services