Importance of Adopting Sustainable Business Practices in Today's Context

Vinod Agnihotri, having completed his Doctor’s degree in Business Ad- ministration & Management from SP Jain School of Global Management and holding a BSc degree in Textile Chemistry & Fabric Technology from Institute of Chemical Technology, Vinod is a highly experienced business professional with an extensive career spanning close to three decades. He has been associated with LANXESS for over 12 years now, prior to which he held the position of General Manager & Head – Exports & Colors Division at Atul Ltd.

In a recent conversation with Prisila (Correspondent, Asia Business Outlook), Vinod shared his insights on sustainability, recent tech impact on it and various other related factors in today’s context. Below are a few key extracts from the exclusive interview –

What role does the chemical industry play in mitigating climate change and promoting sustainability?

The chemicals industry plays a significant role in mitigating the adverse effects of climate change and promoting sustainability. A key aspect that will drive this phenomenon is the regulatory frameworks from the government such as the Paris Climate Accord and European Union’s objective to be climate neutral by 2050. Also today, the overall awareness about sustainability among general public is very high, wherein customers today are on the constant look-out products that are ecofriendly and promote climate neutrality. As a result, the entire chemical industry is striving hard to work in line with this and support environmental sustainability to the maximum extent possible.

Suggest a few effective steps to balance between economic development and sustainability

In today’s context, striking a balance between economic development and environmental sustainability is very important. The faster the chemical industry reacts to this and takes the necessary steps, the better it is. Thus, we at LANXESS are also actively involved in this regard and are launching many initiatives pertaining to sustainability. In 2019, we announced a set of emission related steps as part of our pledge towards climate neutrality. This way, we are able to contribute towards economic development while simultaneously embracing ecofriendly practices.

"The entire chemical industry is striving hard to work in line with this and support environmental sustainability to the maximum extent possible"

Briefly explain the role of technology in mitigating climate change and promoting sustainability

Technology plays the crucial role of an enabler in innovating and coming-up with new products that are ecofriendly and reduce the emission of greenhouse gases across the entire product development cycle. We extensively leverage cutting-edge technologies to launch ecofriendly products, optimize our chemical process by using green energy sources and keep wastage/residue to a minimum. We have also recently come-up with a program named Product Carbon Footprint Engine in order to be able to issue for each of our products third-party certified carbon footprint certificates when our customers require them.  

Tell us about a few factors that are encouraging businesses to adopt more sustainable practices and reduce their environmental impact

Governments across many countries today are offering incentives for chemical industry businesses who take the necessary proactive measure to reduce carbon footprint and contribute towards sustainability. Also, we are seeing an increasing number of customers opting for products that use recycled raw materials and are produced using green practices. As a result, embracing sustainable practices is now driven by regulatory frameworks and market demand alike.