“You cannot run a successful business in a failing society”: Nitin Paranjpe, Non-Executive Chairman, HUL
Day 2 of the International Sustainability Conference 2025 asserts non-negotiable stake of ESG in business strategy
25 April, 2025, Bengaluru: Nitin Paranjpe, Non-Executive Chairman of Hindustan Unilever Limited, took into reference his 37-year tenure at HUL as he delivered the keynote address on Day 2 of the International Sustainability Conference 2025: Advancing the Global Sustainability Narrative. The three-day summit was jointly organized by IIM Bangalore’s Supply Chain Management Centre (SCMC), and Wipro Ltd., under the aegis of P.S. Narayan, Global Head of Sustainability and Social Initiatives, and Managing Trustee, Wipro Foundation, from 24-26 April 2025.
The session on ‘Operationalizing Sustainability: Challenges, lessons and reflections of a practicing manager’, opened with Mr. Nitin’s account of HUL’s business philosophy, that in 2009, was jolted by a pivot toward what was then seen as an ambitious, if not overly idealistic initiative: the Unilever Sustainability Living Plan (USLP). Making the business case for a sustainable approach, he walked an audience of corporate leaders, industry frontrunners, and sustainability advocates on how ESG, often mischaracterized as a derailer, was in fact the driving force behind HUL’s success. Not in spite of its integrated approach, he noted, but because of it.
He pointed to a palpable retreat in global commitments to sustainability, saying, “Governments and corporates have pulled back on their larger sustainability beliefs, populist leaders have turned the other way, even those positively predisposed to sustainability have cooled off”. The reasons for this, he said, are varied and complex. “Many, due to high levels of initial investment, such as the $4–5.5 trillion needed to hit net-zero targets, despite belief and optimism, have pushed climate emergency into the ‘too hard to solve’ box,” he noted.
Next, he believes that the manner in which the narrative has evolved has contributed to the challenge that we see today. “Climate evangelists, and those angered and disenchanted by climate change, have used a doomsday approach, with alarming statistics and the inevitable nature of the problem, to position the crisis. This feels very out of touch with the lived reality of the hundreds of millions whose defining crisis is to put food on the table that very day”, he added. The narrative, he said, alienates rather than carries the most vulnerable sectors of society along, doesn’t account for the ‘Social’ in ESG but only the ‘Environmental’, and eliminates the very fact that we are not only solving for the future but also for the present.
While on the sustainability bandwagon, institutional frameworks, too, came under scrutiny. GDP, Mr. Nitin said, only accounts for capital and labor productivity, but 40% of the natural capital that has been depleted has gone completely unmeasured. “It is key to not only look at aggregate growth through GDP, but at the texture and quality of that growth”. He added, “Are we looking at whether benefits of growth are available to all? Whether is leading to a decrease in economic disparity?”.
As for what’s needed, Mr. Paranjpe urged practical recalibration. “Rather than being wedded to the idea, it would be beneficial for businesses to understand that “sustainability” is no one’s core need”, he alerted. “How to make my product sustainable' is the wrong question to ask. ‘How can sustainability reduce the cost or improve performance of my product?’— ask yourself because that is when you can scale sustainability”.
He also spoke of India’s exciting role with aspiring goals, referring to Viksit Bharat 2047. However, to have a chance of delivering on it, he said sustained and inclusive growth is essential. The nation is buoyed by strong tailwinds: India’s investment efforts in digital and physical infrastructure, which have helped the country leapfrog, catapult, and catch up as a young nation. Yet at the same time, headwinds like a high Demographic Dividend, which stands as a demographic burden until we create approximately 9 million jobs to materialize the benefits of DD, remain, he noted.
On a concluding note, he said, “We need leaders who buy into the imperative and stay the course for 100% of the challenges. Remember that you cannot run a successful business in a failing society”.
