The interface and/or overlap of ESG criteria across the different functions in a business is increasingly becoming more defined and goal-oriented. The realisation that robust ESG management is critical to business sustainability has settled in, and ESG is now integral to business continuity. There are no two ways around the fact that ESG information is “material” from an economic perspective. It is a profound philosophical leap.
The outright shift from shareholder capitalism to stakeholder capitalism has been the primary reason for this paradigm shift. Long-term sustainability, business benefits arising out of value creation for the larger stakeholder groups instead of just shareholders and aligning business objectives with global sustainable development themes are some of the prominent trends we see today.
The ESG concept goes beyond stakeholder centricity as well. Corporate entities—whether large or small—are substantially ready to invest in the ESG ecosystem, which essentially helps in futureproofing business. The ESG concept is clearly facilitating in building a resilient strategy for long-term business sustenance. This intrinsic motivation eventually addresses stakeholders’ needs and, more importantly, the need of a company.
The regulatory environment is also a strong facilitator, and one can see its influence in the Indian market with the Business Responsibility and Sustainability Reporting (BRSR) structure introduced by the Securities and Exchange Board of India. Considering the sustainability and climate challenges across the world, the entire focus has not only been on doing business more responsibly but also on demonstrating it through its impact.
この記事は Outlook Business の July 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Outlook Business の July 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
From Chandni Chowk to Global Recognition
For Manish Aggarwal, director at Bikano, Bikanervala Foods, the family business was not just a responsibility but a passion he took to the global stage
Spotting AI Scams
Al has become an integral part of our lives, from customer service no insurance claims. But it is also becoming a tool for fraudsters who use it to scam individuals and corporations
Let a Hundred Flowers Bloom
On the banks of the Ganges in industrial Kanpur, a start-up has blossomed that turns waste flowers into incense
BATTERY LOW
India produces enough green energy to power many of its largest cities yet lacks the storage to use it efficiently. A nation blazing forward must leap ahead in battery technology to stay on course
We Have Everything Going for Rajasthan
Rajyavardhan Singh Rathore, Rajasthan’s industry and commerce minister, tells Pushpita Dey why the state is suited to become a hub for investments.
Dairy and Other Dilemmas
India’s refusal to open its dairy market has complicated trade negotiations for years. As global partners demand concessions, is the cost of protectionism outweighing benefits?
Riding in a Maze
As gig workers ride into an uncertain future with little more than a smartphone and a bike, the government is struggling to arrange a socialsafety net. But millions without social security is recipe for disaster
BIRLA'S BIGGEST BATTLE
As Kumar Mangalam Birla completes 30 years at the helm of the Aditya Birla Group, he has a battle to defend his businesses and conquer new ones
THE INNOVATION LEAP
India dreams of becoming a product nation. But unless the corporate sector significantly increases spending on R&D, the country will continue to lag behind global peers
EDUCATION BUDGET MUST DOUBLE EVERY 3 YEARS
Veezhinathan Kamakoti, a renowned academic and director of Indian Institute of Technology Madras, tells Deepsekhar Choudhury on what technology sovereignty means for India and how it can propel the country towards its vision of becoming a developed nation by 2047.
