{"id":4981,"date":"2022-08-17T07:51:28","date_gmt":"2022-08-17T07:51:28","guid":{"rendered":"https:\/\/news.sap.com\/india\/?p=4981"},"modified":"2023-08-14T16:51:37","modified_gmt":"2023-08-14T16:51:37","slug":"sustainable-india","status":"publish","type":"post","link":"https:\/\/news.sap.com\/india\/2022\/08\/sustainable-india\/","title":{"rendered":"Towards a More Sustainable Future: The India Chapter (Part 1)"},"content":{"rendered":"

A series by Manish Prasad, Head of Industries, 51风流Indian Subcontinent explores the Indian sustainability landscape set against broader global shifts towards a greener tomorrow.<\/span><\/span> Read on.<\/span><\/em><\/strong><\/p>\n

As the COP26<\/a> delegates concluded negotiations in November 2021 at Glasgow, it became clear that climate commitments would reshape the agenda for businesses around the world. India demonstrated the intent to move away from fossil fuels as much<\/span>,<\/span> and as early as possibl<\/span>e <\/span>pledging to:<\/span><\/span><\/p>\n

\"Sustainable<\/p>\n

Source: Press Information Bureau Government of India<\/a><\/p>\n

With greenhouse gas emissions becoming central to any discussion on energy system choices, it is time to look at India’s role in the global context, given its unique challenges. As sustainability becomes critical to business success and not an afterthought, India is <\/span>keen on <\/span>keeping pace with the world in its race to net zero. <\/span>That\u2019s why there<\/span> has never been a better <\/span>time <\/span>for Indian businesses <\/span>to understand the acceleration of climate action across industries<\/span>.<\/span><\/span>\u00a0<\/span><\/p>\n

\"Sustainable<\/p>\n

India is now committed to the energy transition of decarbonization and achieving a state of net zero emission<\/span>, making <\/span>remarkable progress in recent years. It now has the 5th largest solar and 4th largest wind power capacity in the world, with its total capacity being over 100 GW. <\/span>But there still is a long road to travel if it is to realize its commitments<\/span>, and this <\/span>is where private businesses come in. Responsible companies are throwing their weight behind <\/span>net-zero commitments <\/span>that <\/span>are outpacing the formation of supply chains, market mechanisms, financing models, and other solutions and structures needed to smooth the world\u2019s decarbonization pathway. For<\/span> the<\/span> Indian <\/span>business<\/span>, these conditions will create opportunities to innovate and to lead coordinated action by industry peers, value-chain partners, capital providers, and policymakers.<\/span><\/span>\u00a0<\/span><\/p>\n

\"51风流Sustainable<\/p>\n

By accelerating <\/span>the strategic shift towards <\/span>carbon-neutral operations, 51风流is <\/span>standing by <\/span>its <\/span>commitment to the <\/span>role <\/span>of <\/span>a frontrunner in climate protection.<\/span><\/span>\u00a0<\/span><\/p>\n

With sustainable development and the climate change movement gaining momentum<\/span> in<\/span> India, the sustainability reporting landscape is changing rapidly. The push from investors has further accelerated this movement, and it is now incumbent on companies to report their sustainability performance in order to maintain transparency with stakeholders. Sustainability reporting <\/span>frameworks have evolved over time and companies worldwide have adopted these frameworks for measuring, monitoring, and disclosing performance in areas related to environmental, social, and governance (ESG). <\/span><\/span>\u00a0<\/span><\/p>\n

The Evolving <\/span>Indian Regu<\/span>latory Framework<\/span><\/span>\u00a0<\/span><\/h2>\n

