Centre for Responsible Business (CRB) held a webinar exploring need for businesses to create long-term and sustained value for shareholders.
20 July 2020
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Businesses with Purpose: Future-Proofing Businesses in a Post Covid19 World

DATE: 16 April 2020

The media can play a critical role in creating awareness and sensitizing businesses, consumers and other stakeholders on the concept of ‘businesses with purpose’. Understanding the importance of media engagement, a webinar was organised on the theme “Businesses with Purpose Future-Proofing Businesses in a Post COVID-19 World” by Centre for Responsible Business (CRB), Roundtable on Sustainable Palm Oil (RSPO) and WWF-India on 16th April 2020.

The pandemic has disturbed not only the social and economic fabric of countries, but also the fundamentals of the global economic system. As an effect of the pandemic global tourism, travel and hospitality companies have closed down economic activities, impacting businesses at large. The Small and Medium Enterprises (SMEs) globally have been the most severely hit owing to the supply & demand disruptions. This in turn has affected the workers in the global supply chains who are typically low paid, self-employed or work on short- term contracts. The impacts of the pandemic are all pervasive leaving no sector unscathed, some of the other sectors include technology, entertainment, sports, textile, retail, e-commerce and the FMCGs. According to Guy Ryder, Director of the International Labour Organization (ILO); the pandemic is no longer a global health crisis, it is also a major labour market and economic crisis that is and it will continue to have huge impact on people. ILO estimates are that as many as 25 million people could become unemployed, with a loss of workers’ income of as much as USD 3.4 trillion.

The situation calls for urgent action to rebalance our relationship with nature and develop an effective sustainable development trajectory. There is a need to draw lessons from the current situation and look at re-designing consumption and production patterns that will help in achieving long-term sustainability targets and aligning them with the Sustainable Development Goals (SDGs). Furthermore, many business policies and strategies can be reconfigured to device a method for sustainable management and efficient use of natural resources, encourage adoption of sustainable practices among businesses and report on and advocate sustainable lifestyles in harmony with nature.

The webinar was aimed to:

  • Reflect on the critical need for sustainable growth, adoption of an inclusive, economic, social and environmental sustainability model for future-proofing businesses post the pandemic
  • Raise awareness about sustainable consumption and production (SDG12) in India and initiate the necessary call to action
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Climate Change, Decent work, Sustainable Development Goals (SDGs)