1972 is earmarked as the turning point of how organizations have perceived environmental politics, through the United Nations Conference on the Human Environment. It led to the adaption of the Montreal Protocol (1987) that restricted the use of chemicals depleting the ozone layer, the creation of IPCC (Intergovernmental Panel on Climate Change) in 1988 as an assessing body followed by the Rio Earth Summit (1992) where governments were invited to sign the convention on climate change. Thus, begins the journey of COP1 in 1995 which laid out the groundwork for the Kyoto Protocol (1997) as the first GHG emission reduction treaty. The Marrakesh Accords are then adopted at COP7 detailing the implementation details associated with funding, frameworks, and planning strategies supporting climate change resulting in the Kyoto Protocol coming into force in 2005. Every consecutive COP amendment has then focused on accelerating efforts to curb climate change across various timelines with the Paris Agreement (2015) finally terminating as the first-ever universally, legally bound global deal that enters into force from 4th November 2016.
COP26 (1-13th Nov 2021), marked as the longest COP Conference on record, agreed to target the sought-after Climate Neutrality goal. PM Modi presented the “panchamrit” at Glasgow COP26 World Leaders Summit defining the goals India is expected to address. First, India will bring its non-fossil energy capacity to 500 GW by 2030. Second, by 2030, India will fulfill 50 per cent of its energy requirement through renewable energy. Third, India will cut down its net projected carbon emission by 1 billion tons from now until 2030. Fourth, by 2030 India will bring down the carbon intensity of its economy by more than 45 per cent. Fifth, by 2070 India will achieve the target of net-zero.
Taking a cue from the panchamrit codes as committed by PM Modi, for an organization ESG data becomes the checkpoint that assists them towards achieving environmental, social and governance consciousness in business. While the paths leading to it are numerous, the incorporation of SDG’s and SBTi’s will be prioritized to ensure sustainable action. Designating SEBI-certified disclosure obligations for business transparency takes the front seat of the future action plan. The Environmental, Social and Governance aspects divide the business responsibilities into achievable targets that wishes to address.
- Aims to curb environmental impact by increasing the use of locally sourced materials thus minimizing haul distances that would considerably reduce carbon emissions.
- Further compensation through the use of carbon offsets traded as part of commercial schemes would considerably lead to conscious energy consumption.
- Replacing fossil fuels with green fuel sources such as wind and solar energy and green hydrogen. It also aims to include greener hybrid technologies associated with lesser emissions and hence pollution.
- Water management is of utmost importance edging us towards harvesting, recycling and protection of surrounding ecological resources and disposal only after proper treatment.
- Imbibing net-zero discharge limits the consumption of water resources and replenishes watersheds to create ecological balance.
- Reduction in waste production by enhancing re-use of materials and building for longevity is another aspect that will be addressing through our waste management strategies.
- A key part that will be developing as part of the same strategy is segregation at the source of waste and selective treatment of hazardous and non-hazardous wastes, recycling to ensure source reduction.
- Waste to energy conversion is an important fact that will be implementing. We perceive this as an opportunity to involve the circular economy model as an all-encompassing focal point of the environmental action plan.
- Socio capital development and responsible investment remain important aspects
- Covid19 has revealed to us the importance of prioritizing health and safety of the corporate staff. Keeping in mind the pandemic lens work from home has been arranged to ensure the same.
- Creating an inclusive work environment that takes into consideration the opinions and voices of every member through feedback forums to ensure transparent work ethics.
- Respecting labour laws and standardized work hours for the adoption of proper work-life balance.
- The board governance strategies will require similar reflections promoting equal representation of voice from all backgrounds including gender equality, LGBTQ diversity and physically disabled groups.
- Shared management responsibility across stakeholders as a central point focusing on employment and external engagement.
- Enforcing long term strategies rather than short tern profit thereby extracting more sustainable capital, investments and returns.
Keeping in mind that the real estate score is the least, aims to improve ESG performance through enhanced scores and ratings. The real estate score is the least. The road map is deemed to encompass all aspects of ESG holistically in order to benefit the organization and those involved with its proceedings.