Open Access Research Article
THE DAWN OF ESG INVESTING: DEFINING THE DAYS AHEAD
Published Paper
Article Details
THE DAWN OF
ESG INVESTING: DEFINING THE DAYS AHEAD
AUTHORED BY - SREEMANJAREE SUR
Green financing has become an
integral part of the modern-day strategy to reconcile the conservation of
natural resources with our economic growth. A key element of this strategy is
to effectively manage environmental and social risk, to identify opportunities
that offer a fair return on investment and environmental impact, and to
increase accountability. Although there is no definitive definition of the
terms ‘green’ or ‘green financing’, as defined by UNEP, the aim of green
financing is to increase the concentration of financial resources (from banking
and microcredit to insurance and investment) in the public, private and
non-profit sector towards priorities for sustainable development.
At the
moderate disclosure level, business transparency on ESG information correlates
positively with corporate effectiveness, rather than high or low disclosure.
Governance information disclosure is being complemented by social and
environmental disclosure, which correlate the most positively with company
effectiveness. In a relationship between some ESG practices and Corporate
Financial Performance (CFP) (which includes business effectiveness, ROA, and
market value), it was found that most ESG activities correlate positively with
CFP.[1] COP26 is touted as a milestone in the
envisaged structure for impacting investing that addresses ESG considerations.[2]
(I)
“GREEN”:JUST ANOTHER FANCY
WALL
STREET TERM?
Green finance is a term that is not
widely accepted. It encompasses a broad range of financing options for environmentally
friendly technologies, projects, sectors, and enterprises. In a broad sense,
green finance refers to financial products or services that are designed to
reduce environmental risks and enhance ecological integrity. Green investing
recognizes the importance of the natural capital of the environment and strives
to improve human wellbeing and social equity. "Environmentally Responsible
Investment" and "Climate Change Investment" are associated with
green finance. Thus, it is important to develop a holistic and clear definition
of “green” and it is recommended that the expanse of the definition must
include the following themes:
a. Green finance is providing financial
support to public and private entities to finance green investments (including
pre-development and capital costs), which can be further broken down into
eco-friendly products and services, and activities to reduce, prevent, or compensate
for environmental and climate damage.
b. Green finance is defined as the
financing of public policies (including operating costs) that support the
implementation of projects and initiatives that are designed to reduce
environmental damage or mitigate climate change, such as feed-in tariffs for
renewable energy sources. It also includes financial system components that are
specifically designed to facilitate green investments, including the Green
Climate Fund, as well as financial instruments for such investments (such as
green bonds and structured funds) that are subject to their own legal, economic
and institutional conditions. It is important to note that climate finance is
only one component of this type of finance, which is primarily focused on
adapting to the effects of climate change or reducing or limiting greenhouse
gas emissions.
In order for a project to be
considered “green” or “sustainable”, it must be determined independently by
each stakeholder. Standards have been established by the United Nations and
others to determine the characteristics to look for when assessing Green Finance
projects or companies, including the principles of CERES (Community of European
Regulators for Energy, Energy, Social and Economic Security), which is a set of
standards developed by the World Bank and other organisations. It is the
responsibility of each investor, firm and government to determine which is best
suited to their objectives. As a result, there is a need for a single metric
and standardisation to define what is considered green and sustainable. This
standardisation will eliminate ambiguities across multiple set of requirements
and avoid regulatory gaps that allow for greenwashing.
(II)
SUSTAINABLE FINANCING AND ESG
NEEDS: A DEVELOPING ECOSYSTEM
With a
capacity to pierce a vast volume of mainstream private backing and deflect the
same towards conscious climate action, ESG could have a high impact on the world’s
journey towards climate impartiality. By 2025, ESG means are set to represent further than a third of a$140.5 trillion in
projected total means under operation.[3]
This will
only be achievable if ESG data is made transparent, comparable, and reliable as
part of mainstream corporate accounting and reporting. Policymakers around the
world have launched a regulatory arms race to improve the operation of ESG
markets at the national, regional, and international levels. Finally, laws and
standards will always be vital tools for effectively achieving ESG goals.
Following years of inconsistent ESG reporting, obligatory ESG disclosures and
taxonomies have emerged as top regulatory tools of choice globally. Action must
be taken to create a strong policy framework for soliciting and utilising ESG
contributions, as well as balanced market information dissemination.
Firstly,
policy at all levels must urgently address the problem of “greenwashing” and
the lack of transparent, verifiable and comparable ESG data. Greenwashing both
undermines investor trust and negatively impacts the effectiveness of ESG
investments, thereby slowing down the expansion of ESG markets.[4] A
consultative approach where both scientific and economic realities may converge
must be adopted. Regular impact management studies at regional and national
scale could act as checks and balances against greenwashing.
