IIT Goa Focuses on ESG with New Workshop
IIT Goa Focuses on ESG with New Workshop
The Ministry of Environment, Forest and Climate Change, in collaboration with the Mission LiFE Cell of IIT Goa, has hosted a technical workshop for two days, aimed to enhance the capacity of businesses and public sector organizations in ESG practice and sustainability. The workshop, under the title "Environmental Regulations -- Facilitating ESG & Sustainability for Businesses," will take place from October 4-5, 2024. Industry collaborations in this workshop come from EcoEx and a media partnership with the Outlook Group.
There are key stakeholders from various sectors-the private sector, Central Public Sector Enterprises (CPSEs), and state government organizations-which this initiative brings together. Focus in the workshop This is to arm the participants with the latest developments in environmental regulations, Extended Producer Responsibility (EPR), ESG frameworks, and the adoption of Business Responsibility and Sustainability Reporting (BRSR).
There has been an increased number of environmental regulations and sustainability frameworks in India lately. The aim is for the country to be in alignment with the international climate commitments while also aligning with a wide range of sustainable practices across industries. This workshop aims at clarifying the evolving frameworks and regulations so that businesses can assimilate them well and end up in compliance.
The key areas of discussion as covered in the workshop include:
Environmental Regulations: The session will be more about the new regulation of the environment of India and understanding how business can align themselves to this type of regulation to minimize ecological impact with a minimum of penalty but remaining compliant with national and international standards.
Extended Producer Responsibility: Concomitant to the drive of the government on promoting the implementation of circular economy principles, EPR considers the post-consumer life cycle management responsibilities of producers over their products. In this workshop, businesses and companies, such as packaging and electronics, will be guided on how they have a role to play in dealing with waste, recycling, and sustainable processes in producing products.
ESG Frameworks The workshop is designed to enable businesses to conform to ESG frameworks which assess how companies impact the environment and society, plus governance structures to manage those impacts. Today, considerations under ESG have become an integral part of investment and corporate strategy in various places around the world, with companies increasingly required to disclose their sustainability metrics.
Business Responsibility and Sustainability Reporting (BRSR): The BRSR framework is essential for companies to report ESG and sustainability-related initiatives transparently. Mandated by SEBI, listed companies have been required to report on key areas of the business concerning resource utilization, supply chain management, and CSR activities.
India's Climate Commitments and Global Context
Being held in this context of growing India's role in the global agenda for climate action, the workshop is in line with India's increasing participation in the global agenda for climate action. The UN Climate Change Conference at COP26 held in Glasgow in 2021 saw India's Prime Minister Narendra Modi not only committing to his government's "Panchamrit" vision—a five-fold strategy to tackle climate change. The key targets include achieving 500 GW of non-fossil fuel energy capacity, meeting 50% of energy requirements from renewable resources, reducing carbon emissions by 1 billion tonnes, and cutting the carbon intensity of the economy by 45% by 2030. For its part, the country is looking forward to achieving net zero by 2070.
Moreover, India introduced the "Mission LiFE" (Lifestyle for Environment) in October 2022, a global movement toward sustainable lifestyles. The mission seeks to rally all citizens and organizations to embrace responsible behaviors that will help fight climate change. The Mission LiFE Cell at IIT Goa has been instrumental in promoting sustainable businesses through capacity building events such as this.
Importance of ESG and BRSR for Businesses
Investor pressure, regulators, and consumers alike are all becoming increasingly tight nooses on businesses to embrace sustainable practices that fit international standards regarding sustainability. ESG reporting- a definitive metric of great importance in securing foreign investments as it focuses on long-term value creation-is now finding its way into business plans put forth by companies from various industries-classed as manufacturing, technology, and finance.
BRSR is mandatorily applicable for the top 1,000 listed companies in India. A structured framework for reporting on environmental, social, and governance initiatives undertaken by the organization, bringing transparency and accountability in conserving the environment, ensuring better social good, and good corporate governance.
It is designed to improve the business capabilities around BRSR reporting so that they can strengthen their sustainability initiatives, reduce their carbon footprint, and add to the climate action targets for India. The event brings about collaborations between the business community, public sector enterprises, and other international experts so that they can share best practices, promote sustainable business models, and set a bar for what can be achieved by means of BRSR reporting.
Learning and Sharing at Global Levels
The technical workshop also aspires to exchange the best practice from India with other countries, like France and Taiwan. Participants will share knowledge and experiences about ESG implementation, sustainability reporting, and management of supply chain emissions. This will give participants a global outlook in terms of the issues involved and opportunities for applying sustainable business practices.
By making ESG performance a cause of concern for companies with global supply chains, international investors are now focusing on the environmental aspects in doing business. Compliance with environmental regulations and sustainable practices opens up an opportunity for businesses to become resilient in the long run. In this context, the best option for enabling Indian businesses would be a workshop with suitable tools and knowledge that adapt to these growing demands.
Conclusion
The technical workshop organized by the MoEFCC and IIT Goa signifies the commitment of India to enhance ESG practices and sustainability in business. The event will demystify environmental regulations, ESG frameworks, and sustainability reporting to empower businesses to play a role in India's climate goals while building a sustainable future. The participation of industry and media partners such as EcoEx and the Outlook Group gives a sense of the wide collaboration needed in dealing with environmental challenges efficiently. As businesses across India increasingly take up efforts to reduce their carbon footprint, workshops such as this are integral to building capacity and a culture of responsible business practices.
Source:
This article has derived information from sources like the Ministry of Environment, Forest and Climate Change (MoEFCC) and the Mission LiFE Cell of IIT Goa.