Private sector leaders brainstormed on how to build greener cities even as they push their bottom lines, during the Fourth World Urban Forum in Nanjing, China from November 03 – 06.
The private sector leaders committed to corporate responsibility discussed and examined ways of improving living conditions and achieving harmonious cities. They sought ways to ensure responsible business practices for sustainable urbanization and the core principles that could underpin it.
They also discussed affordable technologies and business models that could work for the urban poor at the bottom of the economic pyramid, so that cities and towns are safer, more equitable, harmonious – and better for business.
The session further discussed how better planned and managed cities were a prerequisite for private sector development. The new climate change paradigm has triggered a new focus on innovating technologies and other ways to do business that will lead to the usage of less resources and higher outputs, with less emission.
This requires pushing the current market systems towards the creation of wealth at optimally sustainable points through socially and environmentally responsible business. In the light of climate change, a new framework is needed that will regulate and foster growth by improving the bottom line through business practices that will sustain profitability and environment, as well as society in the entire urban fabric.
This new paradigm also demands a new way of doing business that will also harness the strengths of partnerships and collaborations for further investments in research and development of greener technologies.
The business people agreed that while there are no quick-fix solutions in the market place, the effort to find the optimal point should be encouraged. By collaborating with the urban poor, developing the market chain at the bottom of the pyramid, innovative business models, affordable and flexible technologies, the private sector is bound to gain from lessons of optimal business productivity, commercial revitalization and enhanced social and ecological consciousness.