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How India Inc. can make a successful transition to sustainability

February 26, 2022 / 12:08 AM IST

The road to sustainability hinges on proactive action and close coordination between policymakers and corporate decision makers. TV Narendran, MD, Tata Steel pulled no punches when detailing the policy and technological shortfalls that continue to hamper the quest for ESG compliance, on the third episode of Moneycontrol 'CEOs Talk Sustainability', presented by Volvo, and hosted by Nisha Poddar. "It won't be a smooth ride into a greener future", he warned.

At the helm of a sprawling multinational steel giant, TV Narendran has a ringside view of the differentiated approaches to sustainability adopted around the world. While he upheld the European approach to sustainability as the most progressive, TV Narendran also spoke about how it has led to rising energy costs for all consumers, including households. Is India ready for such a trade off?

Creating a carbon market is certainly a good start. "What we should also do is have a carbon allowance scheme, where we're allowing companies a few years to transition", was TV Narendran's other recommendation. Such policy interventions are crucial in the evolution of sustainable business. Reflecting on the big challenges facing corporate India's slow transition to sustainability, TV Naredran said, "The big companies can probably do it themselves with some Government support. But there are a huge number of SMSEs who also need to make the transition. And they will need handholding."

In spite of the stumbling blocks, TV Narendran earmarked climate economy as a harbinger of positive disruption, just like how the internet economy was. And he was sure big rewards await early adopters and innovators.