Secondly,
from a utility perspective, policy must discourage trickle-down of ESG benefits
and focus on direct transfer of ESG investments and benefits to the grassroot
stakeholders for efficient and effective implementation. While this would
require a lofty exercise of accurate reporting, timely auditing and circumnavigating
a plethora of red tapes, decentralizing sustainable finance could also speed up
the growth of ESG investment market while tackling the issue of greenwashing in
the time of lack of structured policy. Growth of the MSME sector, co-operative
societies and self-help groups remain ripe options as vehicles of sustainable
finance and micro finance especially in the Indian context.
Thirdly,
with respect to the role of “sustainability reporting”, twin objectives of
double materiality approach[5] to
collation of ESG data along with ensuring interoperability of the various
sustainability reporting initiatives can be a necessary step to tackle the
problem of market distortions through misinformation. Double materiality
approaches of providing information about the impact of the ESG investments and
considerations on the companies as well as the companies’ impact on environment
and society could ensure the required symmetry information in the ESG market.
This coupled with regulatory interventions and disclosures at national and
regional levels, made interoperable with other jurisdictions, could reduce
transaction costs and complexity for businesses while also improving
transparency.
(III)
GREENWASHING: THE BOON OF
MISINFORMATION
Greenwashing
is a marketing strategy used by businesses to attract patrons who are
environmentally sensitive despite that their goods or services are everything
else. Greenwashing occurs when companies announce themselves as sustainable
while giving inaccurate or deceptive information about their operations. For
ESG, greenwashing has grown to be a major issue. According to studies, a rising
number of ESG finances invest in businesses that fall deficient of ideal
exemplifications of social and environmental responsibility.
The
Economist examined the top 20 ESG funds in the world in 2021 and discovered
that while some of them had holdings in fossil fuel producers, others did so in
oil companies, coal mines, gaming, alcohol, and tobacco companies. By
establishing a new and higher bar for firms to make environmental claims, a
recent wave of laws in Europe seeks to change that. The French Climate and
Resilience Law, scheduled to take effect in 2023, and the planned Unfair
Commercial Practices Directive of the European Union, scheduled to take effect
in 2024–2025, both specifically aim to avoid greenwashing.
RECOMMENDATIONS:
To tackle
the problem of greenwashing, a policy change is required in the regulatory
regime and disclosure mechanisms for corporates to allow for increased
availability of data in the market and also ensure the genuineness of the data,
backed by evidence.
a)
Companies must collect and disclose their own evidence
to back up any environmental claims and that data must be clear, objective and
verifiable;
b)
Sometimes a product's environmental benefits at one
stage of its life may be offset by larger costs in another, such as the need
for more energy to produce the glass. Only if a company discloses the impact of
a product over its full life, from raw materials to disposal, can it claim that
it is sustainable. As a result, proof will frequently need to be gathered from
suppliers at every step of a product's life, including from businesses that
offer recycling and remanufacturing services at the end of the product's
lifespan.
c)
Both the market for sustainable goods and services and
consumer willingness to pay a premium are increasing. This increases the
possibility of deception, as things are misrepresented as sustainable when they
are actually conventional. For many years, hiring auditors to conduct sporadic
factory visits and document checks was the only means for businesses or
regulatory bodies to stop fraud in sustainable products. There is just too much
data to manually evaluate in light of the increased necessity to gather evidence
across the full product lifecycle.
SEBI
GUIDELINES ON BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING BY LISTED
ENTITIES, 2021:
For the
purpose of creating a sustainable business ecosystem that ensures future
resilience, ESG needs to be given more attention, as well as a framework for
ESG reporting needs to be developed. While it is admirable that so many
organisations have chosen to dedicate themselves to ESG efforts recently, so
far their efforts have had a mixed or limited impact. The top 1000 companies in
India by market cap will now be required to submit a mandatory Business
Responsibility and Sustainability Report (BRSR) with their annual reports to
the stock exchanges under the new SEBI regulations on good governance, which
will become mandatory from FY-2023, opening the door for ESG to be formally
adopted as a metric for evaluating company performance on sustainability and
good governance in India. In order to capitalise on the rising demand for
environmentally friendly goods and services, this may also deter the growing
practise of "greenwashing," which involves using marketing techniques
and stories to portray a company, its goods or services, initiatives, or
policies as environmentally friendly when they are not.
