More than half of India’s top-ranked companies begin voluntary disclosure of carbon emissions: PwC survey

New Delhi, April 22 (KNN) According to a study by PwC India, more than half of India’s 100 largest listed companies have started voluntarily disclosing their carbon emissions. This is an important development.

The survey found that 51 percent of these leading companies have started reporting their carbon footprint, even though such disclosure is not yet mandatory. Strikingly, 31 percent have already set ambitious goals to achieve net-zero emissions.

This corporate action is in line with India’s national goal of achieving net-zero emissions by 2070. The government’s rollout of new environmental, social and governance (ESG) regulations has pushed companies to prioritize sustainability.

India’s adoption of the Business Responsibility and Sustainability Reporting (BRSR) framework positions the country as a leader in driving transparent and credible sustainability reporting globally.

“51 percent of India’s top 100 companies (measured by market capitalization) have disclosed their critical Scope 3 emissions data for FY23, despite this being voluntary under the BRSR,” the PwC report ‘Navigating India’s Transition to Sustainability’ highlights.

This voluntary disclosure underlines Indian companies’ increased awareness of the need to fully understand their carbon footprint on the path to net-zero.

Sambitosh Mohapatra, Partner & ESG Leader at PwC India, said: “With BRSR becoming mandatory, ESG has become a strategic priority in the boardroom. This testifies to the increased awareness of the importance of sustainability for responsible business.”

The BRSR framework has led to greater transparency, allowing stakeholders to assess companies’ environmental and social impacts, make informed decisions through an ESG lens, and track progress over time. In addition to reporting on emissions, the survey found that 44 percent of the top 100 companies conducted life cycle assessments of their products and services. Additionally, 89 percent reported on leadership indicators, while 49 percent increased their renewable energy consumption.

Key initiatives that reduce emissions include adopting energy-efficient technologies, transitioning to renewable energy sources, purchasing carbon offsets and entering into renewable energy purchase agreements.

The report examined the publicly available BRSR reports filed by India’s 100 largest listed companies, including the Nifty 50 and NEXT 50 largest companies. It assessed these leading companies’ compliance with the regulatory mandate of mandatory sustainability reporting under the BRSR framework for the financial year ending March 31, 2023.

For more information, please visit: Report

As India strives to achieve its net-zero vision by 2070, the role of business is critical. The country’s embrace of comprehensive sustainability reporting through BRSR positions the country as a global example in this crucial endeavor.

(KNN agency)