In 2015, 195 nations agreed with the United Nations that they could change the world for the better.
The idea of accomplishing the same was envisaged with the help of 17 carefully crafted sustainable development goals and by bringing together the respective governments, businesses, media, institutions of higher education, and local NGOs to improve the lives of the people in their country by 2030.
The buzzwords are no longer just the buzz; they have transitioned to becoming a part of life. Sustainability and equal opportunities for growth and development have become the demands in resonance from all sections of society.
The world needs to pay attention to sustainability and CSR as global temperatures are projected to rise by 1.5 degrees Celsius by 2030 (IPCC). If the current trends continue, it will lead to severe weather events, loss of biodiversity, and socio-economic disruptions.
The World Economic Forum’s Global Risks Report 2023 highlights that environmental risks, including climate action failure and natural disasters, are among the top global threats. Moreover, the Edelman Trust Barometer 2023 reveals that 73 per cent of consumers expect brands to act on sustainability and social issues.
These data points underscore businesses’ need to integrate sustainability and CSR into their core strategies. It is quite apparent today that the private sector is increasingly becoming less ‘private’ (concerned solely with profit) and continuously endeavouring to mitigate risks, meet stakeholder expectations, and contribute to a sustainable future.
According to a study on models of sustainable leadership from Russell Reynolds Associates and research from VU University, social pressure in society contributes to a shift in the type of leadership of corporations. Sustainable leadership is not only something that can help end poverty; it can also help a company’s bottom line.
In tandem, business education worldwide is reviving, and businesses recognise the need to integrate these concepts into their curricula. This is entirely oblivious; the genesis, as well as the onus of sustainable leadership, lies in its foundation, i.e., with the higher education institutes that act as a bridge between the concepts and practice, work on the mindsets, and can produce the desired socially conscious workforce. The primary goals of the conscious workforce are aligned, i.e., contributing to a sustainable world while ensuring the long-term profitability and reputation of the organisations they work for. In short, education institutes have a significant role in creating responsible leaders capable of driving positive change.
Global practices in sustainability and CSR education
Globally, leading B-Schools have pioneered the integration of sustainability and CSR into their programs. Institutions like Harvard Business School, Stanford Graduate School of Business, and INSEAD have developed comprehensive curricula emphasising these principles of contributing to the triple bottom line: People, Planet, and Profit. These schools offer specialised courses, experiential learning opportunities, and collaborative projects with organisations dedicated to sustainable and responsible business practices.
For example, Harvard Business School’s ‘Business and Environment’ initiative and Stanford’s ‘Social Innovation’ programs are designed to equip students with the knowledge and skills needed to tackle environmental challenges and create social impact. These programs often include partnerships with nonprofits, government agencies, and businesses to provide students with practical, hands-on experience.
Even the UNPRME (United Nations – Principles for Responsible Management Education), established in 2007 and revived in 2023, clearly specifies its mission to transform management education and develop the responsible decision-makers of tomorrow to advance sustainable development.
Indian B-schools embracing sustainability and CSR
India, home to the world’s largest population, has very typical needs and issues to be addressed while travelling the path to development. The country has different sections at different stages of growth. No single policy could address all of these needs. Only government NGOs cannot achieve equitable growth. While companies have started recognising their responsibilities towards the environment and society, educational institutes at all levels need to shoulder these responsibilities equally.
The best part of B-schools is that they can learn and adopt global best practices and tailor them to address local challenges and opportunities. They could be the best bridge between education, awareness, and practice.
Many Indian B-schools have increasingly embraced the global trend of integrating sustainability and CSR into their curricula by focusing research and teaching in sustainability and social responsibility while collaborating with various stakeholders, including government agencies, non-profits, and businesses, to promote sustainable development and responsible business practices.
Many institutes have Social Responsibility Committees with dedicated teams to work for society and the environment. Many surveys, including longitudinal studies, have also reported a significant change in the behaviour of the young workforce if they work for society and the environment right from the initial stage. They become more aware, focused, and conscious of their deeds and emerge as better managers.
However, the efforts are insufficient to address the country’s needs. While Indian B-schools have made significant strides in incorporating sustainability and CSR into their curricula, several challenges remain. One of the primary challenges is the need for faculty with expertise in these areas.
Another challenge is the need for experiential learning opportunities. While classroom learning is essential, practical experience is crucial for students to understand the real-world implications of sustainability and CSR.
These challenges create significant opportunities for the country and B-schools to take centre stage and convert theories into practice, very specific to the needs of society and assume a leadership role while synchronizing the efforts and coordinating with all stakeholders, government, industry, NGOs, and society.
Every such project simultaneously solves multiple needs: students get practice-based learning; organisations get a workforce of responsible leaders; and the nation gets the next level of young thought leaders. Additionally, it enhances the reputation of B-schools, attracting students and faculty who are passionate about positively impacting society.
In a nutshell, B-schools have the strength to lay the foundation for creating sustainable leadership.
Deepankar Chakrabarti is the director & professor, at Jaipuria Institute of Management, Indore
Megha Jain is faculty of sustainability, at Jaipuria Institute of Management, Indore