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Sustainability reporting has evolved from being a voluntary practice to a crucial component of corporate governance.
It aids in measuring, managing, and communicating an organization’s sustainable performance, considering environmental, social, and economic aspects.
By providing stakeholders with accurate and comprehensive information, sustainability reports foster better decision-making, boost stakeholder engagement, and enhance trust in businesses.
Furthermore, sustainability reporting is a fundamental tool in the pursuit of the United Nations Sustainable Development Goals (SDGs).
By aligning business practices with the SDGs, companies contribute to a more inclusive, equitable, and environmentally conscious world. Reporting on sustainability metrics also helps organizations identify areas for improvement, set targets, and assess their progress over time.
Strides made by India
India has witnessed significant progress in sustainability reporting across various sectors, reflecting a growing commitment to sustainable development. Several factors have contributed to this positive trajectory:
There has been a strong regulatory push from SEBI, which has over the years been enhancing the responsibility of India Inc in expanding its sustainability initiatives, measuring them and disclosing too for the benefit of stakeholders.
Now, the top 1000 listed Cos by market capitalisation have to attach BRSR reports in their balance sheets forming part of the annual reports. These reports require companies to disclose their efforts in adopting environmentally friendly practices, promoting social welfare, and upholding ethical governance standards.
There is also now special focus on ‘BRSR Core’ and even ‘reasonable assurance’ has been mandated on this front for top 150 listed Cos from this fiscal.
As sustainability reporting becomes more widespread, it is likely to drive positive change across industries, ultimately contributing to India’s journey towards a more sustainable and inclusive future. Nevertheless, continuous efforts, innovations, and collaborations between government, businesses, and civil society will be vital to further accelerate progress and address the pressing challenges of sustainability.
In this episode of the State of the Economy podcast, businessline’s K R Srivats and Sanjeev Kumar Singhal, Vice Chairman of the Sustainability Standards Board of India, discuss the sustainability reporting mandates placed by regulators and the progress made by India.
Listen in!
(Host: K R Srivats, Producer: Jayapriyanka J)
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About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.
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