“Sustainability is a must. There is no second thought about it. Either you do it today and be part of the system, or you don’t do it and you will be vanishing from the business one day.”
In the series ‘Revolutionary Minds: Redefining Impact Leadership’, Sasin’s Professor of Sustainability and Transformational Leadership GJ van der Zanden had an insightful conversation with Harsha Reddy, Vice President & Global Head of Sustainability Development at Indorama Ventures, leading Thailand-based multinational in the PET and fibre business, with USD 20 billion in revenues, 26,000 employees and presence in 35 countries, a force to be reckoned with in our much-needed transition towards sustainable models of production and consumption.
Southeast Asia is very exposed to sustainability risks, but the sustainability transition also presents enormous upside potential for the region. In the interview, Harsha argues how 360-degree awareness, considering not only economic, but also environmental and social impact, and a ‘stakeholder capitalist’ mindset should be driving the sustainability transition, but that this transition in Southeast Asia has been held back by a (perhaps erroneous) lack of prioritization due to the region being in a different phase of economic development compared to the global north, a sub-optimal alignment of government policies and low awareness and short-term focus among consumers and decision makers. Business must therefore work together in a coordinated way with governments and communities to address these challenges and capture the opportunities.
Harsha explains how taking sustainability seriously has allowed Indorama to improve its bottom line, as well as its reputation through achieving measurable environmental and societal impact, and he gives valuable practical insights into how Indorama Ventures has managed its sustainability journey and integrated sustainability into its strategic as well as everyday decision making.