It’s 22^nd April and like every year we are celebrating ‘Earth Day’ across the globe… this time around, however, it has assumed a new meaning altogether. In addition to the many challenges, the pandemic has underscored the impact of human behavior on the environment, which has led to a renewed focus on sustainability.

Today, both individuals and organizations acknowledge the fact that environmental sustainability has become a critical business imperative. Opportunities and risks related to the environment have a direct impact on our life and on the business strategies and operating models of organizations across all sectors and functions.

Prioritizing sustainability:

According to the IBM Institute for Business Value 2021 Sustainability report, half of the consumers surveyed globally agreed that climate change exposure of a company impacts investor's financial risk. At 70%, Indian consumers have the highest levels of association of climate risk with financial risk.

So, it is no surprise that environmental strategy choices have become a subset of a broader sustainability agenda and are increasingly defining a company’s prospects in today’s competitive marketplace. The good news is that not just businesses but consumers, employers and even employees are on board.

As per the IBM report, almost 85% Indian respondents consider environmentally sustainable companies as more attractive employers. In addition, 95% of Indian respondents are actively looking to use more environmentally friendly modes of transportation, while 78% of consumers are most willing to change their purchasing behaviour to reduce a negative impact on the environment.

Harnessing exponential technologies:

The pandemic has certainly elevated consumer focus on sustainability and willingness to pay out of their own pockets - and even take a pay cut - for a sustainable future… the question is how do we convert this enthusiasm into tangible outcome? Well, digital transformation can help bring about the desired difference. Exponential technology innovations leveraging hybrid cloud, Artificial Intelligence (AI), Internet of Things (IoT), blockchain and others hold the key.

Leading by example:

As a responsible steward, IBM has been at the forefront of helping organisations emerge as sustainable enterprises… and we have been leading the charter by example. From our first environmental policy statement in 1971 to our ambitious goal set out in 2020 of reaching net zero carbon emissions by 2030 and ensuring increased use of clean energy across the more than 175 countries where we operate, reiterates our commitment to building a sustainable future for all.

We are also furthering the drive, by encouraging and empowering the future generations. IBM’s 2021 Call for Code Global Challenge is in progress, inviting the world's software developers and innovators to combat climate change with open source-powered technology. In addition, thousands of IBMers are creating a societal impact themselves through volunteering and advocacy initiatives focused on sustainability.

While much is being done, building a sustainable future is an individual responsibility and a collective battle that can only be won by coming together of actors and institutions of change. Crisis have a powerful way of opening our eyes to what is broken and what must be fixed. The pandemic has strengthened my resolve to strengthen environmental sustainability. I am committed to bring the spirit of Earth Day to life… are you?

This article is authored by Sandip Patel, Managing Director, IBM India/South Asia