Procter & Gamble (P&G) India has announced that it has set up a ₹200-crore ‘Environmental Sustainability Fund,’ to collaborate with external partners, offering environmentally sustainable business solutions.
P&G also launched the second edition of ‘P&G vGrow External Business Partner Summit.’ vGrow is P&G’s platform to identify and collaborate with businesses and individuals offering industry-leading solutions.
The announcement is in line with P&G’s global sustainability goals ‘Ambition 2030’, aimed at creating a positive impact on the environment and society.
The two-day summit on November 28-29 offers a platform to potential partners like start-ups, small businesses, individuals and large organisations offering innovative industry-leading solutions to pitch to P&G’s leadership team.
This year, the summit is focused on identifying and implementing step-changing environmentally sustainable solutions like packaging innovations, renewable sources of energy and reducing carbon footprint. The ‘Environmental Sustainability Fund’ comes in addition to the ongoing ‘Innovation Sourcing Fund’ launched last year.
Madhusudan Gopalan, MD & CEO, P&G Indian Subcontinent, said, “Environmental sustainability is a key pillar of our citizenship efforts, and embedded in our business strategy. We know that solving the biggest challenges requires collaboration that enables people, planet and businesses to thrive. We are delighted to set up the ‘Environmental Sustainability Fund’ to collaborate with external partners in India, that are offering cutting-edge environmentally sustainable solutions in line with our strategy.”
Gopalan added, “India is a priority market for the company and continues to be at the forefront of innovation. Last year we announced the ‘Innovation Sourcing Fund’ through which we have already invested more than ₹200 crore on implementing innovative solutions in collaboration with external partners from across India. Building on this, we are confident that this year, through ‘vGrow’ we will be able to identify and implement transformational sustainable solutions from partners across India that will lead to a positive impact on the environment while creating value for the company, partners and consumers.”
Over the last year, P&G received 1000+ applications from start-ups, small businesses, university incubation centres and large organisations. The company has already invested more than ₹200 crore in collaborating with organisations offering innovative solutions like agile supply chain solutions, raw material innovations, superior brand and marketing solutions for consumers, innovation on packaging, productivity ideas etc.