Sidharth Nanda ,
Ex-VP(ESG and Sustainability),
Bilancia Consulting,
In today’s rapidly evolving business landscape, sustainability has moved from being a buzzword to a core business imperative. Companies across various sectors grapple with the complexities of integrating Environmental, Social, and Governance (ESG) principles into their operations. With 18 years of experience across industries such as Management Consulting, Healthcare, Telecommunications, Banking, and the Government of India, I have witnessed firsthand the challenges and opportunities that arise when organizations commit to sustainability. My journey has given me invaluable insights into navigating these complexities and driving meaningful change across industries, and I'm here to help you navigate these challenges.
The Multifaceted Nature of Sustainability
Sustainability is not a one-size-fits-all approach. Each industry comes with its unique set of challenges, stakeholders, and regulatory landscapes. For instance, in the telecommunications sector, the focus might be reducing energy consumption and enhancing digital inclusion. In contrast, in the healthcare sector, the emphasis could be on waste management and ensuring ethical supply chains. Understanding these nuances is crucial for developing tailored sustainability strategies that align with an organization’s core objectives and values.
This experience underscored the importance of aligning sustainability initiatives with an organization’s strategic goals and the need for a deep understanding of industry-specific challenges.
Leveraging Cross-Industry Insights
One of the most significant advantages of working across multiple sectors is leveraging cross-industry insights. Best practices in one industry can often be adapted to another, leading to innovative solutions that drive sustainability performance.
Moreover, cross-industry experience allows for a broader perspective on global sustainability trends. While leading sustainability initiatives at Tech Mahindra, I realised that carbon neutrality and resource optimisation principles, critical in technology and telecommunications, could be effectively applied to other sectors, such as hospitality and finance. This cross-pollination of ideas enhances sustainability outcomes and fosters a culture of continuous organisational learning and adaptation.
The Role of Leadership in Driving Sustainability
Leadership is pivotal in successfully integrating sustainability into an organisation’s DNA. As the Vice President of ESG at Bilancia Consulting, I have been privileged to lead large-scale projects that significantly improve client sustainability performance metrics. I’ve learned that leadership is about setting the vision and empowering teams to take ownership of sustainability goals. As a leader, you have the power to significantly impact your organization's sustainability performance.
For instance, at Radisson Hotels, I led the overhaul of the Think Planet Reporting Strategy, which resulted in a 30% increase in hotel reporting in India. This achievement was about
implementing a new reporting framework and inspiring teams across 25 countries to embrace sustainability as a core value. Organisations can achieve significant and lasting impact by creating an environment where employees are motivated to contribute to sustainability initiatives.
Customisation: The Key to Effective Sustainability Strategies
No two organisations are the same, and neither are their sustainability needs. This is why customisation is critical when developing ESG strategies. A one-size-fits-all approach is unlikely to yield the desired results, especially in a diverse and complex global market. At Bilancia Consulting, I have delivered bespoke sustainability strategies for clients across various industries, leading to measurable improvements in their ESG performance.
By tailoring the approach to the client's specific needs and capabilities, we could identify practical and impactful solutions that reduced their carbon footprint and generated significant cost savings. Customisation, therefore, is about addressing current challenges and positioning organisations for future success in a sustainable economy.
The Importance of Continuous Innovation and Adaptation
Sustainability is a dynamic field that requires continuous innovation and adaptation. Global sustainability trends, regulatory requirements, and stakeholder expectations constantly evolve, and organisations must be agile enough to keep pace. My experience has taught me that staying ahead of the curve involves keeping abreast of the latest developments and being willing to challenge the status quo. The urgency of staying updated and innovative in the field of sustainability cannot be overstated.
For example, as an Independent ESG Consultant, I worked with a UAE-based Edtech company as part of its IPO remediation. The project involved conducting an ESG assessment and developing a comprehensive ESG report that met the stringent requirements of global investors. This project's success was mainly due to our ability to adapt quickly to changing demands and innovate our ESG evaluation and reporting approach.
Building a Sustainable Future: The Path Forward
As we look to the future, it is clear that sustainability will continue to be a critical driver of business success. Organisations that can navigate the complexities of multi-sector sustainability will enhance their resilience and create long-term value for their stakeholders. My journey over the past 18 years has reinforced the belief that sustainability is not just about compliance or risk management; it is about seizing opportunities, driving innovation, and positively impacting society and the environment.
The path forward requires a commitment to continuous learning, cross-industry collaboration, and a willingness to embrace change. By leveraging the lessons learned from my cross-industry experience, I am confident that organisations can navigate the complexities of sustainability and build a profitable and sustainable future for future generations.
In conclusion, navigating the complexities of multi-sector sustainability requires a nuanced understanding of industry-specific challenges, a commitment to leadership, a focus on customisation, and a dedication to continuous innovation. With the right approach, organisations can meet sustainability goals and thrive in an increasingly complex and interconnected world.
The Journey Into Industry
Sidharth Nanda is a distinguished Sustainability Champion and 40 Under 40 Sustainability Star with 18 years of experience across APAC and EMEA. Previously serving as the Vice President of ESG at Bilancia Consulting, Sidharth led a team of experts in delivering tailored ESG solutions, resulting in significant client performance improvements. His career spans high-impact roles at Bharti Airtel, Tech Mahindra, EY, and Radisson Hotels, where he developed and implemented comprehensive sustainability strategies. Sidharth is recognised for his leadership in driving sustainability initiatives that not only reduce carbon footprints and promote sustainable investments but also significantly enhance corporate performance across various industries.
