No. PR- 073
June 25, 2021
PHDCCI launches Responsible Business Platform in the E-conference on Integrating SDGs in Business Responsibility & Sustainability Reporting
Sustainability reporting is being encouraged to be adopted by the MSMEs. SDGs are universally accepted by government agencies but their success relies on all stakeholders putting the act for which the private and government sector plays an important part. The objective of sustainability production and consumption will be achieved with the intervention of the private sector. Private companies have the potential to act as catalyst in the effective implementation of goals by bringing in policies that are designed to contribute to the sustainable development agenda mentioned Mrs. Anshu Singh, Deputy Director General, Ministry of Environment, Forest and Climate Change, Govt. of India in an E-Conference organized by PHD Chamber of Commerce and Industry (PHDCCI) on Integrating SDGs in Business Responsibility and Sustainability Reporting (BRSR).
Mrs. Anshu Singh lauded the initiatives undertaken by PHDCCI in launching Responsible Business Platform which will go into the nitty-gritty of BRSR indicators and help MSMEs to get into these systems.
She mentioned that reporting of environment is also an important metric as it will help to reduce energy consumption at the same time promote green energy and quality checks will happen. BRSR metrics will be helpful in integrating into the SDGs reporting framework and it would be a great step towards implementation of the objectives.
Ms. Archana Datta, Project Coordinator for India – SWITCH-Asia RPAC, UNEP mentioned that SDGs are important in today’s times especially during the pandemic. Achieving SDGs will not only help us to come out of the crisis but also put us on the firm path to deal with future health risk as well as socio economic obstacles.
She discussed the program implemented by UN- Switch Asia, which aims to promote sustainable development and support transition to low carbon economy in Asia. We have the science and knowledge to achieve SDG agenda 2030 and we can advance it really well and crisis like COVID-19 should encourage greater participation, collaboration and knowledge sharing.
She mentioned that countries which have the frame work in place will be far more resilient in achieving SDGs to the economic shocks caused. While the cautiousness is growing across the globe, there is expectation to go beyond the focus on business and financial and to include environment, social and development dimension in corporate strategies. SDGs provide good opportunity to businesses to align their strategic goals with globally agreed sustainability principles and businesses are increasingly aligning their business activities with SDGs.
She opined that aligning businesses with SDGs goal will not only help in drive business responsibility but will also create a shared value for stakeholders. While SDGs are linked with economic growth but climate change and responsible consumptions have been the priority areas for businesses. Responsible consumption and production is a SDG goal which require action from all companies and we need to understand that restoration cannot be achieved without the participation of while society and specifically private sector and businesses.
Mr. Adwait Dahale, Compliance and Monitoring Division, Corporation Finance Department (CFD) Department, SEBI while giving a backdrop of SDGs and BRSR, mentioned that BRSR is a major step towards bringing sustainability reporting at par with financial reporting. He urged all the companies should adopt BRSR practices as it can help in driving investors, utilize resources, stay ahead of competitors ensuring long term value and long term results in the future.
Mr. Ajay Poddar, Managing Director, Synergy Environics Ltd in his presentation mentioned that SDGs has been a game changer for sustainability of our planet. He highlighted that while a lot of programs has been implemented in schools, companies and communities, much more awareness needs to be generated. The governments and corporate have to recognize the problem, make legislations and practices that put health and safety center stage but more research needs to encouraged and sponsored.
Mr. Peter Rimmele, Resident Representative to India, Konrad-Adenauer-Stiftung (KAS) talking about the current global issues deliberated about the implementation of SDGs in Germany which has given pivotal focus to climate change, environment degradation and global warming for the next few years. He mentioned that all the corporate and organization which look at resolving the issue at climate change by adopting environment friendly business practices and create awareness to mitigate it.
Mr. Manish Chaurasia, Managing Director and CEO, Tata Cleantech Capital presented a case study of how TATA Cleantech Capital is integrating the SDGs in the purpose of the organization especially in the verticals of scored energy and climate change.
Mr. Suhas Joshi, Head Sustainability & Business Stewardship, South Asia, Bayer Group presented the initiatives and developments done by Bayer Group in ensuring sustainability are integrated with business thinking and strategic planning process.
Mr. Vivek Prakash, Vice President & Head-CSR, Jubilant Ingrevia Ltd presented the programs undertaken by the government, mentioned that it is not just about compliance but sustainability and indicators of BRSR which are integrated in the principals and practices of the company.
Dr. Ashok Khosla, Chairman, Development Alternatives & TARA in his presentation discussed the role of SDGS in business and the kinds of partnerships required in business, government and society at large to fulfill the promise to SDGs.
Mr. Sanjay Aggarwal, President, PHDCCI in his presidential address deliberated about introduction of Business Responsibility and Sustainability Reporting (BRSR) by SEBI which has been a remarkable step and with prime objective in replacing the existing BRR was to include the element of sustainability in business reporting. While the Government of India has been working on sustainability through various schemes, the BRSR is seen as a game changer in India’s stride towards a sustainable future.
Sustainability reporting has been in practice in many countries across the globe. As the concept is new in Indian context, its modalities might face some hindrances, which will be required to be addressed judiciously by competent authorities in due course for its effective induction into the system, added Mr. Sanjay Aggarwal.
Mr. Sanjay Aggarwal apprised the delegates that PHD Chamber of Commerce and Industry is launching a Responsible Business Platform that will help resolve queries from members about Business Responsibility Sustainability Report. In the light of the latest awareness and global development in the space of sustainability and also the mandates by SEBI and Ministry of Corporate Affairs, the Indian industry including the Small and Medium Enterprises need to start working towards the upcoming regulatory needs and for this PHDCCI is committed to support its members for the BRSR implementation. As part of our commitment we are coming up with a Responsible Business Platform to handhold the members through the process, he said.
Dr. V M Bansal, Chair, Education Committee, PHDCCI gave a detailed outline about BRSR which has been formulated to serve as a single source of sustainability information reporting for companies across the country. Businesses will be required to report the positive and negative impacts of their operations to ensure compliance of their societal and environmental accountability, he said.
Dr. Harvinder Popli, Co-Chair, Education Committee, PHDCCI opined that to achieve the SDGs in the stipulated time, leadership at both the organizational and national level should leadership style that leads to a sense of shared responsibility toward the joint attainment of the desired goals. Long-term vision, ethical approach and strategic resource management will be crucial for leadership thoughts and the same would be required to form the basis of policy formulation aimed for achieving sustainability.
The E-Conference was moderated by Dr. Jatinder Singh, Director, PHDCCI and was attended by many industry stalwarts across the country. PHDCCI’s E-Conference was supported DLF India; Multani Pharmaceuticals; UFLEX; JK Tyre & Industries; Marble City; Paramount Cables; SMC Investments and Advisors; Blossom Kochhar Aroma Magic; Comtech Interio; DCM Shriram Industries; Radico Khaitan; Ajit Industries; Synergy Environics; Timberworkz; P S Bedi & Co Pvt Ltd and IFFCO.
PHD Chamber of Commerce and Industry