Open Access Research Article
NAVIGATING INDIA’S CLIMATE COMMITMENTS: ESG DISCLOSURES IN THE LAST DECADE AND NET ZERO EMISSIONS BY 2070
Published Paper
Article Details
NAVIGATING
INDIA’S CLIMATE COMMITMENTS: ESG DISCLOSURES IN THE LAST DECADE AND NET ZERO EMISSIONS BY 2070
AUTHORED BY - PRAGATHI.S
Abstract
India’s
bold press release at COP 28 marked a step ahead toward achieving carbon
neutrality by 2070. India achieved 40% of its installed electric capacity
through non-fossil fuel sources and an additional 100 GW of electric capacity,
with 80% being from non-fossil fuel sources. With this established, a point of
significance is that there is a high positive correlation between ESG
(Environmental, Social, and Governance) disclosure, the financial performance
of companies, and their contribution to the economy. A higher rank of ESG compliance
on a global scale would contribute to increasing climate finance. This would
aid in steering India's mission towards net-zero emissions. This paper aims to
comprehensively analyze some of India's most prominent companies complying with
ESG disclosures for the past several years. The analysis would aid in observing
some of the barriers that industries still face, opening up sectoral and
regulatory challenges that can ultimately be utilised towards better
policymaking, considering India's goal. It is a doctrinal study coupled with
thematic and textual analyses that attempt to observe some of the changing
factors in ESG over a more extended period, thereby providing a more accurate
representation of the current corporate governance status. The results of this
study have highlighted the lacunae concerning ESG disclosures. Firstly, the
government must develop incentive-based schemes for more businesses to comply
with ESG disclosures. Further, companies consistently score less in the “E”
component of ESG disclosures due to increased focus on social governance and
other compliance requirements, thereby emphasising on the importance of
stringent regulations and lastly, SEBI’s mandate for ESG disclosures needs to
be broadened to cover a more extensive set of organizations, specifically in
the consumer sector. The paper concludes by suggesting specific reforms that
policymakers can consider to overcome the barriers, including bringing in
sectoral regulations, formulating different indices for ESG ranking and opening
up further research in the same area.
Keywords: ESG Disclosures, Net-Zero,
Companies, Analysis, Regulatory Reforms, Policy Making
Introduction
ESG, also
known as Environmental, Social, and Governance, is a metric based on which all
corporate companies are evaluated to determine the extent of their
contributions towards all societal stakeholders, including sustainable
development and corporate governance.[1]
One of the ways in which sustainability can be evaluated is to see the extent
of the contribution made by companies towards net-zero
emissions, which refers to the balance between the amount of greenhouse gas
emissions produced and the amount removed from the atmosphere.
The
international business arena is undergoing a transformative change toward
sustainable development and ethical corporate behavior, exemplified by a
growing focus on Environmental, Social, and Governance (ESG) factors. Firms are
increasingly prioritizing incorporating ESG considerations into their business
strategies, aiming to align their operations with sustainable development
objectives and address environmental and social risks. In the Indian context,
there is a noteworthy emphasis on pursuing sustainable growth and achieving
net-zero targets, prompting a thorough investigation into the interconnected
dynamics among ESG practices, firm performance, and the efficacy of
governmental initiatives.
The
research aims to investigate the ESG (Environmental, Social, and Governance)
compliance of the private sector in India over the past decade. The study also
seeks to identify barriers and challenges industries face in adhering to ESG
standards, emphasizing the need for government incentives to encourage more
businesses to comply. Furthermore, it aims to address the observed lacunae in
ESG disclosures, particularly the need for enhanced regulations in the
environmental aspect ("E" component), broader coverage by SEBI's
mandate, and specific reforms to overcome these challenges and promote
sustainable corporate governance in line with India's goal of achieving carbon
neutrality by 2070.
With the
objective established, the following questions would be addressed as a result
of the study, which are as follows: -
1.
How has the private sector in India performed in terms
of ESG disclosures and sustainability commitments over the last decade?
2.
Where have these companies failed to take more robust
initiatives concerning net-zero emissions?
3.
What are the current loopholes in the regulatory
mechanisms and how can policymaking be improved given India’s net-zero
objective?
