Ankit Todi, the Chief Sustainability Officer of Mahindra Group, shared his insights on the importance of sustainability and the challenges it faces in the podcast "The Eco-Business Podcast". Here is a summary of the key points:
Definition of Sustainability: Todi defines sustainability as protecting one’s business from climate risk, and emphasizes that climate change is not a matter of opinion, but a fact.
Prioritizing Sustainability: Mahindra Group has prioritized sustainability by setting three pillars:
- Greening Operations: Reducing direct emissions, water consumption, waste management, and material circularity.
- Decarbonizing Industries: Building a pipeline of green revenues, moving the supply chain ecosystem, and adopting new business models.
- Intersections: Taking action on societal outcomes, climate resilience, biodiversity conservation, and climate advocacy.
Driving Sustainability: Todi emphasizes that sustainability is not just about the sustainability team, but a collective effort across the organization. He highlights the importance of integrating sustainability into daily operations, reporting, and disclosure.
ESG and Climate Action: While Todi acknowledges that the ESG acronym can be confusing, he believes that the underlying actions will continue to be relevant. He also recognizes that the climate action perspective is gaining importance, especially with the increasing recognition of climate change as a business risk.
Advice for Young Professionals: Todi encourages young professionals to consider sustainability as a strategic aspect of their role, rather than just a separate function. He emphasizes that sustainability can be integrated into various functions, such as procurement, finance, marketing, and communication.
Geopolitical Uncertainty: Todi believes that the complexity of ESG reporting and disclosure may lead to pushback, but climate action will continue to increase in importance due to its strategic relevance to businesses. He also highlights the government’s support for climate action in India, which he believes will drive progress in the coming years.