Embracing sustainability in business can open doors to new markets, improve brand reputation and foster a culture of innovation.

JRR Tolkien once wrote: “There is good in this world and it is worth fighting for. »

The line perfectly captures the spirit as we explore the essential role of sustainability in creating a better future for all.

We are at a crossroads as our world and country experience a series of turning events: the pandemic, global geopolitical tensions, inflation and a generational shift.

The recent anti-discrimination movement has shown us that our younger generation is passionate about changing the system. Generation Z around the world is raising their voices on different issues, including sustainability and environmental conservation. They know the importance of sustainability and actively take steps to live more sustainably.

Sounding the alarm and setting long-term ambitions is no longer enough to convince them. Now is the time to focus on delivering impact by integrating progress in sustainable development into our policies and actions.

For businesses, sustainability is not just an obligation but a transformative aspect of their operations. This paradigm shift means that sustainability is not only a strategic necessity, but also a gateway to exciting opportunities for growth and innovation. Embracing sustainability can open doors to new markets, enhance brand reputation and foster a culture of innovation, paving the way to a better future.

Sustainability also has important macroeconomic implications for a developing country like Bangladesh. By adopting sustainable practices, developing countries like Bangladesh can improve efficiency, reduce waste and reduce energy costs, build long-term economic resilience, mitigate risks and improve their competitiveness in the global value chain.

For example, approximately 45% of our ready-to-wear exports go to the European Union (EU), which is implementing strict sustainability regulations by 2028. This regulatory change presents the both a challenge and an opportunity for our industry. Failure to comply with the requirements will result in the loss of this important market.

But we can also turn it into a great opportunity. We are already ahead of the curve in sustainable manufacturing practices, and by moving up the value chain in a sustainable manner, we could provide our buyers with a competitive advantage.

Additionally, sustainability-focused practices can boost macroeconomic growth by fostering innovation and attracting foreign direct investment (FDI). Companies that adopt sustainable practices can position themselves as pioneers in new economic opportunities, contributing to more resilient and inclusive growth.

In this context, we as a company need to change our perspective on sustainability and how to integrate sustainability into the core of our business. Many companies are already championing sustainability, and a few important strategic considerations can ensure the desired outcome.

First, sustainability must be integrated into the value chain. Sustainability encompasses much more than environmentally friendly technologies, it includes the entire value chain.

In my early days at Unilever Bangladesh, I launched the Lifebuoy Friendship Hospital, known as Floating Hope, which provides medical services to the remote Chars of Jamuna and is a great example of purposeful brand action.

However, this step alone is not enough for Lifebuoy to become a sustainable brand or offset the carbon footprint generated by the brand. We need to consider the environmental footprint of the product, and this is why Unilever is committed to achieving Net Zero through value chain integration.

More than half of our carbon emissions result from the selection of raw materials like palm oil and paper packaging, linked to agriculture and forests.

Bangladesh is one of the largest bar soap markets in the world. Last year, Unilever Bangladesh alone used more than 44,000 tonnes of palm oil in Bangladesh. Cultivating such a quantity of palm oil would require around 86,000 hectares of land, or about one-sixth of the area of ​​the Sundarbans.

We must source our raw materials responsibly to eliminate the risk of deforestation due to our activity. So, in addition to transforming our factories to use green energy or less water, we guarantee an end-to-end sustainable value chain.

Second, sustainability must be integrated into the business model rather than treated as an additional charitable element. Sustainable business models are sustainable because they address real problems and serve people.

Unilever was born when Lord Lever had the idea of ​​mass producing soap. In 1894, Lifebuoy soap was created to help combat diseases and infections that were plaguing the towns of Victorian England.

Even today, we have excellent local examples of sustainable businesses in Bangladesh. A few years ago, a passionate entrepreneur, Farhana Rashid, launched an innovative business idea to provide affordable smart toilets to the urban poor. Today, his organization, Bhumijo, runs a profitable chain of public toilets across Bangladesh.

Third, the best outcome would require innovation and rethinking. When we place sustainability at the heart of our actions, any innovation will generate both commercial and sustainable results. When we prioritize sustainability, any new idea can drive business and sustainability.

For example, reducing our carbon footprint has been a priority for us, and our initiative to digitize our commercial function has also contributed to our overall bottom line. Adapting the digital application for our sales channel has made a big difference as we now save more than 1.6 million pieces of paper per year, and this action has reduced CO2 emissions by more than 170 metric tons per year.

Additionally, sustainability is a collective responsibility. As organizations drive strategic and systematic change, we need the power of brand to influence behavior change.

One of our popular brands, Sunsilk, and our employer’s volunteering platform, Proyash, educate schoolchildren about the proper disposal of plastic waste. If we can get more brands to join this cause, we can effectively reach more schools and drive positive, impactful social change on a large scale.

Another example could be the work of PRAN through contact farming practices. Many other organizations, including their competitors, have adopted this model and collectively, this practice has had a significant impact on the country’s agriculture and environment and created a new value chain.

Internally, sustainability is the responsibility of everyone within the organization, not just one department. It must be integrated into the daily work of all functions and become part of the organizational culture and mindset. Setting realistic and measurable goals is essential after establishing the right culture and mindset. This approach improves performance and allows us to focus on areas requiring immediate attention.

For example, Unilever’s new performance-driven Global Growth Action Plan (GAP) focuses on high-performance actions for effective results with accountability and ownership, while emphasizing the importance of collaboration .

Finally, to achieve the Sustainable Development Goals, it is crucial to collaborate with industry peers, governments and communities. Partnering with the right stakeholders and sharing expertise leads to improved performance and efficient allocation of resources.

To summarize, I suggest a few steps that could help us all unlock the potential for sustainable growth. Integrate sustainability into business strategy. Sustainability should be seen as a responsibility to the planet and society and as a potential for future growth. The management team is responsible for this.

Consider fixing your own home first or selecting areas that are relevant and relevant to your business. Focus on your products or services, your operations and your value chain. Sustainability is not a marketing gimmick, rather it is a business strategy or growth mindset.

Guarantee the right culture in organizations. Make sure sustainability is a collective responsibility. Set clear, realistic and measurable goals. Establish a culture of positive reinforcement through accountability and transparency.

Be ready to embrace change and accept failures, because sustainability is a journey and you need to be agile to face new, unknown challenges.

After all, the journey begins with attitude rather than ability.

Sketch: SCT

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Sketch: SCT