Scope and Methodology
The scope of this paper delves into sustainability in India,
looking at how companies put ESG practices into action and what their effects
are. It considers unique challenges, opportunities, and rules in India. It also
explores efforts to achieve sustainable development and net-zero emissions,
uncovering pathways, roadblocks, and chances for environmental progress and
climate change mitigation. Additionally, it examines corporate governance and
social responsibility programs, seeing how they affect sustainable growth and
stakeholder involvement. Finally, it analyses the research methods used,
comparing the strengths and weaknesses of different approaches like data
analysis, literature reviews, and case studies. Critiquing identified gaps and
limitations in current research, including data collection hurdles, calls for
more comprehensive ways to improve regulatory mechanisms and policy making.
Since the current paper is a doctrinal study, it is crucial to
identify the methodologies adopted across various data sources that have been
utilised. The research methodologies commonly adopted across the papers
include:
1. Quantitative Analysis: Many papers utilize quantitative analysis to assess ESG scores, firm
performance, and other relevant metrics. This involves using statistical
methods and data analysis to draw conclusions about the relationships between
ESG factors and various performance indicators.
2. Literature Review and Case
Studies: Some papers incorporate literature
reviews and case studies to comprehensively understand ESG, net-zero emissions,
and sustainable development. These methodologies involve analysing existing
research and real-world cases to draw insights and conclusions.
This paper being a doctrinal study,
utilises all papers, case studies and reports which have followed the
methodology mentioned above in order to arrive at a critical response that
delves into the ESG performance of the private sector and it focuses on thematic and textual analysis.
However, the scope of this paper does highlight that quantitative
analysis may be limited by the availability and quality of data, especially
when dealing with ESG metrics and firm-specific performance indicators.
Inaccurate or incomplete data can impact the reliability of the analysis.
Literature reviews and case studies may be susceptible to bias and
generalization as they rely on existing research and specific cases, which may
not fully represent the diversity of ESG practices and challenges across
different industries and regions.
Existing Framework
Firstly,
dissecting the evolving landscape of ESG in India is essential to understand
its impact on businesses and the economy.[2]
Secondly, considering the growing demand in the service sector, providing
insights into ESG integration within service-sector-specific companies has
become imperative. Thirdly, the effectiveness of ESG-related outcomes is a
crucial metric that requires evaluation, lastly, discussing India's strategy
for net-zero emissions and identifying solutions would pave the way for
companies to lead ahead with regard to emissions reduction.[3]
The private sector in India is the foundation for comprehensively understanding
the current ESG Landscape in India and where it would stand regarding net-zero
emissions for future years.[4]
In June 2021,
Reliance Industries pledged to invest Rs. 75,000 crores in clean energy to
achieve net-zero carbon status by 2035. The company planned to set up four
green energy Giga factories on 5000 acres of land in Jamnagar, Gujarat, and
develop partnerships, value chains, and futuristic technologies. In July 2021,
JSW Steel issued sustainability bonds in the overseas market and set a target
to combat carbon emissions by 40 percent by 2030, along with becoming
carbon-neutral at the plant, recycling all solid wastes generated, and
replacing thermal energy with renewable energy to lower carbon footprint.[5]
Current Action Plans
Further, it is also worthwhile to lay
out the significant initiatives that companies have taken in India to reduce
carbon emissions to comply with net-zero targets in furtherance of an NSE
Report. These initiatives reveal the current situation of corporate governance
and sustainability in India. They are as follows:
1. Increase in Use of Renewable Energy: - Companies have
taken steps to increase the use of energy from renewable sources. This includes
adopting clean energy and utilizing renewable energy technologies to reduce
reliance on traditional fossil fuels, thereby lowering carbon emissions.
2. Science-Based Targets Initiative (SBTi): - Ten companies
have signed up for the Science-Based Targets Initiative (SBTi). This initiative
involves setting emissions reduction targets in line with the goals of the
Paris Agreement, aiming to limit global warming to well below 2 degrees
Celsius. By committing to SBTi, companies demonstrate their dedication to
reducing carbon emissions in a scientifically rigorous manner.
3. Carbon Neutrality and Afforestation: - Some companies
have achieved the status of being 'carbon positive' and have implemented
initiatives to become carbon neutral. This achievement is realized through a
combination of energy efficiency measures, increased use of renewable energy,
and afforestation programs. Planting trees to absorb residual carbon emissions
is a crucial strategy these companies employ to offset their carbon footprint.
