Need a conducive policy to promote future businesses

Banking and finance play a fundamental role in public policy and economic performance, as well as in all forms of commerce and industry. They can be crucial in determining whether the larger society, be it individual consumers or governments, takes the initiative to become environmentally sustainable. Banks are in a position to negotiate the wider dissemination of triple bottom line principles and become catalysts of change.

Aligning business objectives with the principles of People-Planet-Profit is critical at a time of a global slowdown as it creates alternative business opportunities and asset classes, kick-starting slumbering economies and creating job opportunities in a manner that helps rebuild our fragile ecosystem.

To strengthen corporate participation in sustainability, the new government must implement a conducive policy framework, which should include access to ECB funds for green enterprises, tax incentives for setting up green businesses as well as for VC and PE funds that focus on 'green'. Such a partnership with the government will facilitate the necessary objective of economic growth in a responsible manner. We need to develop an enabling environment for incubation of emerging enterprises as well as businesses of the future through new technologies, systems, skills development and innovation.