Plenary Session- The ‘Social’ of ESG – Putting People at the Centre: The Promise vs. the Reality
As part of the plenary session on ‘The ‘Social’ of ESG – Putting People at the Centre: The Promise vs. the Reality’, experts discussed how, as the triple bottom-line framework has evolved, whether termed as People, Planet, Profit, Economy, Equity, Environment, or more recently as Environment, Social, and Governance (ESG), the central premise remains that people are the most important stakeholders for a company’s success.
The panel, moderated by Prof. Vasanthi Srinivasan, OB&HRM area, featured Arshiya Bose, Founder and CEO, Black Baza Coffee Co.; Ms. Sonvi Khanna, Lead – Social Impact, Dasra;, Shankar Venkateswaran, Managing Partner & Co-founder, ECube;, and Prof. Sourav Mukherji, OB&HRM area, Dean, Alumni Relations and Development, IIMB.
Arshiya Bose shared her insights into small-holder coffee farmers, who are often reduced to mere suppliers in global supply chains. These farmers, she emphasized, are knowledge holders who play an essential role in ecological balance. "Bees can increase coffee yield by 30%—more than pesticides ever could,” she said, challenging current sustainability practices.
Sonvi Khanna brought attention to the challenges of inclusion and representation within corporate systems. Her work on the Social Compact initiative exposed the invisibility of blue-collar workers in design feedback loops. “The challenge isn't money, but rather the effort to build systems that are intentional, transparent, and fair,” she explained.
Shankar Venkateswaran discussed the pressing need for companies to embed human rights, DEI (Diversity, Equity, Inclusion), and stakeholder engagement into their core strategies. "Sustainability,” he said, “is a long-term investment, not a short-term fix.” His call to action resonated with the audience as he pointed to the need for deeper engagement with people in supply chains, especially within complex, global networks.
Prof. Sourav Mukherjee reinforced the dangerous side of unchecked corporate growth. “Top-line growth without social responsibility is dangerous,” he warned, emphasizing the emotional drivers of fear and greed that often cause sustainability to take a backseat in boardrooms.
“You cannot run a successful business in a failing society”: Nitin Paranjpe, Non-Executive Chairman, HUL
Day 2 of the International Sustainability Conference 2025 asserts non-negotiable stake of ESG in business strategy
25 April, 2025, Bengaluru: Nitin Paranjpe, Non-Executive Chairman of Hindustan Unilever Limited, took into reference his 37-year tenure at HUL as he delivered the keynote address on Day 2 of the International Sustainability Conference 2025: Advancing the Global Sustainability Narrative. The three-day summit was jointly organized by IIM Bangalore’s Supply Chain Management Centre (SCMC), and Wipro Ltd., under the aegis of P.S. Narayan, Global Head of Sustainability and Social Initiatives, and Managing Trustee, Wipro Foundation, from 24-26 April 2025.
The session on ‘Operationalizing Sustainability: Challenges, lessons and reflections of a practicing manager’, opened with Mr. Nitin’s account of HUL’s business philosophy, that in 2009, was jolted by a pivot toward what was then seen as an ambitious, if not overly idealistic initiative: the Unilever Sustainability Living Plan (USLP). Making the business case for a sustainable approach, he walked an audience of corporate leaders, industry frontrunners, and sustainability advocates on how ESG, often mischaracterized as a derailer, was in fact the driving force behind HUL’s success. Not in spite of its integrated approach, he noted, but because of it.
He pointed to a palpable retreat in global commitments to sustainability, saying, “Governments and corporates have pulled back on their larger sustainability beliefs, populist leaders have turned the other way, even those positively predisposed to sustainability have cooled off”. The reasons for this, he said, are varied and complex. “Many, due to high levels of initial investment, such as the $4–5.5 trillion needed to hit net-zero targets, despite belief and optimism, have pushed climate emergency into the ‘too hard to solve’ box,” he noted.