4. Reduction in Transportation and Travel Emissions: - Companies have
implemented measures to reduce transportation-related emissions. This includes
reducing transportation frequency, optimizing logistics processes, and
utilizing larger, more efficient vehicles to minimize carbon emissions.
Additionally, efforts to decrease employee travel frequency through the use of
video communication platforms contribute to lowering overall travel-related
emissions.
5. Adoption of Carbon Pricing: - Some companies
have incorporated carbon pricing to assess projects before implementation. By
factoring in the cost of carbon emissions into project evaluations, companies
can incentivize low-carbon investments and initiatives, thereby reducing
emissions.
6. Compliance with Paris Agreement Targets: - The report
highlights India's Nationally Determined Contributions (NDCs) under the Paris
Agreement, which include specific targets for reducing emissions intensity,
increasing non-fossil fuel energy capacity, and creating additional carbon
sinks through forest and tree cover. Companies are encouraged to align their
emissions reduction efforts with these national targets to contribute to India's
climate action goals.
ESG Disparities
Jonkoping International Business
School studied the ESG performance of the top 20 companies in India. The top 5
companies with the highest ESG scores are- Infosys Ltd, Bharti Airtel Ltd,
Mahindra & Mahindra Ltd, Tata Consultancy Services Ltd, and Dr. Reddy's
Laboratories Ltd. This study, conducted in 2023, offers another interesting
perspective. Surprisingly, Adani Ports has scored the lowest of 62 while the
top 5 companies have scored above 75. This again highlights the metrics'
inconsistencies in arriving at a particular score.[6]
Regarding the
relationship between ESG performance and firm financial performance, while some
studies suggest a positive correlation between ESG practices and financial
outcomes, others argue that the impact may vary across different industries and
over time. Further, the role of government effectiveness in moderating the
impact of ESG controversies on firm performance has sparked debate. Some
researchers argue that effective government policies and regulations can
mitigate the adverse effects of ESG controversies. In contrast, others
highlight the need for more empirical evidence from emerging markets like
India.
The India
ESG Report states a need for more significant ESG disclosures and practices
among NIFTY 50 companies in India. The report highlights the wide divergence
between high and low scores within pillars and across sectors, indicating a
need for more symmetry in disclosures of metrics across companies and
industries. The report also emphasizes the need for an Indian rating provider
that can offer consistent, high-quality ratings and address fund manager
queries, aiming to fill that gap in the market. The report notes that the Industrials
and Communication Services sectors have better overall disclosure, leading to
better average scores for pillars in these sectors. The report also addresses
some of the big questions around ESG acceptance and integration, highlighting
the challenges in the practical feasibility of ESG investing. Overall, the
report provides valuable insights into the current state of ESG practices among
NIFTY 50 companies in India and emphasizes the need for greater ESG engagement
and disclosures in the Indian market.[7]
Further, a
crucial point of observation is that these companies have primarily invested in
renewable energy, including solar and wind energy sources. However, to
transition to a more sustainable energy mix to address the challenges of
climate change and meet its net-zero carbon emissions target, there is a need
for a time-bound strategy called “Panchamrit”, which includes specific targets
for non-fossil energy capacity, power-generating capacity from renewable
energy, and reduction of total projected carbon emissions. Additionally, the
importance of developing battery technologies to reduce dependency on oil
imports and the justified demand for climate finance must be considered while
advocating for a democratic approach to involve all stakeholders in the
transition to a sustainable energy mix.[8]
This is
further substantiated by the fact that in a recently conducted data analysis of
1,500 firms, it was found that only 54% of the firms in India made ESG
disclosures as of 2019.[9]
Countries with high SDG scores have better overall country-level
governance and board attributes, positively impacting sustainability
performance. For countries with low SDG scores, political stability shows a
statistically insignificant and negative impact on sustainability performance,
while government effectiveness indicates a statistically insignificant positive
impact.[10]
Most
importantly, a study conducted by the National Stock Exchange on ESG
disclosures for 80 companies in India has revealed certain surprising and
concerning results. The report highlights that more than 80% of companies in
the automobile and metal industries provided three-year data on energy
intensity. However, the least disclosure relating to energy intensity was
observed in consumer goods and other industries. The report notes that nine
companies within the sample had achieved a 'water positive' status. However,
only 44 companies from the sample had disclosed data on water consumption or
usage.[11]
Recent Developments
In an
interesting turn of events, the Indian Railways has renewed its MOU with the
Confederation of Indian Industry (CII) to continue its efforts to achieve
net-zero carbon emissions by 2030. Based on the reports so far, Indian
Railways, being a Public Sector Undertaking, has managed to reduce CO2 emissions
of around 18,000 tons and has saved 22 million kWh of energy.[12]
The statements provided by the Union Minister at COP28 underscore the progress
made so far. Between 2005 and 2019, 33% of GHG emissions intensity was reduced,
11 years ahead of its 2030 target.[13]
Despite these positive developments, Climate Action Tracker (CAT), an
independent body monitoring climate change measures levied by countries across
the globe, has given India a "poor" rating. One factor that has
influenced this rating is the non-specific nature of upgrading NDC in terms of
net zero by 2070, which excludes gas coverage. Further, the pending bill on
net-zero emissions, which has not made any legislative progress, seems to
setback India's commitments in terms of having a solid legal framework.
