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Organisations across Indian industries have recognised the importance of environmental, social and governance as they strive to reduce the environmental impact, minimise carbon footprint, and adopt sustainable practices as we look ahead,
the next revolution is already looming, signalling a further evolution in the pursuit of sustainability and human well-being. It represents a paradigm shift from solely focusing on economic value to emphasising societal value. In this new era, enterprises will need to realign their strategies to place people and the planet at the centre stage of their operations.The time is ripe for engineering services providers and their end customers to broaden the use of renewable energy, drive water conservation measures, reduce carbon emissions, and develop Net Zero products. A continued commitment to sustained R&D into smart engineering products and solutions will go a long way in underscoring a commitment to a greener, cleaner, and better world.
In this context, there are significant areas of focus for ESG and sustainability efforts.
Sustainable living through smart cities
Amidst global concerns around climate change, resource depletion, and unplanned urbanisation, developing smart and sustainable spaces has become a pressing need. Leveraging innovations in sustainable engineering, smart cities integrate systems powered by a range of emerging technologies –IoT, AI, and cloud services – to maximize efficiency and ensure optimal use of resources.
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Diversity, equity, inclusion and accessibility
Diverse and inclusive workplaces can be a significant driving force for equality and equity across the globe. A homogenous workforce may consciously or unconsciously nurture biases and fall prey to groupthink. Greater diversity within organisations helps tackle these issues by bringing in a wider range of viewpoints – creating a workforce that is better equipped to address the challenges of more diverse local, national, and global consumer bases. This provides an additional impetus to organizations’ other ESG initiatives.
Ensuring robust cybersecurity & data privacy
Cybersecurity and data privacy issues are increasingly being viewed through the prism of ESG. The rapid pace of digital transformation has been a key facet of global sustainability efforts. However, as more sectors become digitized, the reliance on data will only increase – making the need to safeguard this data a critical priority. A failure to take effective measures to safeguard sensitive consumer data can expose enterprises to reputational as well as operational damages, and associated risks.
Transforming mobility with vehicle electrification
Depleting global reserves of non-renewable fossil fuels, and concerns around the adverse impacts of carbon emissions, have created the need for a revolution in mobility to replace the internal combustion engine. Given the immense interest it has aroused in the global mobility industry, and among governments and consumers alike, there is a high probability that this needs to be fulfilled by Electric and Autonomous Vehicles (EACV).
Towards a sustainable and equitable tomorrow
From the threat of climate change to vast inequalities, the global community faces considerable challenges in the years ahead. What is required from technology services companies is the collective will to develop a carbon-neutral roadmap, consisting of smart products and services that will help shape a better tomorrow. Organizations that embrace the path of sustainability, and invest in ESG initiatives, will be the flag-bearers of the movement to build a greener and more equitable future.
The author is Amit Chadha, CEO and MD, L&T Technology Services
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