‘ESG framework must for organisations to mitigate risks of climate change’
Many companies have been following innovative and sustainable pathways towards long-term business sustainability, forming an inherent connection between the people, planet, and profit.
Climate change has grave consequences on people and the planet. A robust industrial infrastructure, which aims to fulfill the demand of a growing population, puts significant pressure on the environment and the resources available to us. Hence, the role of industries in mitigating these climate risks is going to be critical and organisations must develop an ESG (environment, social and governance) framework, which is truly integrated into their business strategies and processes.
With ever-increasing concern about environment and society amongst consumers and investors alike, ESG is set to portray the shared values between a company and its stakeholders. Many companies have been following innovative and sustainable pathways towards long-term business sustainability, forming an inherent connection between the people, planet, and profit. Today, companies are moving beyond traditional silos and integrating ESG policies and initiatives into a corporate strategy to reinforce commitments that are important to customers and other potential stakeholders. Interacting with the Hindustan Times, Nyrika Holkar, the executive director of Godrej & Boyce offered insight into the need for integrating ESG targets with financial goals of a company to address the global challenges such as climate change.
Why are companies rapidly looking at re-organising their businesses and shaping their strategies around ESG norms?
As the hope of restricting global warming to 1.5 degrees Celsius recedes rapidly, there is a dire need for companies to reorganise their business processes to contain the worst excesses of climate change.
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