Moreover, CCS, also known as Carbon Capture and Sequestration Technology, is an
alternative that India plans to take forward despite the criticisms and
disadvantages of using this technology.[14]
Critical Response and Analysis
The
developments outlined are relevant to the study since they reflect the current
perception towards net-zero emission through ESG, especially by Indian
companies. A recent PwC survey, which surveyed a total of 250 businesses, found
that 48% of the respondents have committed to achieving net-zero emissions
targets by 2030.[15]
In an article written by Fortune India, which delved into the current status of
the private sector, there is a growing positive sentiment in the field of
private sector's contributions along with increasing concerns. Reliance
Industries has taken the initiative to set up a bio-gas plant to reduce 2
million tonnes of carbon emissions. Investors' priorities in the upcoming years
are set to be 40% focused on climate change and carbon emissions. Along the exact
parallel, they are set to invest Rs. 75,000 crores in mitigating climate change
and alternative energy sources. While these highlight a positive trajectory in
the upcoming decade, the concerns are also to be noted. India has roughly 5,330
companies; unfortunately, only 35 are signatories to the UN Principles for
Responsible Movement.[16]
Given the background of the review
conducted so far, it is imperative to look into some of the initiatives taken
by Reliance Industries. The company has
implemented various ESG initiatives, including energy and water conservation,
biodiversity conservation, health and safety measures, disaster management,
skill development, and rural infrastructure development. RIL has also
established various committees to assess performance, legal compliance cells,
and CSR policies. The company has constructed plants to reduce greenhouse gas
emissions and converted wastelands into mango orchards.[17]
ESG scores,
while indicating the company's commitment towards a sustainable path, will only
result in fruition if a strong state establishment provides mechanisms to
achieve the same. In a study conducted wherein 200 companies were selected for
the investigation, two outcomes were noted as results:
1. ESG practices have
a statistically significant positive impact on the financial performance of
Indian companies.
2. Governance
practices have the most significant influence on financial performance,
followed by social and environmental factors.[18]
Source: ESG
Index Performance [19]
The graph
presented above represents the research problem accurately. While Policy
Disclosures and Governance scored the highest, 85 and 75, respectively, the
Environment component has the fourth lowest score of 70. This emphasises the
need for stronger incentivised measures to improve ESG scores for companies in
India.
While incentives
are important in improving ESG performance, looking at the regulatory framework
is equally important. The Business Responsibility Reporting (BRR) framework,
mandated by the Securities and Exchange Board of India (SEBI), extends the
mandate to the top 1,000 companies and advises the adoption of Integrated
Reporting by the top 500 companies on a voluntary basis. The BRR requires
companies to disclose their policies across nine principles of business responsibility.
Given the number of disclosures made by companies and their scores, it is
evident that there are better practices than disclosures on a voluntary basis
in terms of regulation.[20]
There is a need to
emphasize the significance of ESG as a key tool for boosting financial
performance and thereby ensuring long-term sustainability. Moreover, companies
need to periodically evaluate their sustainable performance to ensure a
long-run competitive advantage that cannot be undermined and has to be
prioritised simultaneously. This can only be achieved through constant
regulatory checks and balances and increasing SEBI's mandatory compliance
requirements regarding ESG disclosures.