SUGGESTED
PRACTICES:-
ESG
rankings can be a useful tool for tracking and assessing a company's
sustainability objectives and operations. Three mechanisms for holding
companies accountable are proposed here:
a.
they should be required to publicly report on their
social and environmental impact using precise, standardised, and
straightforward metrics;
b.
customers, employees, and investors can all hold
companies accountable; and
c.
businesses that are serious about becoming more
inclusive, sustainable, and socially responsible should consider applying for
benefit corporation certification.
(IV)
GREEN FINANCE: INDIA’S TICKET TO
SUSTENANCE
Green
financing has emerged as the most preferred microchannel of this complex
ecosystem of conscious risk-investment balancing. A philosophy towards long
term and continuing sustainable solutions is entangled in the change in
business perspective from a chanced risk-return or a guaranteed
investment-return approach to a targeted risk-investment approach for all. This
has merged the two previously separated domains of finance and climate change
into a paved roadway towards an economically sustainable ecosystem of growth
for the future generations.
Efficient
energy management and socially responsible capital allocation go a longer way
to promote the reputation of the company and harmonize between economy and
climate. However, this field remains riddled with certain limitations[6] of
i) ambiguous definitions of “green” renders the investors confused and works as
a barrier for investments; ii) lack of regulatory framework iii) lack of
awareness and iv) risk of ignoring sustainable development for the sake of
short term economic profit.
STATE OF
GREEN FINANCE IN INDIA[7]:
The
emerging tools of green finance include green banking, green insurance and
green bonds, especially in the Indian and Asian context[8].
I.
Green banking[9] operates
by integration of technological improvements, changing stakeholders’
expectations and operational innovations. The areas covered by green banking
involve encouraging paperless transactions, online banking, green mortgage,
green loans, green credit cards, energy efficient loans and alternative fuel
vehicle and fueling infrastructure loans. This macroeconomic measure is however
riddled with problems of inadequate broad level engagement and responsibility
in participant banks, lack of business strategy for ESG considerations,
perceived threat of climate-related financial risks as material risks to
profitability, slow pace of transition to low-carbon exposure, lack of climate
related financial disclosures, minimized capacity building and enlarged data
gaps.[10]
II.
Green insurance[11] acts as a
backbone of green financing by making information related to risk management
available and significantly lowers the risk involved with its strategies and
underwriting services. It remains an insurance of mitigating and managing
ecological and environmental risks, aversion of liability to the insurer in
line with polluter pays principle and streamlining the rising trend of “green”
litigation. A constructive step forward would be to mandate a dual
premium/pay-out for both indemnity for possible ecological and environmental
losses along with the economic burden for restoration of said damages by
required subscription to green insurance schemes by corporates and business
entities. Green insurance therefore, must be given more teeth to ensure
internalization of environmental costs by companies.
III.
Green Bonds[12] are liquid
financial instruments used exclusively to raise finance for positive
environmental and climate projects. India has emerged as the sixth largest
issuer in the Asia-Pacific with a jump of 523% in issuance in 2021. India is
projected to hit a $1 trillion cap in the green bond market in 2023. A basket
of select investments in sovereign green bonds, green equity, advent of green
exchanges (INX and IEX), green debt funds provide carbon conscious companies a
lucrative and quick pathway towards their ESG goals of climate neutrality. The
impact of these bonds are derived from their underlying assets which heavily
regulates the utilization of these raised funds. (a)The use of profits, which
calls for the financed projects to come within the non-exhaustive examples of
green projects, is one of the four fundamental components of green loans/bonds
principles. (b) the procedure for evaluating projects against sustainable
goals; (c) the administration of proceeds; and (d) the reporting to lenders.
IV.
The concept of “green debt securities”[13] was
introduced under the Securities and Exchange Board of India (Issue and Listing
of Debt Securities) Regulations, 2008 read with Chapter IX of the Operational
Circular on the NCS Regulations, 2021 which lays down regulatory compliances of
issuing and listing green debt securities. In India, under the SEBI (Issue and
Listing of Non-Convertible Instruments) Regulations, 2021, the country's
capital markets watchdog, Securities Exchange Board of India (SEBI), oversees
the issue of listed green debt securities and specifies a unique set of
disclosure obligations. The International Financial Services Centres Authority
(IFSCA), which oversees GIFT-IFSC, an offshore jurisdiction located on Indian
soil, has also made recommendations on policy, regulation, products, capacity
building, and outreach regarding the expansion of sustainable financing in its
"Report of the Expert Committee on Sustainable Finance." As per SEBI
guidelines, proceeds of these bonds must be invested in green projects
including renewable energy, climate change action projects, preserving
biodiversity, waste management etc. These bonds helps the issuer in enhancing
its goodwill among stakeholders as well as gain access to investors interested
in green investment products. It allows a seamless transposition of inflow of
investments in socially responsible projects by integrating investment and
social responsibilities.
