In an exclusive interaction with Shiva Y of TVW News India, Sidharth Nanda, VP, ESG & Sustainability, shared his insightful views on leveraging emerging technologies to enhance environmental sustainability within organizations. He discussed the strategic approaches to improving energy efficiency in high-consumption industries, the best practices for fostering a workplace culture of diversity, equity, and inclusion (DEI), and the importance of integrating ESG risk management into strategic planning. Mr. Nanda also emphasized the significance of adhering to global ESG standards and offered valuable advice to young professionals aspiring to build careers focused on ESG.
Mr. Nanda, given your background in technology and innovation, how do you think emerging technologies can be leveraged to enhance environmental sustainability within organisations?
Emerging technologies, with their potential to significantly enhance environmental sustainability within organisations, offer the following benefits:
- Advanced Materials: Using biodegradable and sustainable packaging materials reduces waste.
- Smart Waste Management: AI and IoT optimise recycling and waste reduction, lowering carbon emissions.
- Energy Efficiency: Smart grids and AI-driven energy management reduce energy consumption and integrate renewables effectively.
- Digital ESG Tools: Streamlining ESG reporting with digital platforms ensures accuracy and transparency.
- Predictive Maintenance: AI predicts equipment failures, reducing downtime and energy waste.
- Sustainable Supply Chains: Blockchain ensures transparent and sustainable sourcing.
- Carbon Reduction: Technologies like carbon capture and AI-optimized processes lower carbon footprints.
- Green Finance: Fintech innovations direct investments towards sustainable projects.
- Employee Training: VR and AR provide immersive sustainability training programs.
How can companies improve their energy efficiency and reduce their environmental impact, particularly in high-consumption industries?
Based on my extensive experience in sustainability, here are strategies for companies, especially in high-consumption industries, to improve energy efficiency and reduce their environmental impact:
- Energy Management Systems: Implement AI-driven energy management systems to monitor and optimise energy use, reducing waste and improving efficiency.
- Renewable Energy Integration: Invest in renewable energy sources such as solar, wind, or geothermal to reduce reliance on fossil fuels and lower greenhouse gas emissions.
- Advanced Materials and Technologies: Use sustainable and innovative technologies to enhance energy efficiency in manufacturing and production processes.
- Predictive Maintenance: Employ AI and IoT for predictive maintenance, reducing equipment downtime and energy waste by ensuring machines operate at peak efficiency.
- Sustainable Supply Chains: Leverage blockchain for supply chain transparency, ensuring suppliers adhere to sustainable practices and reducing the overall environmental footprint.
- Employee Training and Engagement: Conduct training programs to raise awareness and equip employees to implement energy-saving practices daily.
- Waste Management: Develop comprehensive waste management programs to reduce landfill waste and promote recycling and reuse, as seen in my work with CBRE South Asia.
- Green Building Standards: Adopt green building certifications and standards (like LEED) to ensure facilities are energy-efficient and environmentally friendly.
- Carbon Footprint Reduction: Utilize carbon capture and storage technologies and invest in carbon offset projects to mitigate carbon emissions.
- Data-Driven Decisions: Use data analytics to track energy consumption, identify inefficiencies, and implement targeted measures to reduce energy use, similar to the dashboards I developed at Radisson Hotels.
In your experience, what are the best practices for cultivating a workplace culture that supports diversity, equity, and inclusion?
To cultivate a workplace culture that supports diversity, equity, and inclusion (DEI), several best practices should be implemented. First, leadership commitment is essential; actively endorsing and participating in DEI initiatives, as I did in my role as Vice President-ESG at Bilancia Consulting, sets a strong example and fosters an inclusive culture. Education and training are also crucial, with regular programs on DEI principles and unconscious bias, similar to those I developed at Tech Mahindra, helping employees understand the importance of DEI and how they can contribute to an inclusive environment.
Additionally, creating mentorship and sponsorship programs for employees from diverse backgrounds, as I did while mentoring startups in the Circular Innovation Jam, can help individuals navigate their careers and achieve their professional goals. Regular assessments and feedback are vital for identifying areas of improvement in DEI initiatives, promoting a culture of continuous improvement, akin to the performance evaluations I conducted at Genpact India. Finally, celebrating diversity by recognizing and valuing diverse cultures, traditions, and contributions within the workplace helps foster a sense of inclusion and belonging among employees.
How can businesses integrate ESG risk management into their strategic planning?