From a public
policy perspective, the following outcomes have been observed throughout the
last several years in terms of India’s status quo, its strengths and
weaknesses. They are as follows:
1. India's adoption of a net-zero target
of 2070 is reasonable and realistic, given its development trajectory and the
need for rapid electrification for development.
2. Green electrification, mainly through
the expansion of solar power capacity, is the centrepiece of India's strategy
for achieving net-zero carbon emissions.
3. Policies outside the energy sector,
such as information technology and transportation, must be part of a strategy
for achieving India's net-zero target.[21]
Suppose India has
to steer faster towards its commitment towards net-zero. In that case,
aggressive policies are required to incentivise the private sector due to the
potential that companies currently have to contribute towards sustainability.
The image below is a graph titled "Figure 1:
Emission pathway under BAU and raising ambition scenarios," which
illustrates India's projected greenhouse gas emissions up to the mid-21st
century. Two scenarios are presented: "BAU" (Business as Usual) and
"Raising Ambition."
In the "BAU"
scenario, emissions increase steadily over time without significant deviation
from current trends. This pathway suggests that if India continues its current
policies and growth without additional measures to reduce emissions, the total
greenhouse gases emitted will reach around 7 GtCO2e (gigatonnes of carbon
dioxide equivalent) by the mid-century. The graph breaks down these emissions
into sectors: electricity, industry, and transport, with electricity being the
largest contributor.
The "Raising
Ambition" scenario shows a different pathway in which India implements
more aggressive policies to mitigate climate change, resulting in a peak and
then a decline in emissions. This pathway indicates a concerted effort to
transition to more sustainable practices. Notably, this scenario has a lower
emission peak. It starts to decline earlier than in the BAU scenario,
reflecting the potential positive impact of increased efforts to reduce
greenhouse gas emissions.[23]
When the policy
perspectives are put in tandem with the critical issues that have come up in
terms of the performance of the private sector and companies, the subsequent
points need to be considered by the government while monitoring and
incentivising ESG disclosures.
1.
Lack of Standardization: One of the
major criticisms of ESG disclosures is the lack of standardization in reporting
metrics and frameworks. This makes it difficult for stakeholders to compare and
evaluate the ESG performance of different companies, leading to inconsistencies
and confusion.[24]
2.
Greenwashing: Another issue that has
come up is the potential for greenwashing, where companies may exaggerate or
misrepresent their ESG performance to improve their reputation or gain a
competitive advantage. This highlights the need for more transparent and
reliable ESG reporting practices.
3.
Limited Focus on Social Factors: Some
studies have found that companies prioritize environmental factors over social
factors in their ESG reporting, leading to a limited focus on issues such as
labour rights, human rights, and community engagement. This raises concerns
about the effectiveness of ESG reporting in promoting sustainable development
and stakeholder engagement.
4.
Limited Impact on Firm Performance:
While some studies suggest a positive correlation between ESG performance and
financial outcomes, others argue that the impact may vary across different
industries and over time. This raises questions about the effectiveness of ESG
practices in driving long-term value creation and stakeholder engagement.[25]
5.
Limited Government Oversight: Despite
recent regulatory reforms and policy initiatives aimed at promoting ESG
practices in India, there are concerns about the limited government oversight
and enforcement mechanisms in place to ensure compliance and accountability.
This highlights the need for stronger regulatory frameworks and incentives to
encourage companies to adopt sustainable practices.
Recommendations and Way Forward
Some recommendations that
would improve the efficiency of ESG monitoring and compliance, which would,
feasibly, in the long run take India closer to its target of achieving net-zero
emissions would be as follows:
1.
To improve upon this, companies can further invest in
advanced renewable energy technologies and explore opportunities for off-grid
renewable energy solutions to enhance their emission reduction efforts.
2.
To improve upon this, these companies can enhance
transparency in their ESG investment strategies, provide detailed ESG
performance reports to investors, and actively engage with companies to
influence their ESG practices through shareholder activism and collaborative
engagements.[26]
3.
To enhance these initiatives, companies can implement
supplier assessment and monitoring mechanisms, establish clear sustainability
criteria for supplier selection, and provide capacity-building support to
suppliers to improve their ESG performance.
4.
In
addition, the importance of transportation in achieving India's net-zero goal,
particularly through the electrification of road and rail transport has to be
looked into. Achieving net-zero targets will require at least 80 percent of
vehicles to be electric rather than using fossil fuels, and a completely new
infrastructure will have to be developed to facilitate this switch, with public
transport and commercial vehicles being obvious points of initial attack.
