ACCELERATING
SUSTAINABLE GROWTH

As the global crisis is looming over the world, even developing countries are doing their share tocut down carbon emissions. At the 26th climate summit (COP-26) in Glasgow-UK, under the leadership of Prime Minister Narendra Modi, India announced that it will become a carbon-neutral nation by 2070.

Achieving net-zero will mean a balance between the greenhouse gases produced and eliminated from the atmosphere. Being the 3rd most carbon emitter in the world, it is the first time India has set targets and strategies on an international platform to counter the climate crisis.

Prime Minister Narendra Modi declared the following 5-point strategy that will ultimately make India Net Zero by 2070:

• India will get the non-fossil energy capacity to 500 gigawatts by 2030. Currently, the non-fossil energy capacity is 136 gigawatts.
• India’s 50% energy consumption will come from renewable energy.
• It has set to reduce 1 billion tonnes of carbon emission by 2030
• By 2030, India will reduce the carbon intensity by 45%
• And finally, by 2070, India will achieve its net-zero target.

India’s action to counter the global crisis

India is the third most emitter of greenhouse gases in the world. However, it is important to note that there's a stark difference between India’s emissions as compared to the other top polluters. India nearly emits 3 gigatonnes every year, while US and China emit 5 gigatonnes and 14 gigatonnes, respectively.

In addition, India has the lowest per capita emission of 1.9 metric tonnes and contributes to 7% of world pollution even when it makes up 17% of the world population. Realistically speaking, India has a higher chance of reaching the net-zero goal before the US, EU and China.

The progress in building renewable energy infrastructure looks promising. As per Invest India, over the past 5 years, solar capacity has increased from 6.7 GW to 40 GW in 2021. Wind capacity has also increased by 2.2 times since 2017.

India is all set to open the largest renewable energy park of 4750 MW in Gujarat. Besides, PM Narendra Modi’s upcoming plans to reduce India's coal dependency by not setting up any more coal energy plants and decarbonising Indian Railways by 2030 is a start in the right direction.

A challenge that lies ahead

The most obvious challenge for India is to secure climate finance. As a developing country, India depends on the developed countries to provide the finance for the formulation of new technologies and methods to reduce its coal dependency.

In the COP-26, PM Modi demanded the rich countries make 1 trillion USD available as soon as possible. Unfortunately, these countries already have many unmet promises regarding climate finance.

To conclude, the goal to become Net Zero will not be a cakewalk for any developing nation. However, it will become extremely challenging for developing countries to create groundbreaking technologies without the needed financial assistance.

Hence, the way forward to achieving the collective goal is for rich countries to take charge and lead the way. As they will be able to bear the heavy initial research & development costs, developed nations are more likely to create innovative decarbonisation technologies.

India will also have to change its energy infrastructure. Some strategies will even require lifestyle changes from its citizens. However, with strategizing and global support, India will surely complete its promises successfully.

The Sustainable Development Goals (SDGs) are also known as the Global Goals. These were adopted by the United Nations, in 2015. A universal call to action to end poverty, protect the planet, & ensure that by 2030 all people enjoy peace and prosperity.

Sustainable Development goals are The 17 SDGs are integrated - They recognize that action in one area will affect outcomes in others and that development must balance social, economic, and environmental sustainability.

The 17 SDGs are:

1. No Poverty,
2. Zero Hunger,
3. Good Health and Well-being,
4. Quality Education,
5. Gender Equality,
6. Clean Water and Sanitation,
7. Affordable and Clean Energy,
8. Decent Work and Economic Growth,
9. Industry, Innovation, and Infrastructure,
10. Reducing Inequality,
11. Sustainable Cities and Communities,
12. Responsible Consumption and Production,
13. Climate Action,
14. Life Below Water,
15. Life On Land,
16. Peace, Justice, and Strong Institutions,
17. Partnerships for the Goals.

All countries have committed to prioritizing progress for all those who're the furthest & behind. The SDGs are designed to help with and end poverty, remove hunger, control AIDS, set the right ideals to end discrimination against women & girls.

Though all the goals are broad & interdependent, two years later, on 6 July 2017; the SDGs were made more “workable” & "actionable" by a UN Resolution which was adopted by the General Assembly. The resolution identifies specific targets for each goal to be achieved, along with indicators that will be used to measure progress towards each target. While the rest of the target years lie between 2020-2030; for others, the end date is not yet provided.

The thought, the creativity, the know-how, the technology & the financial resources from all of society is necessary to achieve the SDGs in every context. Only with everyone’s support, we can begin to think of a better tomorrow. Deeply analyzed progress charts & presentations for all the SDGs are published in the form of reports by the United Nations Secretary-General on their official channels. The most recent one is from April 2020.

