By Sunny Gurpreet Singh
A recent report from the University of Delaware in the US estimates that globally, human-caused climate change has led to a GDP loss of 6.3% in 2022, when weighed across populations. More worryingly, extreme weather has caused 2 million deaths across the world in the last 50 years! These figures are deeply unsettling for me as a business leader and as an individual who cares for the wellbeing of his community and the planet. For the past few years, I have been asking myself what I, as a leader, can do to mitigate the effects of climate change and to make our world safe and heathy for the future generations?
Sustainability is good business
Caring for the planet is good and a business opportunity. Many companies across the globe have successfully achieved both sustainability and economic growth by making long-term investments in clean energy sources and developing low-carbon processes and circular business models. And investors are taking note.
Globally, the trend of ‘sustainable investing’ – where investors put their money on businesses that address mega challenges such as climate change – is on the rise. A Frost and Sullivan analysis shows that investment in green-business startups and corporate innovation is projected to grow to$3.4 trillion by 2030. In 2022, Amazon, Meta (parent company of Facebook) and Alphabet (parent company of Google) were the top three corporate purchasers of wind and solar energy in the US according to this report by the American Clean Power Association.
As author and sustainable business expert Andrew Winston writes, “Sustainabilityisgood business, and the forces driving it are not going away… Pleasing stakeholders and serving the common interest, including the planet’s, is how to create value today. It’s better business.”
Earth entrepreneurs
Globally, clean energy businesses are driving the trend of sustainable investing as governments, innovators and disruptors throw their weight behind monetising and scaling technologies to wean the world off fossil fuels and contribute to climate action. There’s a clear push towards regenerative farming as well as it helps in reversing the damage caused to the soil and biodiversity by industrial farming practices such as heavy reliance on monocropping, use of chemical fertilizers and insecticides and growing genetically modified crops. Regenerative farming, at its core, is farming harmony with the nature.
The Waves, a sustainable startup, based in Seattle, US is popularising regenerative practices in wine cultivation. It is an online natural wine shop, selling wine made from organically grown grapes, with no synthetic additives and a commitment to low-intervention winemaking (in other words, it takes proactive steps to ensure soil health and encourage natural fermentation of grapes). Started by tech leader Gaurav Tiwari and award-winning wine expert Andy Comer, the business has beenattracting positive attention for its regenerative approach to wine making and low-impact business model.
Similarly, Roundglass Foundation, which is promoting regenerative farming practices in Punjab and planting mini forests in the state’s villages to increase the green cover, is successfully raising funds from Indian origin entrepreneurs from across the world. It has planted 2 million trees in the state in the past 5 years and is steadily working towards taking this number to 1 billion. The Mohali-based NGO is also creating scientific solutions to handle waste in Punjab’s villages and has set up 180energy-efficient waste management units.
Plan for people and planet in addition to profits
Today, the purpose of business is to create profit for shareholders while being responsible towards people and the planet. The time has come for leaders to mentor young entrepreneurs, innovators and disruptors who can create clean energy solutions, solve the plastic problem, and come up with tech to reduce air, water, and land pollution. As a leader invested in my and my community’s future on this beautiful planet, I am ready to give them a leg up, are you?
The author is a Seattle-based entrepreneur, philanthropist. He is founder of Roundglass, a global wholistic wellbeing organization. Views expressed are personal and do not reflect the official position or policy of the FinancialExpress.com.)