Over Half of India’s Top Listed Companies Begin Voluntary Carbon Emissions Disclosure: PwC Survey

New Delhi, Apr 22 (KNN) In a significant development, more than half of India's top-100 listed companies have voluntarily begun disclosing their carbon emissions, showcasing a growing commitment to sustainability, according to a PwC India survey.

The survey revealed that 51 per cent of these leading corporations have started reporting their carbon footprint, even though such disclosures are not yet mandated. Notably, 31 per cent have already set ambitious targets to achieve net-zero emissions.

This corporate action aligns with India's national goal of reaching net-zero emissions by 2070. The government's rollout of new Environmental, Social, and Governance (ESG) regulations has catalysed businesses to prioritise sustainability.

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

“51 per cent of India's top-100 companies (by market capitalisation) disclosed their crucial Scope 3 emissions data for FY23, despite it being voluntary under BRSR,” highlighted the PwC report 'Navigating India's Transition to Sustainability'.

This voluntary disclosure underscores Indian businesses’ heightened awareness of the necessity to comprehensively understand their carbon footprints on the journey to net-zero.

Sambitosh Mohapatra, Partner & ESG Leader at PwC India, stated, “With BRSR becoming mandatory, ESG has become a strategic boardroom priority. This testifies to the enhanced awareness of sustainability's importance for responsible business practices.”

The BRSR framework has ushered in greater transparency, enabling stakeholders to assess companies’ environmental and societal impacts, make informed decisions through an ESG lens, and track progress over time. Beyond emissions reporting, the survey found that 44 per cent of the top-100 companies conducted life-cycle assessments of their products and services. Moreover, 89 per cent reported on leadership indicators, while 49 per cent increased their renewable energy consumption.

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

The report scrutinised the publicly available BRSR reports submitted by India's top 100 listed companies, comprising the Nifty 50 and the NEXT 50 largest firms. It evaluated these leading corporations’ compliance with the regulatory mandate of mandatory sustainability reporting under the BRSR framework for the financial year concluding on March 31, 2023.

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As India strives towards its 2070 net-zero vision, the business sector's role is pivotal. The nation's embrace of comprehensive sustainability reporting through BRSR positions it as a global exemplar in this crucial endeavour.

(KNN Bureau)