Along with that, there is also a widespread consensus is that: The progress on all of the SDGs will be stalled if Women's Empowerment & Gender Equality are not prioritized, & treated holistically with all intentions to take them forward. The SDGs are a sign to policymakers as well as private sector executives and board members to work towards gender equality and women empowerment harder as the rest of the other SGDs have deadlines and we will probably miss them if these two prioritized ones don’t get momentum & begin to see some change.

Implementation of the SDGs started worldwide in 2016. This process can also be called "Localizing the SDGs" for the people and territories. For eg; Individual people, universities, governments, institutions & organizations of all kinds work are working separately but one or more goals at the same time which aligns the collective growth in the same direction.

SDGs provide us the framework through which we can move ahead into a more peaceful, prosperous, equal for all, green future. And each country has a role to play in achieving them.

Corporate Sustainability Reporting or CSR refers to a regulation and management system employed by companies to keep check of their environmental and social impact on the world. It is a yearly report made by companies to self-regulate their brand reputation through charitable, philanthropic and social activities. Although CSR is usually done by companies as an initiative of their own, many nations and organizations have made it mandatory for large scale companies to have a CSR model. It is also a way to make the stakeholders of the company and the general public aware of their yearly working system.

What are the benefits of CSR?

To have a long-term customer or client, a brand doesn’t need just a good product. It needs to show what it stands for, what values it represents. Here are some benefits to incorporating CSR into your company:

It helps the company to be more conscious of its social, economical and moral responsibility It improves a company’s reputation for its employees and potential recruits CSR limits the risk of scandals and mishaps in the environment. It enhances the perception of the general public, as people prefer to use products and services of a company which is environment conscious.

How to write a CSR report?

Without careful efforts, a CSR report can appear extremely dull and difficult to read. A well written CSR attracts investors, customers as well as potential employees. So here’s how to write an attractive CSR report:

• The report will be online, so use a directory or table of contents in the beginning for all subjects mentioned in the report
• Give an overview of your business, its operations and recent dealings
• An optimistic and warm letter from the CEO that adds a human element to the report
• Mention your goals for environmental sustainability
• Mention your progress towards said goals (use measurable numbers and percentages for more clarity)
• Add real life incidents, narratives or interviews to make the report more readable
• Mention what your priorities will be for the next term in regards to corporate social responsibility, how the company will tackle major issues
• Use detailed and easy to understand infographics and charts.
• If the report is large, make sure to add the sources from which the report is compiled.
• Add the contact details of every major person involved in the handling of mentioned issues.
• Have your report audited by a third party for better validation

What are some good examples of CSR?

Writing a CSR report can be daunting and exhausting, especially without inspiration. Here some excellent examples of CSR done flawlessly by corporate companies that we can learn from. (THIS PARANTHESIS IS NOT TO BE INCLUDED IN FINAL BLOG- THE LINKS ARE TO THE RESPECTIVE COMPANIES’ CSR REPORTS)

• Google: https://sustainability.google/in 2019, Google celebrated 13 years of Carbon neutrality. It is also the world’s largest annual corporate purchaser of renewable energy.
• Ford Motor Company: https://www.india.ford.com/about-ford/community/csr/#:~:text=Ford%20India%20lays%20particular%20importance,and%20pollution%20of%20water%20bodies the firm took a Sustainable Workforce initiative under which they improved employees’ health, efficiency and productivity. Its global safety standards have reduced workplace accidents by 90%.
• Bosch: https://www.bosch.in/our-company/our-responsibility/corporate-social-responsibility/during the early Covid-19 outbreak, Bosch India pledged more than 50 crore rupees for pandemic relief efforts. 9 lakh masks were donated to second level Covid-19 warriors.
• Lego: https://www.lego.com/en-us/sustainability the firm has pledged to go completely carbon neutral by 2022. The toy company has also announced that they will replace from plastic packaging their toys to paper packaging.
• Ben & Jerry’s: https://www.benjerry.com/whats-new/2014/corporate-social-responsibility-history the ice-cream company donates 7.5% of their pretax earnings to social causes since 1985. It has remained one of the few brands that have consistently spoken out and taken action against acts of injustice around the world.

While CSR report can look different for every company, its objective is the same throughout- to be more sustainable, ethical and responsible. To do well not just for the brand, but also the environment. Companies that stick with yearly CSR reports usually tend to see profits in all areas. Socially responsible companies tend to focus on the approach called Triple Bottom Line. Here, three areas are taken into consideration- Profit, People and Planet. ‘Do well by doing good’ is their motto.

So if your company is not legally required to do CSR, it is still wise not to wait. CSR sets a standard for your company among your competitors. Committing to CSR is a step in the right direction, not just for your brand, but for everyone involved.