EMBRACING ESG

Environment Social Governance is the new buzzword in the corporate world. And the hospitality industry is not far behind. Hotelier India unravels how the Indian hospitality industry is walking the ESG path...

- VINODINI RAO

Green living, recycling, waste management have been the buzzwords in the hospitality industry for some time now. More and more hotels are making sure they're doing their bit to protect the environment and reduce carbon footprint. 

But now, a relatively new buzzword has made inroads. And this one goes beyond just the environment. It's called ESG Environment, Social and Governance.

Environmental, Social and good Governance is the umbrella term for sustainable activities in an economy. An economy where success will no longer be measured by profits alone. But by non-financial factors like how an organization creates an impact on Environmental factors such as carbon footprint, water usage, waste management, air pollution etc: Social factors like diversity, human rights, safety at workplace, employee well-being; and corporate Governing factors such as shareholders rights, transparency, audits, and ethical business practices.

While experts believe that ESG in India is still in its infancy, the buzz about it is certainly strong. Firstly, COVID 19 has led corporates to increase their emphasis on employee wellbeing, mitigating natural calamities, and managing partners/ stakeholders in times of uncertainty.

Secondly, PM Narendra Modi's commitment at the United Nations Climate Change Conference in 2021 to achieve net zero emissions (cutting greenhouse gas emissions to as close to zero) by 2070, has pushed big corporates to start putting in place a robust ESG plan.

While corporate India is taking significant strides on the ESG path, the hospitality industry is not far behind. Hotelier India speaks to market leaders and brand builders to understand more about how the industry is embracing ESG, where they are on the ESG map and how far they still have to go...

ON THE ESG MISSION