Battery exchanges and charging stations are two examples of new infrastructure
that can support the electrification of transportation.[27]
5.
The government can establish a comprehensive and
standardized framework for mandatory ESG reporting, outlining specific
environmental that companies are required to disclose. This framework can be
aligned with international standards such as the Global Reporting Initiative
(GRI) or the Task Force on Climate-related Financial Disclosures (TCFD) to
ensure consistency and comparability.
Conclusion
Several companies
in India have initiated projects to integrate renewable energy sources such as
solar and wind power into their operations to reduce carbon emissions. For example,
some companies in the cement industry have launched programs to generate energy
from waste, thereby reducing their reliance on fossil fuels.
Companies
need to make ESG a core part of their brand entity. Moreover, CCS has become
the commonly used technology due to renewable energy sources needing to be cost
effective and hence, advocates for utilising AI in bringing in detailed
disclosure requirements with a diversified and a standardised evaluation
metric.[28]
Financial
institutions such as Axis Mutual Fund, ICICI Prudential, and Aditya Birla Sun
Life have established ESG-integrated investment schemes, incorporating ESG
criteria into their investment decision-making processes. Some companies have
demonstrated a commitment to ESG reporting beyond regulatory mandates. To
further improve, these companies can expand their ESG reporting to include a
broader set of ESG indicators, provide more detailed and quantifiable data on
their environmental and social performance, and align their reporting with
internationally recognized ESG frameworks such as GRI and TCFD to enhance
comparability and transparency.[29]
Companies have
initiated efforts to promote sustainability across their supply chains by
engaging with suppliers to improve environmental and social performance.
Some companies
have undertaken corporate social responsibility (CSR) initiatives, focusing on
community development and social welfare.
Policies outside the energy sector, such as
information technology and transportation, are important components of India's
strategy for achieving its net-zero carbon emissions goal. There is also a need
to develop India's digital infrastructure, which can offer opportunities for
reducing transport usage and improving energy efficiency. Information
technology, particularly AI, can also contribute to installing and maintaining
photovoltaic plants, managing traffic congestion, using smart street lighting,
and meteorological predictions, among other areas.
Implementing a system for independent auditing and verification of ESG
disclosures can enhance the credibility and reliability of reported ESG data.
The government can mandate accredited ESG auditors to ensure the accuracy and
transparency of ESG reporting, thereby mitigating the risk of greenwashing and
misrepresentation.[30]
Strengthening regulatory oversight and enforcement mechanisms can involve the
creation of a dedicated regulatory body or unit responsible for monitoring and
enforcing ESG compliance. This can include conducting regular ESG audits and
investigations and imposing sanctions for non-compliance to ensure adherence to
ESG standards.[31]
To
conclude, India's efforts to mitigate climate change and transition to more
sustainable practices are crucial for achieving its net-zero carbon emissions
goal. The "Raising Ambition" scenario demonstrates the potential
positive impact of increased efforts to reduce greenhouse gas emissions,
emphasizing the importance of aggressive policies and sustainable practices in
various sectors. Moreover, initiatives undertaken by companies, financial
institutions, and the government to integrate renewable energy sources, enhance
ESG investment strategies, promote sustainability across supply chains, and
establish comprehensive ESG reporting frameworks are significant steps towards
creating a more sustainable and responsible business environment.
However, it is
important to address the limitations associated with data availability and
quality in quantitative analysis and potential biases in literature reviews and
case studies to ensure the reliability and accuracy of assessments and
decision-making processes. India's journey towards achieving net-zero carbon
emissions requires continued collaboration, innovation, and commitment across
various sectors, supported by robust policies, transparent reporting, and
effective regulatory oversight.
[1] Amit Kumar Singh & Sheetal Maurya, Analysis of
Historical Trend and Determinants of ESG Index Performance in India, 3
Corporate Governance Insight 2 (2021).
[2] Pitresh Kaushik et al., Evolving ESG Landscape in
India, ICSI (2021).
[3] Mendiratta et al., ESG Controversies and Firm
Performance in India: The Moderating Impact of Government Effectiveness,
Global Business Review (2023).
