Co-presented by CNBC-TV18, leaders, policymakers, and industry experts shared their strategies for inclusive and sustainable growth at the ESG Conclave and Awards 2024, its second edition. The focus on ‘On the Frontlines of Responsibility for Green and Inclusive Growth’ marked significant emphasis on why corporate strategies must align with ESG principles. The conclave emphasized the urgent need for Indian businesses to develop a sustainable and resilient approach that will match the growth aspirations of India through pan-India discussions, debates, and an awards ceremony.
Focus on Inclusive and Sustainable Growth
This conclave truly highlighted the growing importance of ESG factors in business models. As firms are increasingly being nudged by various constituencies—the consumer, the regulator, and the investors—to respond and act sustainably, adoptions along ESG goals turn out to be more than an exercise in compliance. The efforts made here clearly reflected a deep commitment to driving continuous improvement and innovation towards a greener and more inclusive future for India.
The event could not have been more relevant in the context of India’s aggressive goals for sustainable development as well as its roadmap toward Viksit Bharat, or Developed India, by 2047. This long-term vision seeks to position India as a developing economy while ensuring just and equitable growth. This strategy integrates ESG objectives into corporate practices, and the KPMG ESG Conclave was an opportunity to share best practices and success stories of Indian companies that have already made notable headway toward these goals.
Circular Economy Principles: The Future of Corporate Strategy
Trends such as adoption of the principles of circular economy are going to be of paramount importance forward. The core of the circular economy approach involves waste minimization, resource optimization, recycling, and reuse. There will be an increasing dominance of such trends into the future of the Indian corporate strategy. In fact, India’s consumer market is expected to grow to USD 6 trillion by 2030. Therefore, businesses are coming to realize that sustainability forms the panacea of their very survival and long-term resilience and competitiveness.
The practices of the circular economy are being adopted along the value chain, be it from the sourcing to the manufacturing and distribution stages, in search of carbon footprint reduction and thus minimal impact on the environment. Companies implementing these practices enhance their overall sustainability performance while responding to changing consumer preferences that emphasize environmental and social responsibility.
How India is Pursuing Net-Zero Targets
Another critical field that the summit focused on was the progress Indian companies were making toward net-zero emissions. Leading companies in every sector made hard new targets to reduce their carbon footprint, launch environmental-friendly projects, and initiate a change in their business operations that could be more eco-friendly. It marks a growing intent of Indian enterprises toward sustainability from government policy and programs meant to espouse green growth to some extent.
A few firms clearly made significant strides toward net zero. Among many that invested in large-scale renewables, some focused much more heavily on technologies for energy efficiency and developed best practices around a sustainable supply chain. All of these successes were acknowledged at an awards ceremony focused on which firms had achieved the highest standards of excellence in best practices of ESG practices.
Panels: Green Growth and Stakeholder Engagement
Major to this conclave was the series of panel discussions wherein industry experts, government officials, and thought leaders threw up a whole lot of insights and ideas on the way forward for corporate India. Probably one of the critical dilemmas that surfaced from the discussion was the need for businesses to engage with the largest possible number of stakeholders-including customers, employees, investors, and regulators-for successfully implementing ESG strategies.
This panel discussed growing expectations for transparency and accountability in corporate governance as stakeholders increasingly begin to expect commitment by businesses in sustainability and societal responsibility. Companies that truly engage and respond to the needs of stakeholders, report their ESG performance, and involve them in the decision-making processes are more likely to foster trust and gain long-term success.
Green growth was another top theme, which mentioned how businesses will ensure economic development within the ambience of environmental sustainability. Panel discussion focused on how technology and innovation could enable green growth, in particular in the energy, manufacturing, and infrastructure sectors in developing economies. It also highlighted that government support and regulatory frameworks are well-established to facilitate the business development and align it with sustainable practices.
Awards Ceremony: It recognized ESG Excellence
This was followed by a climax of an award ceremony, where the firms and organizations showcased excellence in ESG from various sectors within broad areas. The awards were designed to share the best practices to motivate other companies into the same pathway for sustainability journeys. A range of organizational size and approaches was represented, including from small to large corporations, which identified innovative means of integrating ESG within business models.
The ceremony brought home how much ESG now determines corporate success. Investments and customers increasingly appeal to companies that deliver more on the ESG domain, and attract investment, enhance reputation, and create sustainable value. Winners of KPMG ESG Awards 2024 proved that companies can contribute to a more sustainable and inclusive future and achieve their objectives by embedding ESGs in their operations.
ESG and India’s Future Economic Growth
The KPMG ESG Conclave and Awards 2024 reflected a growing recognition on the part of Indian businesses that ESG is no longer an additional, creeping regulatory requirement but a strategic imperative. As India looks to develop its economy going forward, ESG integration into corporate strategies will be at the heart of how growth becomes sustainable, inclusive, and resilient.
The discussions in the conclave clearly established that shift to sustainability is occurring as companies rethink their entire value chains to create more sustainable business models. In an economy rapidly driven by a consumer market, adoption of ESG principles will therefore ensure that growth takes place in an environmentally and socially responsible manner.
Conclusion
Conclave, to be followed by awards by KPMG ESG, provided the platform for the discourse on India’s future regarding sustainable and inclusive growth in which the objective of focusing on the scope of integrating ESG would clearly emphasize the critical role ESG would play in determining India’s future economic options. It would also focus on corporate achievements and encourage innovative strategies that could usher in sustainable and inclusive growth for India. As more and more firms align their practice with ESG goals, they will contribute to making India more sustainable and inclusive in furtherance of the ambitious development objectives of the country.
Source: KPMG ESG Conclave 2024