The corporate sector has welcomed the draft Taskforce for Nature-related Financial Disclosures (TNFD) framework, set to become the baseline standard for nature-related risk reporting, but many are sceptical of its meaningful role in addressing the environmental concerns.
Nitesh Mehrotra, Partner-Sustainability & ESG, EY India initiated the discussion by asserting that achieving ESG goals necessitates effective governance involving stakeholders like voters, investors, customers, and employees. “Election agendas in various countries reflect this priority. G20 leadership discussions on climate finance and transitions contributed to comprehending this intricate issue.”
Bose Varghese, Senior Director- ESG, Cyril Amarchand Mangaldas stated “Uncertainty persists about the funding for 2030 and 2050 net-zero targets. We support the Biofuel Alliance's 20% blending commitment and prioritize resilience and urban infrastructure. Despite emerging themes, we'll maintain our responsible differentiation stance. COP expectations may be lower than earlier conferences regarding substantial results.”
Chhavi Lal, Principal, Perkins Eastman, Mumbai, commented “The UN has evolved from global advocacy to influencing corporate and private sectors. ESG's development from charity to key business impact mirrors this evolution. Global frameworks' unification and events like COP's 1.5-degree talks increases awareness in fields like sustainable cooling. Recent decades have seen significant progress in aligning businesses with global frameworks.”
Dr. Mala Singh, Board Of Director, USA, Executive Director – India, ESG & Carbon Services & Founder & CMD, PEC Greening India Group, added “India leads G20 in merging diverse views for global partnerships. The focus is on biofuels, Global South aims, and COP25/26 NDCs. Current progress and upcoming strategies ensure steady growth. Key players support grassroots objectives, emphasizing inclusivity, skill development, and stakeholder knowledge. Measuring results and robust governance are essential for tracking success.”
Addressing the importance of the G20 Summit and India’s capacity for adaptation, Dr. Pradeep Panigrahi, Head-Corporate Sustainability, Larsen & Tourbo, said, “The G20 summit generated anticipation for ESG discussions. The Resource Efficiency Forum amplified awareness and dialogue, setting the stage for COP28 in Dubai to unite leaders in climate action and address financial concerns in developing nations. India has showcased adaptability during COVID via global standards and exemplary practices.”
Sharing her opinion on the Sustainable Development Goals (SDGs), Dr. Sunita Purushottam, Head – Sustainability, Mahindra Lifespace Developers Ltd. said, “SDGs promote sustainable practices for all. With India's resilience, it's crucial to address ESG effects, focus on regenerative cities, and anticipate COP28's emphasis on finance, tech transfer, and climate collaboration.”
SUSTAINABLE PRACTICE FOR ALL
Many companies are still in the early stages of integrating biodiversity-related considerations into their business and operations frameworks. And as Nitesh Mehrotra added, “India's values can guide the global south with ESG, human capital, and supply chain focus. Indian companies show 12% gender diversity, trailing China's 60%. Addressing social issues can improve India's sustainability.”
Bose Varghese added, “Human rights concerns in corporate value chains and a fair wage holds importance globally. India strives for gender equality, women's economic participation, and fighting discrimination to achieve growth. Addressing social issues is vital for a just shift locally and worldwide.”
Approaching the subject from an alternate angle, Chhavi Lal expressed, "India must tackle corporate responsibility in education and upskilling for effective ESG implementation. This goes beyond board reporting and needs a wider approach."
Dr. Sunita Purushottam emphasized individual ESG practice and corporate-provided education and collaborations with innovative local initiatives. “Currently, small startups lead in technological progress, including waste management, sorting, and data integration. Large corporations can gain insights by collaborating with these smaller entities.”
Dr. Mala Singh agreed “To achieve large-scale production with a focus on speed and size, corporate support is essential and advantageous for climate-tech start-ups."
Referring to specific instances, Pradeep Panigrahi stated “Despite overseeing 600 ongoing projects in 50 countries, we aim for a 10% diversity ratio by 2026. We've already increased from 6% to 8.3% in two years. Our dedication is evident in our hiring process, with 30% of our graduate trainees being female and an annual intake of about 5,000 to 6,000 individuals. We prioritize hiring women in remote areas, overcoming barriers to boost female leadership in eco-friendly construction and promote diversity."
BUSINESS CASE FOR ECO-FRIENDLY SOLUTIONS
Discussing the growing need to develop greener campuses, Dr. Pradeep Panigrahi said “Many clients are increasingly interested in eco-friendly solutions. This presents a notable business prospect. The growing customer consciousness in this realm is promising.”
Nitesh Mehrotra added “As sustainability gains traction, truly green businesses thrive. However, value creation data and transparency pose challenges. Net zero is crucial and complex, but India aims to achieve Net Zero emission by 2070, despite obstacles. Companies must evaluate net zero's viability and impact.”
Bose Varghese expressed “Pursuing the Paris Agreement, nations aim for net zero by 2050. Companies need to align with national goals while remaining globally competitive by achieving net zero before deadlines. Harmonizing global trends and national objectives is key to gaining an edge for industries.”
Chhavi Lal concurred “As a tropical nation, net-zero is achievable through our mild climate and low heating/cooling requirements. Net-zero involves energy, water, land, biodiversity, and ecosystems for comprehensive sustainability. Revamping cities like Mumbai, Delhi, and Gurgaon benefits businesses. Adopting green practices across developments is essential."
Dr. Sunita Purushottam added “Tropical regions demand reconsideration of conventional construction with glass and concrete. Emphasizing sustainable methods like CRD, blue-green infrastructure, and policy shifts is vital for net-zero buildings and enhanced well-being.”
Dr. Mala Singh concluded, “By 2070, India aims to lower carbon intensity, increase renewable capacity to 500 GW, reduce emissions, and focus on sustainable methods. Proper governance and regional roadmaps are vital for success. In addition, private sector can play a major role."
MANY CLIENTS ARE INCREASINGLY INTERESTED IN ECO-FRIENDLY SOLUTIONS. THE GROWING CUSTOMER CONSCIOUSNESS IN THIS REALM IS PROMISING - DR. PRADEEP PANIGRAHI
COMPANIES NEED TO ALIGN WITH NATIONAL GOALS WHILE REMAINING GLOBALLY COMPETITIVE. HARMONIZING GLOBAL TRENDS AND NATIONAL OBJECTIVES IS KEY TO GAINING AN EDGE FOR INDUSTRIES- BOSE VARGHESE
EMPHASIZING SUSTAINABLE METHODS LIKE CRD, BLUE-GREEN INFRASTRUCTURE, AND POLICY SHIFTS IS VITAL FOR NET-ZERO BUILDINGS AND ENHANCED WELL-BEING- DR. SUNITA PURUSHOTTAM
WITH A "GREEN INDIA" APPROACH, ESG MODELS BOOST CORPORATE PARTICIPATION AND HAVE POSITIVE EFFECTS. MEASURING RESULTS AND ROBUST GOVERNANCE ARE ESSENTIAL FOR TRACKING SUCCESS - DR. MALA SINGH
AS A TROPICAL NATION, NET-ZERO IS ACHIEVABLE THROUGH OUR MILD CLIMATE AND LOW HEATING/COOLING REQUIREMENTS -CHHAVI LAL
SUSTAINABILITY'S ROOTS GO BEYOND TNFD, ENHANCED BY ANCESTRAL WISDOM. INDIA'S VALUES CAN GUIDE THE WORLD WITH ESG, HUMAN CAPITAL, AND SUPPLY CHAIN FOCUS- NITESH MEHROTRA
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