At the core of discussions surrounding sustainability at the 10th Delphi Economic Forum, held from April 9 to 12, was Jennifer Motles, Chief Sustainability Officer of Philip Morris International (PMI). Motles passionately articulated the pivotal role sustainability plays in driving business resilience and growth, emphasizing that companies must integrate sustainability into their core strategies. Moderated by Marianna Skylakaki, the forum highlighted how such integration is crucial not only for regulatory compliance but also for fostering innovation and securing a competitive edge in today's market.
“Sustainability is a way of future-proofing your business; it’s about ensuring resilience and considering growth and competitive advantage,” Motles stated. She elaborated on how sustainability is inextricably linked to a company's value proposition, emphasizing that those organizations must acknowledge and prepare for the real impacts of climate change and extreme weather events. “Companies that have agriculture in their value chain, like PMI does, need to think about the very real impacts of climate change—wildfires, floods, droughts, and how those affect our crops.”
Addressing the ongoing evolution of sustainability regulations, Motles outlined two primary aspects: compliance with operational standards and the pressing need for robust sustainability reporting. "While compliance is necessary, the substantial value of sustainability comes from the genuine impact we can have on people and the planet, beyond mere bureaucracy,” she articulated, stressing that the compliance narrative must evolve to reflect meaningful actions.
Motles emphasized that the regulation landscape is distinguished into two key categories: one that mandates organizations to decarbonize their operations and manage their products post-consumer, ensuring no human rights violations occur, and the other focusing on sustainability reporting. This reporting should prioritize the quality and reliability of data, which should be considered at par with financial data. “When assessing company performance, we should be able to evaluate both financial and non-financial metrics in an integrated way,” she asserted, highlighting the relevance of accurate sustainability data for stakeholders, especially investors.
The discussion took a pivotal turn as Motles explained that the real value of sustainability lies in innovation and growth. "Think about PMI: when we understand where our biggest negative externality exists—from the health impacts of our products—innovating to create better alternatives is not just about serving society; it's about achieving growth and competitive advantage in our industry," she stated.
Moreover, she critiqued the current state of sustainability as having become somewhat of a 'buzzword,' where its meaning varies across individuals and sectors. To combat this ambiguity, she championed a framework that confines sustainability to the context of business operations. “It’s important to articulate why you are allocating resources to address certain issues, even if they don't immediately connect to short-term business growth,” Motles argued.
Mrs Motles concluded with a call to action for companies to redefine sustainability as part of their very DNA, aligning it with their broader purpose and impact on the world. "A sustainable business is one that is profitable today, in the midterm, and in the long term. It’s about understanding how we need to adapt to the world’s changing landscapes, politically and environmentally,” Motles remarked, emphasizing that science and innovation will play a crucial role in achieving true sustainability.
As the forum underscored the significance of these discussions, the audience was reminded that the journey toward sustainability is not simply a regulatory obligation—it is a vital component of thriving in the modern business landscape.
Ακολουθήστε το Business Daily στο Google news
