Companies have to change.
Sunny Verghese, co-founder & group CEO of Olam International, says that much is clear. The ultimate environmental cost of global production in many sectors – what he calls the “invisible cost of nature” - risks becoming unsustainable unless change occurs, he says.
“We're losing [trillions of dollars] every year under our noses but we don't realise that is the case,” he told ANZ’s Finance & Treasury Forum in October.
“Companies have to change.”
Speaking at the forum in Singapore, Verghese said businesses need to ask if they are leaving a better planet for us all – and that broad acceptance of industry standards is one solution.
“Adhering to a certain ESG (environmental, social and governance) standard - which banks and financial institutions… are now insisting on - allows everybody to average up their game and lift the game from becoming more sustainable,” he says.