In this month’s editorial, we hear from our new colleague Ms. Isabel Britsch on her perspective on reimagining our global economy for a more sustainable future.
I joined IGCC’s SustainMarkets team end of October having spent more than 10 years in the corporate world in the areas of internal controls and process management. As the sustainability chapter at the Indo-German Chamber of Commerce, IGCC SustainMarkets support our member companies in their sustainable and responsible practices. I am keen to contribute to a more sustainable world and hope to be able to leverage my experience to work together with our member companies.
The world is currently at a crossroads, where the urgency for change has never been clearer. In our pursuit of economic growth and prosperity, we have sometimes lost sight of the true cost of progress: a cost that includes environmental degradation, social inequality, and climate change.
Our planet is groaning under the weight of our current consumption patterns. Natural resources are being depleted at an alarming rate and greenhouse gas emissions are still on the rise, making climate change an even more pressing threat. In fact, six out of nine planetary boundaries have already been breached. According to the fourteenth Emissions Gap Report from the UN Environment Programme, at the time of writing, 86 days have been recorded with temperatures exceeding 1.5°C above pre-industrial levels this year. Meanwhile, social inequalities persist and are even exacerbated by numerous regional crisis hotspots. The time for action is now.
Sustainability is not a choice; it's a necessity. It's about rethinking our approach to business and our relationship with the environment, society, and governance. We do have the tools and the knowledge to build a future where people and the planet thrive together, not at the expense of one another.
So, what can we do? First, we must advocate for a new economic model that places sustainability at its core. This means redefining success beyond mere profit. Business leaders, policymakers and citizens alike must embrace the Sustainable Development Goals (SDGs) as a guiding framework for our collective efforts.
Moreover, we must recognize that sustainable practices are not a burden but an opportunity, some rewards being innovation, job creation, and long-term resilience. There are numerous success stories where companies have profited from reducing their environmental footprint and investing in their communities. As such, studies about the positive relationship between CCF (corporate carbon footprint) and ROI (return on investment) are more and more emerging.
Collaboration is another key pillar of success as we can't solve these complex challenges on our own. All stakeholders from businesses, associations, governments, consumers, and investors to local communities must work together with trust, transparency and good faith to solve these challenges. And this is also IGCC’s core mission: Strengthening economic and cultural cooperation between different actors across India and Germany.
In closing, our transition to a green economy and commitment to sustainability is not just a choice; it's a moral imperative as well as a strategic advantage. The path forward is clear: a world where businesses, governments and civil society work hand in hand to create a sustainable and prosperous future for all. Our Indo-German business community is a long-standing, strong, and growing relationship that has the opportunity to drive this future globally.
I'm excited to embark on this journey with you, and I believe that, together, we can reimagine our global economy for the better.