Over 50% of India's leading companies disclose carbon emissions: Report
In a stride toward India's net-zero emissions goal by 2070, a recent PwC India survey revealed that over half of the country's top 100 companies, are voluntarily reporting carbon emissions. The study also found that nearly one-third of these firms have set their own net-zero targets. Interestingly, "51% of India's top 100 listed companies by market capitalization disclosed their Scope 3 data for FY23 despite it being a voluntary disclosure in Business Responsibility and Sustainability Reporting (BRSR)," the report said.
Regulatory push for transparent sustainability reporting
The Indian government and regulators have announced new regulations related to environmental, social, and governance (ESG) aspects. India's transition to BRSR Core, positions the nation as a global leader in the transition toward more transparent sustainability reporting. Sambitosh Mohapatra, Partner & Leader, ESG, PwC India, stated, "With the BRSR becoming a mandatory report for businesses, ESG considerations have become key strategic priorities in boardroom discussions."
Companies adopting measures to reduce carbon footprint
The survey discovered that 44% of the top 100 listed companies, conducted life-cycle assessments of their products/services. A significant 89% disclosed information on leadership indicators. Moreover, 49% of these companies have increased their use of renewable energy sources. Key strategies for reducing emissions included the adoption of energy-efficient technologies like LEDs, and improved air conditioning, ventilation, and heating systems. Transitioning to renewable energy sources to fulfill energy requirements, and engaging in off-site power purchase agreements are also being done.
