Over the past few years, there has been a significant change. Businesses are prepared to invest more in going green

Gone are the days when companies could ride the sustainability bandwagon just for the sake of making themselves stand out from their peers. Awareness of sustainability is no longer limited to a handful of consumers. There has been a change in consumerism in the last three to four years. “Now people are choosing sustainable solutions if they are affordable. However, if the cost increases, the Indian consumer still goes for the value-for-money option,” says Signify, Greater India Head of Sustainability, Marketing, Strategy, Govt. Affairs & CSR, Nikhil Gupta.

The United Nations Sustainable Development Goals (SDGs) include responsible consumption and production, and corporations and governments across the world are trying to work on it. The transition on the consumer side to adopt greener solutions has only expedited this. “India is still a developing country, and it has an ambition to be a neutral zero country by 2070. The country is behind on other SDGs as well. However, there are various areas where work is being done and renewable energy is among them. However, there is a lot to be done in this space,” says Apollo Tyres Head of Sustainability and CSR, Rinika Grover.

Affordability A Barrier?

While commenting on India being a value-conscious market, Gupta highlights that it is becoming more and more crucial for those who can afford it to switch to sustainability. But if we look at the business-to-business market, we can see that everyone is chasing the sustainability target and sustainability is no longer an option. Over the past few years, there has been a significant change. Businesses are prepared to invest more in going green. In addition, people are prepared to spend money on technology in order to meet sustainability targets.

For India to grow, the focus must be on the consumers. Low consumption would have a cascading impact on jobs and eventually, it would hinder the country’s overall growth. “Sustainable consumption is the elephant in the room that nobody wants to talk about,” comments Wipro Global Head, ESG and Managing Trustee, Narayan P S.

Adani Cement Business, Chief Sustainability Officer and Head PMCG, Ashwin Raykundaliya says, “In today’s era, if you want to be competitive, you must be sustainable. We have clear goals on climate and energy, people, community, water, and nature. We have a very comprehensive framework, which covers everything from sustainability to corporate governance.”

A Greener Future

Raykundaliya adds that Adani Cement Business’ 60 per cent of the total energy requirements, in the next two to three years, will come from green energy. The company is investing thousands of crore along the same lines.

Corporates are willing to spend more to be green. Moreover, people are willing to spend on technology to achieve sustainability goals. Now, people are choosing sustainable solutions if they are affordable. However, if the cost increases, the Indian consumer still goes for the value-for-money option.