Reliance Industries Limited has released its Business Responsibility and Sustainability Report for FY 2023-24. The report discusses the commitment of the company toward business practices that are sustainable, transparent, and ethical in behavior, which is well aligned with NGRBC and SEBI listing obligations and disclosure requirements. The current document is an offshoot of the commitment that RIL has taken upon itself to strike a balance between economic growth, social responsibility, and protection of the environment.
The BRSR reflects a comprehensive approach by RIL to matters of sustainability that revolve around governance and environmental business impacts. It is framed on the nine principles of NGRBC, which are predetermined by the various facets of responsible business conduct.
Governance and Ethics
RIL has been at pains to demonstrate that its business practice is rooted in integrity, transparency, and accountability. The company has also put in place an effective governance structure that adheres to internationally accepted norms to ensure that at the working level, good ethical practices are firmly ingrained. The report goes on to discuss the anti-corruption, anti-bribery, whistleblower, and several other policies followed by the company, and this establishes that RIL is not just paying lip service to uphold the most ethical behavior but is genuinely committed to it.
Environmental Responsibility
A significant portion of the BRSR relates to RIL’s environmental efforts. The company has been proactive about minimizing its ecological footprint, focusing on reducing carbon emissions, managing water resources, and encouraging efficient energy use. In this regard, RIL has established very ambitious targets to attain net-zero operational emissions by 2035 and build 100 GW of renewable energy by 2030. The report will go ahead to discuss a few of the efforts focusing on waste management and the promotion of a circular economy at RIL, underscoring the company’s commitment to sustainable industrial practices.
Social Impact and Employee Well-Being
The social responsibility attributed to the RIL is that of adoption towards inclusive growth and enhancement of welfare to its employees and the community where it operates. The report narrates several such moves toward wider diversity and inclusion within the company, giving equal opportunities to differently-abled employees and gender diversity at all levels. In addition, RIL has also continued to invest in education, health, and livelihood enhancement programs.
Risk Management and Innovation
The BRSR also recounts a story of the risks of climate change and the company’s strategy to mitigate them. RIL has embraced such advanced technologies, which assist the company in enhancing operational efficiency and at the same time reduce its ecological footprint. The company’s innovation and technology strategies have been oriented towards promoting sustainable development without losing competitive strength in a rapidly changing global marketplace.
Conclusion
The RIL BRSR 2023-24 encapsulates the sustainability efforts and business practices of the company quite well. As a company, we will continue to benchmark in the industry towards improving our sustainability and governance through the conduct of responsible business, which creates value in the long term for our stakeholders and is beneficial to society and the environment.
Source: BRSR
Credit: Reliance Industries Limited