Transition to Sustainability in India is highlighted in PwC India’s report ‘Navigating India’s Transition to Sustainability,’ which examines the sustainability efforts of top companies
About the Report:
- The report titled ‘Navigating India’s Transition to Sustainability’ analyzes how companies are adapting to the Business Responsibility and Sustainability Reporting (BRSR) disclosures mandated by the Securities and Exchange Board of India (SEBI).
- It focuses on the transition of Indian businesses towards sustainability reporting, emphasizing the significance of ESG (environmental, social, and governance) considerations.
- The analysis covers the BRSR reports of the top 100 companies for the financial year ended 31 March 2023.
- India’s transition to BRSR Core is highlighted as a significant move towards a more credible and transparent sustainability reporting landscape.
- The business sector is seen as a critical enabler in achieving India’s net zero vision by 2070.
Key Findings:
- 55 out of 100 companies (Nifty 50 companies and NEXT 50 direct-listed companies) disclosed their Scope 3 data for FY23, despite being a voluntary disclosure in the BRSR.
- 51% of India’s top 100 listed companies also disclosed their Scope 3 data for FY23.
- 34% of companies have increased their energy consumption from renewable sources, while 49% have increased this consumption.
- 44% of the companies conducted life-cycle assessments of their products or services.
- 89% disclosed information on leadership indicators.
- 49% of companies have increased their Scope 1 (direct) emissions and Scope 2 (indirect) emissions in recent years.
- Key initiatives leading to emission reduction include transitioning to energy-efficient technologies such as LEDs, adopting efficient air-conditioning, ventilation, and heating systems, shifting to renewable sources for energy needs, purchasing carbon offsets, and entering into off-site power purchase agreements.
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