COVID-19 a wake-up call for Sustainability?

I happened to attend HKU’s webinar on “Embracing Sustainability in Post-COVID Business Strategy” and I learned a lot about Sustainability. Happy to share here some of my key takeaways from the session:

• In the COVID-19 era, Sustainability is currently one of the world’s toughest challenges due to climate change, pollution, and material preservation.
• Sustainability has 3 pillars that must be balanced, which are economic, social, and environmental.
• Sustainability means meeting our own needs without compromising the ability of future generations to meet their own needs.
• For corporates, it can’t just be a CSR activity but must play a vital role in the business model. Adopting sustainable practices not only helps the environment but for corporations — sustainability initiatives lead to an improved brand image, reduced costs, happier shareholders, increased productivity, and countless more benefits.
• The current pandemic has undoubtedly contributed to the enhancement of the natural environment state, especially over the air quality and natural habitat. It has made us “rethink” corporate governance and business models.
• Sustainability is not a choice. Now the question is how sustainable is your business?
• We can always learn something from every sector and find ways to implement them in our value chain.
• Earth does not need us. We need the earth. So let us take care of it! “Treasure the nature”.
• Due to Covid Medical waste is 14 times more. Countries must take some learnings from Japan on Waste management.
• We should move away from Oil & Gas, lean towards Renewable energy. Sadly, now we don’t have affordable options for Oil and Gas.
• Like Finance and economics, even sustainability must be part of our core business. Try circular economy which is aimed at eliminating waste and the continual use of resources.
• For example, Philips — the global leader in lighting, has entered into a collaboration for the new lighting in the terminal buildings at Amsterdam Airport Schiphol. The light as a service means that Schiphol pays for the light it uses, while Philips remains the owner of all fixtures and installations. By using energy-efficient LED lamps, a 50% reduction in electricity consumption will be achieved over conventional lighting systems.
• Sustainably starts from us. Live a sustainable lifestyle, try to have as little of an impact on the Earth as possible, while also trying to replace the resources you do use. Like save energy, eat less meat, go paperless, recycle and reuse, save water, donate unused items.
• Today investors are more cautious and investing in sustainable start-ups. You can WIN, if you can show them how to make chemicals out of diapers or replace traditional animal skin leather with plant waste leather.
• Tech industries can do more in this space, not just by taking away charges from smartphone boxes :) I like it when brands can use recyclable products in their ID design and have upcycling programs in place.

• The next big thing must be Sustainable Tourism — Replacing plastic water bottles and making public transportation more accessible. We take back a lot when we travel to places, but we can always find ways to give back. Few impressive case studies:

• Costa Rica: There they have a program called Certification for Sustainable Tourism (CST) that certifies hotels and tour operators that follow their recommendations.

• Monaco: With 100% green energy, shared electric vehicles, and bicycles, Monaco has been running a campaign called “Green is the new glam”.

• Bhutan is the only country in the world considered carbon negative. This means that the purity of its forests produces more oxygen than the country emits gases. Tourism in Bhutan is well controlled, in addition to requiring a visa, a daily fee of USD 200 to USD 250 is charged, which already includes a minimum of a 3-star hotel, tour, and meals. Much of this fee goes to environment preservation and social development projects.

Last not least, let’s exercise emotional sustainability. Treat yourself and others well.