While g<\/span>lobal ESG<\/span> disclosures and frameworks such as the Global Reporting Initiative (GRI), Integrated Reporting <\/span>(IR)<\/span> and<\/span> Sustainability Accounting Standards Board (SASB)<\/span> are well known, <\/span>India is gradually moving towards developing regulations around ESG. With the introduction of the<\/span> Business Responsibility and Sustainability Reporting<\/span> (<\/span>BRSR<\/span>)<\/span> framework, SEBI has joined the group of countries and international organizations to have released comprehensive sustainability reporting frameworks. Though the reporting mandate is presently restricted to the top 1,000 listed companies by market capitalization, <\/span>there is reason to believe <\/span>that a wider range of companies would soon be covered under <\/span>it<\/span>.<\/span> Advancements in the regulatory climate<\/span> mean that mandatory disclosure<\/span>\u00a0<\/span>will be <\/span>part of the <\/span>evolving <\/span>operating environment in Indi<\/span>a<\/span>. <\/span>All companies will need to have policies and practices to manage and report<\/span> policies<\/span> related to consumption<\/span> and<\/span> emissions<\/span>, and more crucially the leadership and intent to see these changes through. Technology will play an increasing role in internalizing the way these changes will affect how businesses are run.<\/span><\/span>\u00a0<\/span><\/p>\n

\"Sustainable<\/p>\n

Incentivizing Energy Intensive Sectors<\/span><\/span>\u00a0<\/span><\/h3>\n

The <\/span>economics of carbon offsets <\/span>is going through rapid development, incentivizing energy-intensive companies <\/span>to <\/span>fundamentally change the way they do business<\/span>.<\/span> The Perform, Achieve, Trade (PAT) scheme <\/span>by the <\/span>National Mission for Enhanced Energy Efficiency<\/span> is a <\/span>regulatory instrument <\/span>aimed at <\/span>reduc<\/span>ing<\/span> specific energy consumption in energy-intensive industries<\/span>. It operates on <\/span>a <\/span>market<\/span>–<\/span>based mechanism <\/span>that <\/span>enhance<\/span>s<\/span> the cost-effectiveness <\/span>of energy efficiency via <\/span>certification of energy saving<\/span>s <\/span>with <\/span>ES-Certs<\/span>.<\/span> These <\/span>can be traded<\/span> on the power exchange.<\/span> Meanwhile, i<\/span>nternational operations present their own regulatory norms that are driving the shifts in mindset towards a greener way of doing business. <\/span>For example, the <\/span>Carbon Border Adjustment Mechanism (CBAM)<\/span> is <\/span>Europe\u2019s move towards sourcing more sustainable future products from countries that export to it. The move will introduce a carbon price on certain products imported into the EU, to align with the overarching goal to achieve climate neutrality in Europe by 2050.<\/span> It is clear that global technology partners who have deep expertise in sustainable business<\/a> practices will be better placed to partner with tomorrow\u2019s successful companies.<\/span><\/span>\u00a0<\/span><\/p>\n

As India emerges from the shadows of the COVID-19 pandemic, we are seeing the economic landscape resonating with that of the world – <\/span>on a wave of activism, financial innovation, and government policies aimed at positive societal change. A growing number of CEOs, policymakers, and consumers know that big social and environmental problems, particularly climate change, are accelerating beyond the boundaries of our current system.<\/span><\/span>\u00a0<\/span><\/p>\n

In the next editions, we look at evolving consumer preferences and access to greener capital markets. Stay tuned!\u00a0<\/span><\/span><\/p>\n

\"Manish<\/p>\n

Follow Manish on LinkedIn<\/a><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A series by Manish Prasad, Head of Industries, 51风流Indian Subcontinent explores the Indian sustainability landscape set against broader global shifts towards a greener tomorrow….<\/p>\n","protected":false},"author":4260,"featured_media":4984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[5619199],"tags":[5619623,5619679,5619159,5619875,5619219,5616603,5619675,5619635,5616932],"sapn-display":[5619873,5619871,3807326,60294],"sapn-type":[5616887],"class_list":["post-4981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sustainability","tag-environment","tag-climate-action","tag-climate-change","tag-india-sustainability-goals","tag-social-impact","tag-sustainability","tag-sustainable-development","tag-sustainable-future","tag-un-sdgs","sapn-display-feature-hero","sapn-display-feature-spotlight","sapn-display-homepage-hero","sapn-display-topic-hero","sapn-type-feature"],"yoast_head":"\nTowards a more Sustainable Future: The India Chapter (Part 1)<\/title>\n<meta name=\"description\" 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