As India focuses on achieving its net zero emissions target by 2070, the business sector is increasingly recognized as a key player in driving this transformation. According to a survey conducted by PwC India, over half of the top 100 companies in India have begun disclosing their carbon emissions data voluntarily. Additionally, a significant portion of these companies, around 31%, have also shared their ambitions towards achieving net-zero emissions.
The Indian government's push towards net zero emissions has led to the introduction of new regulations related to Environmental, Social, and Governance (ESG) practices for businesses. The Business Responsibility and Sustainability Reporting (BRSR) initiative is seen as a crucial step in positioning India as a frontrunner in transparent sustainability reporting. The shift towards BRSR Core not only enhances the credibility of sustainability reporting but also highlights India's commitment to fostering a more sustainable and responsible business landscape.
The report revealed that 51% of India's top 100 listed companies have voluntarily disclosed their Scope 3 emissions data for the financial year 2023, showcasing a proactive approach towards ESG reporting. This move is significant as Scope 3 emissions play a vital role in understanding a company's journey towards achieving net-zero emissions. With ESG considerations becoming central in boardroom discussions, businesses are increasingly focusing on strategic priorities that align with sustainability and responsible practices. This shift underscores a growing awareness among Indian companies regarding the importance of sustainable business operations.
Moreover, the implementation of the BRSR reporting framework has not only promoted transparency but also provided a comprehensive view of companies' environmental and societal impact. By embracing ESG reporting, businesses can offer stakeholders and investors valuable insights to make informed decisions and track progress over time. The report also highlighted various initiatives adopted by companies to reduce emissions, such as investing in energy-efficient technologies, transitioning to renewable energy sources, and conducting life-cycle assessments of products and services.