[4] Sachin
Surve, ESG Report Dolat Capital, (Mar. 10, 2022),
https://images.assettype.com/bloombergquint/2022-03/9d1e5379-2ca3-41d8-9735-2fcd9cdd593e/Dolat_Capital_India_ESG_Report_10_March_2022.pdf.
[5] Redefining the Pathway Towards Sustainable Growth: The ESG
Way, www.icmai.in 4
(2022).
[6] Emma Klint & Lovisa Norel, ESG Score, Stock
Price, Volatility, and Sustainable Strategic Management: A Study With Focus on
20 Indian Companies, Jonkoping University (2023).
[8] Manish Vaid, India Needs to Articulate a Time-Bound
Strategy, 6 Liberal Studies (2021).
[9] Tarun Kumar Soni, Demystifying the Relationship
Between ESG and SDG Performance: Study of Emerging Economies, 20 Investment
Management and Financial Innovations 7 (2023).
[10] Faozi A Almaqtari et al., Country-Level Governance
and Sustainable Development Goals: Implications for Firms’ Sustainability
Performance, SEF (2023).
[11] ESG Analysis on 50 Listed Companies in India, SES and NSE (2020).
[12] Ministry
of Railways. "MoU Signed Between Indian Railways and CII to Promote and
Facilitate Green Initiatives." PIB Press Release, 5 Jan. 2024,
https://www.businessworld.in/article/MoU-Signed-Between-Indian-Railways-And-CII-To-Promote-Green-Initiatives/06-01-2024-504910.
[13] Ministry of
Environment, Forest and Climate Change. "COP 28 NATIONAL STATEMENT by
Union Minister for Environment, Forest and Climate Change Shri Bhupender
Yadav." PIB Delhi, 9 Dec. 2023.
[accessed 2023-12-22].
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1984434.
[14] "India
| Climate Action Tracker. "Net zero targets." https://climateactiontracker.org/countries/india/net-zero-targets/. Accessed [23 Jan
2024]."
[15] Economic Times, Majority of businesses committed to
achieving net-zero emission target: PwC survey, The Economic Times (Jan. 9,
2024), https://economictimes.indiatimes.com/news/company/corporate-trends/majority-of-businesses-committed-to-achieving-net-zero-emission-target-pwc-survey/articleshow/106669542.cms?from=mdr.
[16] Shivani Sharma, Big Firms Pass ESG Test..., (Dec.
6, 2023), https://www.fortuneindia.com/long-reads/big-firms-pass-esg-test/114938.
[17] Dr. Monica Singhania & Dr. Neha Saini, Systems
Approach to Environment, Social and Governance (ESG): Case of Reliance
Industries, 3 Sustainable Operations and Computers (2022).
[18] Dr. Madhu Bal, ESG Practices and Financial
Performance–Empirical Evidences From Indian Companies, 10 Journal of
Research in Business and Management (2022).
[21] Nirvikar Singh, India’s Strategy for Achieving Net
Zero, 15 Energies (2022).
[22] Tarun Gopalakrishnan et al., Pathways for Deep
Decarbonization: Aligning India’s NDC Submission With Its Net-Zero Ambition,
Climate Policy Lab 3 (2022).
[24] Pitresh Kaushik supra note
2 at 6; see also Santi Gopal Maji & Prachi Lohia, Environmental,
Social and Governance (ESG) Performance and Firm Performance in India, 18
Society and Business Review 177 (2023).
[25] Emma Klint, supra note
7 at 4.
[27] Nirvikar Singh, supra note 21.
[28] Shivani Sharma, supra note 16.
[29] Santi Gopal Maji, supra
note 24 at 190.
[30] Leonidas Efthymiou et al., A Study on Sustainability
and ESG in the Service Sector in India: Benefits, Challenges, and Future
Implications, 13 Administrative Sciences 5 (2023).
[31] Faozi A Almaqtari, supra
note 11 at 8.
Article Information
NAVIGATING INDIA’S CLIMATE COMMITMENTS: ESG DISCLOSURES IN THE LAST DECADE AND NET ZERO EMISSIONS BY 2070
Authors: PRAGATHI.S
- Journal IJLRA
- ISSN 2582-6433
- Published 2024/04/18
- Issue 7
About Journal
International Journal for Legal Research and Analysis
- Abbreviation IJLRA
- ISSN 2582-6433
- Access Open Access
- License CC 4.0
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