“Redefining Global Business: Pioneering Sustainability for a Greener Tomorrow” was the theme of BSL’s CEO Forum held following its 9th AGM on 18th September 2024. The Chairman’s Discussion, a pivotal component of the event, was moderated by Attorney at Law Shanaka Amarasinghe. Featuring Chairman, Dilmah Ceylon Tea Company Mr Dilhan C. Fernando, Ms Yvonne Zhang of World Climate, Deloitte and Touche Management Services Pte Ltd. Singapore, and Hirdaramani Group Chairman Mr Vinod Hirdramani, this discussion focused on sustainability strategies and practices applicable to global business. The forum engaged business leaders in a detailed and strategic dialogue regarding how businesses can proactively address sustainability challenges and opportunities on a global scale.
Beginning the conversation, Ms Yvonne Zhang stated that, “biodiversity is not new – everybody knows we need it; everybody knows that it has value and it is difficult for the value to be realised. There is an increased awareness that we should better articulate the pathway of impact: what is the measurement of success and how to generate a viable ecosystem so that biodiversity benefits can actually be accentuated and also be transferred into real dollars and cents across a supply chain, to everybody in it”.
Mr Vinod Hirdaramani explaining the long and arduous road taken by the Hirdaramani Group towards sustainability, said that, “the first lead certified factory in the country and probably in the region was established based on a strategic and forward-thinking decision taken by the Group, Yes, there was skepticism, but – looking back 20 years later – it paid off. At the time, none of the banks were willing to invest. There was this disbelief that sustainability doesn’t work, or it is not good; you have to get over that mindset – and the people who don’t believe need to be convinced that it is a long-term goal. It costs the Company a lot more to neglect it, but again this is long term thinking. Sustainability must be made a key pillar because no company can ignore it as a strategy going forward. You just cannot ignore it – It’s a non-discussion point,” he enthused.
Answering a query on making Biodiversity Sri Lanka (BSL) a credible platform that helps everyone move in the same direction, Mr. Dilhan Fernando explained that, “BSL’s impact depends on collaboration. Since late, many companies have realised that there’s a relentless push back from consumers. This explains why so many companies have decided to come and ask us for support and the reason why BSL has become relevant – we don’t just plant a million trees, we’ll plant a million trees with you in a science-based approach, looking at baselines, looking at how we can help monetise it; how we can assist in assessing the eligibility for climate finance and then help secure it. It’s a question of looking beyond outdated business models – understanding some of these macro statistics and realising that corporate focus on the environment and biodiversity influences consumer behavior particularly Gen Z. It builds trust and that’s a base on which we can do great things and that, I think, is the uniqueness of Biodiversity Sri Lanka”.
He went on to say that, “today, consumers do walk the talk and the reason for that is the fear of losing something that we have taken for granted for generations: biodiversity. What we have in addition to our quality, and of equal importance is the biodiversity of Sri Lanka. We are relatively a high-cost producer. We are an island, but if we advertise the fact that our products come with the assurance of kindness to nature: we are involved in climate interventions, we help small farmers understand the changes in climate, we’re looking at protecting novel species, we’re looking at environmental education. Looking at all of these factors connected to biodiversity, that is the edge that Sri Lanka can have because we are an island we don’t have a large internal market to sustain ourselves. We need to cater to the world, and the world is sensitive to biodiversity and it is sensitive to sustainability. So in summary, “consumers are willing to pay a premium. Conscious consumerism is stronger today – more powerful than ever”.
Talking about meeting standards like GRI, Ms Zhang mentioned that, “this also gives a lot more confidence to financing, to investments, to decisions where money needs to flow and accountability needs to be shared. It is aspirational for GRI to be propagated”. Explaining how it is aspirational, she said that, “businesses want to be measured fairly – everybody wants to actually be seen in the correct light by the people that matter to them most. Therefore, relying on standards is one way of doing that, and it’s doing that from a perspective of being fair and transparent, which I think a lot of companies have now realised.”
The CEO Forum reiterated the fact that corporates cannot drive sustainability top down. It needs to be a mindset change. For example, concepts such as “find your inspiration” at MJF, encourage teams to indulge in areas that inspire them. If employees don’t embrace sustainability, the company is not going to reap the benefits of employee involvement and the synergies of a bottom-up approach. The speakers emphasised that Sri Lanka is in a very unique position: the country is on a continuous journey of sustainability. Members of BSL understand that the green-growth pathway offers vastly more opportunity than the conventional path. The need is for corporate leaders to adjust their mindset, align their employees and move in that direction; however, this is easier said than done.
“The hope is that in nature we can find solutions because that’s how we have survived as a species for thousands of years, and we can continue to do so. We are all convinced that we will find a way out. This is a conviction that we can all agree upon. Nature is a place where sometimes a deer gets killed by a leopard, but all in all everyone thrives,” said Mr Shanaka Amarasinghe in conclusion.