V.
“Blue bonds” are a new subgroup of green bonds
that are slowly rising in popularity. Despite the lack of formal criteria for
blue bonds, the International Finance Corporation has published blue finance
guidelines. Blue bonds, as defined by IFC, are those used to conserve the
oceans and/or improve water management and are in line with the Green Bond
Principles. 4.1% of India's economy is made up of the blue economy. The
National Policy on Blue Economy is being finalised by the (Indian) Ministry of
Earth Sciences, and SEBI also published a consultation paper on both green and
blue bonds, aligning its framework with the ICMA's Green Bond Principles.
VI.
India has adopted a target of achieving its Net Zero
goals by 2070[14]
alongwith its adopted NDCs, SDGs and Panchamrit targets. Green finance fund
flow in India has been focused on clean energy, clean transport and energy
efficient sectors.[15] Total
green finance increased over the last four years to an overage of INR309
thousand crores in 2019-2020 signifying a 150% increase from the previous two
years. This tracked as approximately a meagre one-fourth of India’s needs.[16] A
report by Vasudha Foundation[17]
identified the reasons for this shortfall as i) lack of robust regulatory
regime to boost confidence of stakeholders and attract investors; ii) the
struggling larger power sector value chain that has been unable to support a
renewable energy environment; iii) expectation mismatch between the long-term
green investments and relatively short-term return expectations of investors;
iv) disproportionate investments in some sectors and technologies and v)
absence of consistent data and reporting systems.
GREEN
FINANCE TAXONOMY AND REGULATION IN INDIA:
India’s
green finance sector is still at an [18]incipient
stage and a working group has been established under the Ministry of Finance
(MoF) to develop green finance taxonomy in the country. There are numerous initiatives
centered on green finance in India, such as the Securities and Exchange Board
of India's (SEBI) release of 'Disclosure Conditions for Allocation and Listing
of Green Debt Securities' and the Reserve Bank of India's (RBI) addition of
shaft systems in the Priority Sector Lending (PSL).[19][20] In
addition, Indian entities are increasingly participating in global flagship
programmes such as the Principles for Responsible Investment (PRI). Another
important mention is the publication of ESG indicators by India's two major
stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock
Exchange (NSE).
Given the
massive green investment potential in India, there is an urgent need to
standardise the definition of green finance, create qualifying criteria, and
collaborate on the industries that would fall under the taxonomy of green
financing. This would assist attract transnational capital by lowering the
threat perception and eliminating knowledge asymmetry about how and what is
classified as green finance.[21] In
addition, this will help streamline the investments in environmentally
sensitive sectors.
As
previously noted, the sector is currently governed by a variety of government
agencies, including the MoF's Climate Change Unit, the RBI, and SEBI, as well
as other line ministries such as the Ministry of Power. A nonsupervisory
terrain increases ambiguity and raises investor risk perception. India has
joined the International Platform on Sustainable Finance to draught domestic
green finance legislation in response to this. The enabling governance
framework would facilitate green investment inflows into India and increase
capital inflows into climate change sectors.
RECOMMENDATIONS:
Although
there is no single optimum option for the numerous situations and projects that
require green funding, a variety of interventions and strategies that may be
acceptable for common restrictions and stages of development exist. When
businesses analyse trade and investment environments, they consider factors
such as macroeconomic stability, conflict potential, and the degree of good
governance. To boost private investment, state interventions must address these
concerns and be conducted in a transparent, long-term, and consistent manner.
The
following describes the various policy options that can improve the regulatory
landscape to overcome investment challenges:
- Information
building policy: Consumers, producers, and investors must all
recognise the economic and environmental benefits of low-carbon green
growth. It is vital that they grasp that this plan offers an opportunity
rather than a burden, and that in the long run, it will almost probably
shift from a voluntary to an obligatory path. Initiatives based on
corporate social responsibility, such as the Carbon Disclosure Project or
the UN Principles for Responsible Investment, must be broadened to raise
the openness required to foster a green financial market. It is also
critical to implement stringent verification schemes for green
technologies and green businesses to avoid consumer confusion, ensure that
only companies that truly belong to the green industry benefit from its
image, and provide investors with the information they need to make sound
investment decisions.
- Environmental
Regulation: Pollution standards and controls, public
disclosure of environmental impact information, the elimination of
implicit subsidies for environmentally damaging or unsustainable growth
(such as land use controls, building standards, land use planning, natural
buffer zone protection, and water management and pricing), and improved
sector governance and monitoring are all examples of environmental
regulations.
