India offers ESG opportunities in energy, water, emissions
23 March 2023 15:15
The Bangalore, India-based consultancy GBI Global Business Inroads surveyed Indian executives to see where gaps related to Environmental, Social, and Governance (ESG) practices in markets persisted and therefore where businesses might potentially make better decisions to adopt those practices.“
An easy shortcut way to fulfill one's compliance is the purchase of carbon credits from voluntary carbon markets,” the authors wrote in the study released February 28. “But a more practical and sustainable way would be to make internal changes to one's operation to bring about a more impactful and meaningful change. This can be brought about by adopting innovative technologies.”
GBI found that almost half of the Indian executives surveyed saw great opportunities for innovation in water and waste management. A third believed Artificial Intelligence (AI) and blockchain-related solutions would help fulfill ESG goals in the country. Sixteen percent cited smart developments that featured energy efficiency as a way to hit those goals.
Around 30 percent of the respondents said Indian markets need more technology providers who can bring innovative technology to bear on sustainable business practices. Almost a quarter thought financing in India was a major barrier to companies adopting more green technologies.
The authors noted that many Indian firms don’t see ESG-related costs as liabilities. Rather, they increasingly believe some of these costs are investments that grow and strengthen their businesses.
“By embracing technology innovation that encourages process efficiency and reduced waste, organizations can reduce carbon emissions and energy expenditure, which means improved ESG ratings, better brand image, and reduced cost of poor quality,” the survey said. jd