Companies ramp up ESG reporting and embrace sustainability initiatives – Republic World

Office buildings | Image: Pixabay

ESG reporting: In a move towards sustainability, 51 percent of India’s 100 largest listed companies have voluntarily started disclosing their carbon emissions, according to a study by PwC India. Additionally, around 31 percent of these companies have announced their net-zero targets, in line with the Indian government’s goal of achieving net-zero emissions by 2070.

The research highlighted the impact of new ESG (environmental, social and governance) regulations introduced by government and regulators. India’s adoption of the Business Responsibility and Sustainability Reporting (BRSR) Core framework positions India as a leader in advancing a more transparent and credible sustainability reporting landscape globally.

“51 percent of India’s top 100 listed companies by market capitalization disclosed their Scope 3 data for FY23, despite this being a voluntary disclosure in Business Responsibility and Sustainability Reporting (BRSR),” said the report ‘Navigating India’s Transition to Sustainability.’

With the BRSR becoming mandatory, ESG considerations have become key strategic priorities in boardroom discussions, reflecting greater awareness of the importance of sustainability, said Sambitosh Mohapatra, Partner & Leader, ESG, PwC India.

The survey also found that 44 percent of the 100 largest publicly traded companies conducted life cycle assessments of their products or services, while 89 percent disclosed information on leadership indicators. In addition, 49 percent increased their energy consumption from renewable sources.

Indian companies have taken several initiatives to reduce emissions, including transitioning to energy-efficient technologies, adopting renewable energy sources, purchasing carbon offsets and entering into third-party power purchase agreements.

As India aims to achieve net-zero emissions by 2070, the corporate sector’s proactive measures are expected to play a crucial role in realizing this ambitious goal, positioning India as a frontrunner in the global sustainability landscape.

(with PTI inputs)