- Markets
for green finance products and prevention of market distortion: The
carbon market is a popular example of a green market created and extended
by governments. Up to this time, several nations had developed an
emissions trading scheme, which frequently entailed enacting legislation
to control who may participate, the conditions of trade, and market
oversight for carbon trading. Governments can initially conduct pilot
projects or voluntary trading programmes before progressively
transitioning to a compulsory trading system, taking into consideration
the lessons learned from the pilot phase, a shift in the legal framework
to "cap and trade," and diversification of traded items.
- Public
finance mechanisms: Because the expenses of green investment
projects, such as a renewable energy facility, are often higher than those
of conventional firms, governments should subsidise a percentage of them.
Examples of financing systems include public competitive bidding, public
procurement, and public loans, grants, or funds, including venture capital
funds.
- Government
supported targets limited only to the early stages of development: Due
to the risks associated with the use of new technologies and their
relatively weak stance against well-established brown technologies, which
externalise environmental costs and profit from a suitable infrastructure
system and well-developed supply chains, green businesses require
government support, particularly in the early stages of their development.
However, once green firms have matured, governments should endeavour to
recruit and empower other financial institutions to play an active role in
facilitating green businesses.
(V)
GREENWASHING WITH THE “GREEN”:
PIVOTAL DAYS AHEAD
Though
there are numerous obstacles to raising funds for green energy, the potential
for major profitable expansion is enormous. Addressing climate change would not
only relieve linked fiscal institution issues, but will also offer itself as a
big event that can prop profitable growth and earn consistent profits. For many
businesses, it will imply a capital-bearing abecedarian transformation in their
operations. This is emphasised in the International Energy Agency's (IEA) and
International Monetary Fund's (IMF) joint report, which forecasts that clean
energy transition will add 0.4 percent to global GDP each time.[22]
If fiscal institutions fail to make a
move in time, it can erode close to USD 23 trillion from the global frugality
by 2050.[23] According
to the Climate Economics Index, which rates countries based on the GDP impact
of physical hazards resulting from gradational climate change over time, India
ranks 45th out of 48. If world temperature rises by less than 2 degrees
Celsius, India's GDP will fall by about 5.7 percent by 2048; if global
temperature rises by more than 3 degrees Celsius, India's GDP will fall by
about 35.1 percent by 2048. This emphasises the financial importance of
responsible climate behaviour.
SEBI's
business responsibility and sustainability report (BRSR) initiative, which
mandates mandatory reporting of ESG risks and opportunities by India's top 1000
listed companies (based on market capitalization) and encourages voluntary
participation by other listed companies, is a catalyst for expanding the pool
of Indian companies eligible for green and sustainable financing. The BRSR
requests transparency in nine areas, including actions to protect and restore
the environment, the provision of goods and services in a sustainable manner,
the fostering of inclusive growth and equitable development, and so on. SEBI
has also established the concept of a social stock exchange as a distinct
market where social enterprises (demonstrating'social' goals such as reducing
hunger, improving education, and financial inclusion) can raise permissible
equity and loan money. As recently as October 2022, the BSE acquired
in-principle clearance to develop such a social stock exchange.
As consumer
preferences (and the world's economies) shift towards an eco-friendly and
emission-free / low carbon footprint world, financial institutions and
corporations around the world are increasingly incorporating non-financial
factors like ESG to identify strategic risks and growth opportunities. From the
borrower's perspective, the benefit of reduced cost financing may outweigh the
complexity of additional compliances. To avoid "green washing" and
"social washing" (measures that include deceit and/or exaggeration of
claims about a project's social/green impact), sustainable finance must be
supported by regulatory will and collective data-sharing. Lenders may need to
ensure more comprehensive provisions in financing documents on ESG disclosures,
regular risk and impact evaluation of social compliances/breach, and increased
interest in categorising loans as "social" or "green" to
decrease the risks of exploitation.
India must
look forward to good management of sustainable finance as a strategy for
ensuring a sustainable future and climate neutrality. ESG concerns have arisen
as a speedier route towards securing our national targets of an adequate and
sustainable future, in line with our socialist and Gandhian beliefs. It is time
to match our economic ideology with community growth and nourishment for our future
requirements.
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Article Information
THE DAWN OF ESG INVESTING: DEFINING THE DAYS AHEAD
Authors: SREEMANJAREE SUR
- Journal IJLRA
- ISSN 2582-6433
- Published 2024/01/08
- Issue 7
About Journal
International Journal for Legal Research and Analysis
- Abbreviation IJLRA
- ISSN 2582-6433
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