Sustainability Must Be Embedded in Business Goals for Lasting Success, Says TERI's Mullick

Frameworks like Business Responsibility and Sustainability Reporting (BRSR) and environmental, social, and governance (ESG) are strategic roadmaps which help businesses in staying competitive in a changing global economy.

"If a business is able to establish that sustainability objectives are intrinsically linked to the business objectives, they will score very high points in ESG ratings," said Arupendra Nath Mullick, Vice-President, TERI Council for Business Sustainability at Outlook Planet C3 Summit and Awards held on March 10–11 at Bharat Mandapam.

While BRSR framework is same for every business, their narrative and individual definitions of sustainability is something which varies from business to business. It is on the basis of this that the businesses are scrutinised, Mullick noted. The scrutiny today is not just about glossy reports. Mullick said, "It’s about proving, year on year, that your sustainability efforts are real and measurable."

BRSR mandates sustainability disclosures for businesses, focusing on a holistic approach which encompasses ESG aspects.

Mullick said, "The sustainability agenda does not hang in air, it must be intrinsically linked to business objectives for long-term success." By adopting this approach, businesses can actually be prepared for not just the requirements of the existing standards but also for the standards which will come in the future, he emphasised.

Addressing the micro, small and medium enterprises (MSMEs) present in the session, he said, “This helps you to comply with the standards, the customer audits, some of the rating agencies that you may want to adopt."

Speaking in the two-day event, Mullick also emphasised on the importance of sustainability in a business's long term success. "Contemporary issues such as water pollution, rising inequality, urban air pollution and financial resource constraints significantly impact business growth, profitability and long-term sustainability, and are reshaping how we approach business success."

He further said, "Sustainability is not CSR [corporate social responsibility]; it is the entire value chain—from sourcing raw materials to production, transportation, and end-of-life management."

The Energy and Resources Institute (TERI), an over 50-year old organization works on themes ranging from agriculture and climate to energy, among other things. The country's net zero emission ambition by 2070, as per Mullick, was based on economic energy growth modeling conducted by TERI.