- Leadership Engagement: Ensure the leadership team fully commits to ESG principles. As seen in my role at Bharti Airtel, integrating ESG factors into investment decisions and strategic planning can drive significant improvements in sustainability performance.
- Integrate ESG into Core Strategy: Embed ESG considerations into the company’s core strategy, aligning them with business objectives. At Tech Mahindra, I led the development of a sustainability roadmap, integrating ESG factors into the company’s strategic initiatives.
- Cross-functional Collaboration: Foster collaboration across departments to ensure ESG risks are considered in all business operations. My role at EY GDS involved running cross-functional teams to implement climate and sustainability strategies, highlighting the importance of integrated efforts.
- Regular Monitoring and Reporting: Implement robust monitoring and reporting mechanisms to track ESG performance and risks. My experience with creating dashboards at Radisson Hotels to track key metrics and analyse trends can be applied to ESG risk management.
- Stakeholder Engagement: Engage with stakeholders, including investors, customers, and employees, to understand their ESG concerns and expectations. My work at PwC India involved developing ESG solutions for various sectors, demonstrating the value of stakeholder insights.
- Training and Awareness: Provide ongoing training to employees at all levels to ensure they understand the importance of ESG and how to identify and manage related risks. This aligns with my efforts at CBRE South Asia, where you delivered training programs on environmental risk assessment.
- Transparency and Accountability: Maintain transparency in ESG reporting and hold the organisation accountable for its ESG commitments. Your work on publishing GRI and UNGC reports at Genpact India highlights the importance of transparent communication.
How important do you think it is for companies to adhere to global ESG standards, and what challenges do they face?
Adhering to global ESG standards is crucial for companies as it enhances reputation, ensures regulatory compliance, attracts investment, and promotes long-term sustainability. Based on your experience, here are some insights on its importance and the challenges faced:
Importance of Adhering to Global ESG Standards
- Reputation and Trust: Stakeholders view companies that adhere to global ESG standards more favourably, enhancing their reputation and building trust. My work with Bharti Airtel to improve ESG ratings highlights how adherence to standards can positively impact a company’s image.
- Regulatory Compliance: Compliance with global ESG standards helps companies meet regulatory requirements, avoiding legal penalties and fostering smoother operations. My role at Genpact India involved ensuring compliance with international sustainability standards and showcasing the importance of regulatory adherence.
- Investor Attraction: Adherence to ESG standards attracts socially responsible investors who are increasingly factoring ESG criteria into their investment decisions. My experience integrating ESG into investment decision-making at Bharti Airtel illustrates how it can lead to increased sustainable investments.
Challenges in Adhering to Global ESG Standards
- Resource Constraints: Implementing and maintaining adherence to ESG standards can require significant resources, including time, money, and expertise. Smaller companies or those with limited budgets may struggle with these demands.
- Stakeholder Alignment: Balancing the expectations and interests of diverse stakeholders, including investors, regulators, customers, and employees, can be challenging. Ensuring all parties are aligned with the company’s ESG objectives requires effective communication and collaboration.
- Continuous Improvement: ESG standards and best practices continually evolve, requiring companies to stay updated and continuously improve their practices. Your leadership in developing sustainability roadmaps and training programs shows the need for ongoing education and adaptation.
What advice would you give young professionals interested in pursuing a career focused on ESG?
For young professionals interested in pursuing a career in ESG, it’s important to focus on several key areas. First, gaining relevant education and certifications is essential. Pursue degrees in environmental science, sustainability, business, or related fields, and consider taking courses on sustainable finance, as these will add credibility and technical knowledge to your profile. Obtaining certifications like Lead Internal Auditor-ISO-14001 or OHSAS 18001 can further bolster your qualifications.
Staying informed and updated on the latest trends, regulations, and technologies in ESG is also crucial. Engage in continuous learning through workshops, webinars, and conferences, and make it a habit to regularly read industry reports, research papers, and news articles to keep your knowledge current. Networking and connecting with professionals in the field is another important step. Join organizations like the Green Business Bureau or local sustainability associations, and seek mentors who can provide guidance and support in your career development. Lastly, it’s vital to be persistent and passionate. Cultivate a genuine passion for sustainability and social responsibility, as this will drive your success in the ESG field. Stay resilient and adaptable in the face of challenges, drawing inspiration from diverse career paths, such as my own experiences with Greenpeace India and various consulting roles, which demonstrate the importance of perseverance.
Note: We are also on WhatsApp, LinkedIn, and YouTube, to get the latest news updates, Join our Channels. WhatsApp– Click here, and for LinkedIn– Click Here
