CORPORATE SUSTAINABILITY
Collaborative partnerships
Kapila Jayawardena
True sustainability for Sri Lankan organisations extends beyond compliance with regulatory requirements or the achievement of short-term financial goals, Kapila Jayawardena maintains.
He says it necessitates a holistic approach that integrates economic, environmental and social dimensions, to ensure long-term viability and a positive impact on all stakeholders.
“Economic sustainability is about keeping a company financially strong while ensuring everyone benefits from growth. Environmental sustainability is about being smart with resources and preserving our planet,” he explains.
Jayawardena adds that social sustainability emphasises employee wellbeing and development, as well as active community engagement and development. He emphasises that governance and ethical practices play a crucial role, requiring transparent and accountable principles along with ethical business conduct.
This comprehensive approach ensures that sustainability is deeply embedded in an organisation’s core values and operations, which in turn will drive long-term success and stakeholder trust.
RESILIENCE Adopting resilient business models such as digital transformation, remote work options and diversified supply chains is crucial to organisational success.
Jayawardena also believes that enhancing social responsibility is essential, involving increased support for employee wellbeing, investing in local communities and prioritising ethical practices. Additionally, he asserts that strengthening environmental practices should be a priority, which focusses on energy efficiency, waste reduction and sustainable sourcing.
“Collaborating for impact through partnerships with government, NGOs and other stakeholders is vital, in order to address broader societal challenges and promote sustainable development goals,” he stresses.
And he emphasises that transparency and governance can be achieved by maintaining transparency in reporting, adhering to ethical standards and reinforcing corporate governance, all of which are essential to build trust and resilience.
TRANSFORMATION As for modernisation, Jayawardena notes that businesses can innovate in areas such as resource efficiency, renewable energy adoption, circular economy models, sustainable products, supply chain innovations and digital transformation.
By focussing on these innovative practices, he reiterates that businesses can ensure sustainability while staying ahead in a competitive market.
DEVELOPMENT Collaborations and partnerships are vital for achieving Sustainable Development Goals (SDGs) and for several other reasons.
“They enable resource sharing and synergies, enabling organisations to leverage each other’s strengths and maximise impact. Access to innovation and technology through partnerships fosters new solutions and advancements,” he elaborates.
Collaborations also enhance scalability and reach, paving a path for initiatives to grow and benefit a wider audience. He views capacity building as another critical benefit, as partners can share their knowledge and skills, strengthening each other’s capabilities.
Additionally, partnerships enhance credibility and trust, attracting more support from stakeholders and amplifying collective efforts towards achieving SDGs.
INTEGRATION Embedding sustainability in corporate strategy involves several key initiatives – for example, implementing robust sustainability reporting frameworks and fostering inclusive dialogues with stakeholders.
“Companies aim for carbon neutrality by investing in renewable energy, improving energy efficiency and offsetting emissions, while also adopting circular economy principles to minimise waste and promote recycling,” he adds.
Jayawardena says that organisations must invest in local communities through education, healthcare and infrastructure projects, enhancing their quality of life and economic opportunities. He cites the importance of internal measures, urging companies to promote a culture of wellbeing, diversity and inclusion.
On a separate note, he explains that leveraging digital technologies such as AI and blockchain enhances sustainability efforts, optimising resources and ensuring supply chain transparency.
And at the board level, Jayawardena believes that dedicated committees must oversee sustainability progress and accountability.
“Strategies are developed to mitigate climate change impacts, ensuring business resilience and continuity. Companies must play a role in setting industry-wide sustainability standards. Collaborative partnerships with businesses, NGOs, academia and government bodies drive collective action towards achieving sustainability goals,” he concludes.