Next, he believes that the manner in which the narrative has evolved has contributed to the challenge that we see today. “Climate evangelists, and those angered and disenchanted by climate change, have used a doomsday approach, with alarming statistics and the inevitable nature of the problem, to position the crisis. This feels very out of touch with the lived reality of the hundreds of millions whose defining crisis is to put food on the table that very day”, he added. The narrative, he said, alienates rather than carries the most vulnerable sectors of society along, doesn’t account for the ‘Social’ in ESG but only the ‘Environmental’, and eliminates the very fact that we are not only solving for the future but also for the present.
While on the sustainability bandwagon, institutional frameworks, too, came under scrutiny. GDP, Mr. Nitin said, only accounts for capital and labor productivity, but 40% of the natural capital that has been depleted has gone completely unmeasured. “It is key to not only look at aggregate growth through GDP, but at the texture and quality of that growth”. He added, “Are we looking at whether benefits of growth are available to all? Whether is leading to a decrease in economic disparity?”.
As for what’s needed, Mr. Paranjpe urged practical recalibration. “Rather than being wedded to the idea, it would be beneficial for businesses to understand that “sustainability” is no one’s core need”, he alerted. “How to make my product sustainable' is the wrong question to ask. ‘How can sustainability reduce the cost or improve performance of my product?’— ask yourself because that is when you can scale sustainability”.
He also spoke of India’s exciting role with aspiring goals, referring to Viksit Bharat 2047. However, to have a chance of delivering on it, he said sustained and inclusive growth is essential. The nation is buoyed by strong tailwinds: India’s investment efforts in digital and physical infrastructure, which have helped the country leapfrog, catapult, and catch up as a young nation. Yet at the same time, headwinds like a high Demographic Dividend, which stands as a demographic burden until we create approximately 9 million jobs to materialize the benefits of DD, remain, he noted.
On a concluding note, he said, “We need leaders who buy into the imperative and stay the course for 100% of the challenges. Remember that you cannot run a successful business in a failing society”.
Plenary Session- The ‘Social’ of ESG – Putting People at the Centre: The Promise vs. the Reality
As part of the plenary session on ‘The ‘Social’ of ESG – Putting People at the Centre: The Promise vs. the Reality’, experts discussed how, as the triple bottom-line framework has evolved, whether termed as People, Planet, Profit, Economy, Equity, Environment, or more recently as Environment, Social, and Governance (ESG), the central premise remains that people are the most important stakeholders for a company’s success.
The panel, moderated by Prof. Vasanthi Srinivasan, OB&HRM area, featured Arshiya Bose, Founder and CEO, Black Baza Coffee Co.; Ms. Sonvi Khanna, Lead – Social Impact, Dasra;, Shankar Venkateswaran, Managing Partner & Co-founder, ECube;, and Prof. Sourav Mukherji, OB&HRM area, Dean, Alumni Relations and Development, IIMB.
Arshiya Bose shared her insights into small-holder coffee farmers, who are often reduced to mere suppliers in global supply chains. These farmers, she emphasized, are knowledge holders who play an essential role in ecological balance. "Bees can increase coffee yield by 30%—more than pesticides ever could,” she said, challenging current sustainability practices.
Sonvi Khanna brought attention to the challenges of inclusion and representation within corporate systems. Her work on the Social Compact initiative exposed the invisibility of blue-collar workers in design feedback loops. “The challenge isn't money, but rather the effort to build systems that are intentional, transparent, and fair,” she explained.
Shankar Venkateswaran discussed the pressing need for companies to embed human rights, DEI (Diversity, Equity, Inclusion), and stakeholder engagement into their core strategies. "Sustainability,” he said, “is a long-term investment, not a short-term fix.” His call to action resonated with the audience as he pointed to the need for deeper engagement with people in supply chains, especially within complex, global networks.
Prof. Sourav Mukherjee reinforced the dangerous side of unchecked corporate growth. “Top-line growth without social responsibility is dangerous,” he warned, emphasizing the emotional drivers of fear and greed that often cause sustainability to take a backseat in boardrooms.