OWP liVe REPORT

47

How to create a corporate sustainability strategy for resilience and renewal

S U S TA I N A B I L I T Y

Sustainability is a megatrend, and it is now becoming an integral part of strategy for all companies in order to create long-term value. Sustainability and ESG require transparency and corporate responsibility and are critical to attract and keep investors and talent, and to gain competitive advantage. During his OWP liVe session, the holder of the Lundin Sustainability Chair, Professor Knut Haanaes - together with Grundfos’ Head of Sustainability Engagement, Group Director Janda Campos and Group VP Strategic Development Moncef Tanfour - tackled burning questions on what he dubs “the most important topic there is for companies” right now. When businesses are struggling financially due to COVID-19, how can we find the resources to focus on sustainability when we also need to be at our most resilient? While many companies are facing complex challenges brought about by the pandemic, crises are actually

important in causing paradigm shifts in our thinking. Far from it being the wrong moment, there is no better time to do so. A sustainable strategy will create value with customers and stakeholders, helping build more resilient companies through innovation, transformation, and increased transparency. That is a strategic way to survive in the long term: through a reassessment that links the social responsibilities of a firm to its core business and value creation processes.

returns as long as realistic targets are set and met. Janda Campos said: “You have to look at the goals and your ambition. You need a strategy.” She admitted that it is not an easy task, but it is a KPI that needs to be supported at all levels. A threefold approach can initiate this: Political and social awakening; identifying and understanding the strategy that should be implemented; and finding solutions through the business sector. These elements should be aligned internally and externally to drive in a comprehensive way and to translate company values into action. Can a sustainability agenda help you get ahead? What is the best way to accomplish this? Markets don't accept greenwashing as they once did but they will accept intention and sincerity. For many, environmental, social and corporate governance (ESG) is a more dynamic and cohesive reality than it was five years ago. Transitioning from intentions and ideas to real solutions and strategies is imperative for getting ahead,

KNUT HAANAES IMD Lundin Sustainability Chair

How can businesses make the necessary changes to incorporate sustainable strategies while pushing the people-planet-profit agenda at the same time?

It is possible to work on long-term goals while still benefiting from short-term