ESG Update

Friends, this is a biweekly newsletter on ESG India and global updates, adding with my brief perspective of the news and events, is something I'm starting. This is my attempt to compile everything that is going on in this area. As ESG is a collaborative process, I value your contributions, viewpoints, and advice as we work to improve this communication every time.

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1.??????Bi -Weekly Report Review - "Getting India to Net Zero” According to the report, an investment $10 trillion would be needed for India Net Zero for the original target year of 2070 and $13.5 trillion if the Net Zero aim is to be reached by 2050.

a.??????The report released by Rudd, along with the president of Asia Society Policy Institute, former UN Secretary-General, and Global Green Growth Institute President & Chair Ban Ki-moon, International Finance Corporation’s Head and Director of Climate Business, Vivek Pathak, and former Indian foreign secretary Shyam Saran.

b.??????India’s Nationally Determined Contribution (NDC) targets set in 2015 are expected to be met early within the next three years with present policies, says the research.

c.??????There would be more advantages if India achieved net zero by 2050, increasing its GDP by up to 7.3% and adding 20 million new jobs by 2032. Getting India, China, and Indonesia to Net Zero is the goal of the independent commission

?About new jobs, it’s also interesting to read - ESG: companies scout for top ESG talent to drive sustainability plans - The Economic Times (indiatimes.com)

2.??????Journey to Net-Zero - While I apprehensive that India's Net Zero Target of 2070 would be challenging to accomplish, I am relieved to have been proven wrong during the past two weeks. The announcement of Net Zero Plans for 2047 by GAIL by 2040 for emission types 1 and 2 and IOC pleases me. Indian Railways said in July 2022 that hydrogen-powered trains would be introduced by December 2023. The more ambitious goal for Indian Railways is to achieve net-zero carbon emissions by 2030. This appears to be the tip of the iceberg, and we can only hope that larger PSUs and corporations make more announcements and take similar actions. This will help us get closer to the 2070 goal.

3.??????Diversity Update - We received positive diversity news. Nearly all campuses had 20% female students in the 2021–22 batch, four years after the IITs implemented the supernumerary female quota. 2,990 girls have confirmed admissions at the top universities, which is over three times the number of women there were in 2017 (995), the year before the female quota was established. However, the institutes won't stop here. IIT Delhi strives to achieve a 50:50 split.

4.??????India Regulatory ESG Reporting - Accounting and enterprise software providers have noticed an increase in demand for their Environmental, Social, and Governance-related (ESG) offerings since the Securities and Exchange Board of India (Sebi) mandated sustainability reporting for top listed organizations. Business responsibility and sustainability reporting (BRSR) will be required starting in 2022–2023 for the top 1,000 listed corporations by market capitalization, according to the capital markets regulator.

a.??????The previous Business Responsibility Reporting (BRR) disclosures were more qualitative, but the new Business Responsibility Reporting (BRSR) emphasizes quantifiable metrics and has 300 data points in all areas, including safety-related incidents, e-waste, and recycling of bio-waste. This makes it possible to measure and compare businesses and industry sectors.

b.??????All forward-thinking firms are including sustainability as a third dimension to achieving economic success, including the green line—a assessment of the environmental efforts performed by organizations—as well as the top line and bottom line. This calls for businesses to be transparent about their efforts to lessen their overall carbon footprint, right down to the level of their individual goods and services.