PwC India’s Post

India’s net-zero target by 2070 emphasizes significant transformations in (a) energy systems, (b) transport and logistics, (c) materials and chemistry, and (d) food systems. Materials transformation and green chemistry areas are especially critical, demanding innovation from Indian chemical companies. To decarbonize, the sector must shift to sustainable practices like adopting green hydrogen, bio-based chemicals, and renewable energy while optimizing processes through digitalization and electrification. Achieving this will require robust support from stakeholders. (a) The government needs to incentivize sustainable practices via policies like carbon pricing, enhanced regulatory frameworks, and financial support for R&D. (b) Companies must set science-based targets and embrace circular economies. (c) Customer demand for green chemicals will also drive adoption by pushing manufacturers to innovate and invest in low-carbon technologies. (d) Investors must encourage and incentivize firms to adopt sustainable practices. India’s chemical sector is poised for growth, supported by its skilled workforce, favorable government policies, and the global shift towards sustainable manufacturing. However, challenges such as high feedstock and logistics costs persist, necessitating collaborative efforts from public-private partnerships to mobilize funding and create demand signals for green technologies . This transition presents an opportunity for India to lead globally, creating new industries, jobs, and economic value while strengthening its climate leadership.

You Just Missed a Power-Packed Session 1: Key Developments, Emerging Trends, and Their Implications Globally! 🚨😉 If you couldn’t make it, here's a recap of Session 1: Key Developments, Emerging Trends, and Their Global Implications – packed with insights from top industry leaders and experts! 💡🌍 A huge thanks to Shri Shivananda Shetty, Head of ESG Advisory, KPMG, for chairing this insightful session, setting the tone for a deep dive into global ESG trends and carbon markets. 🙌 Key Speakers & Insights: 🗣️ Ms. Jacqueline Alvarez, Head of the Branch, United Nations Env. Program (UNEP) 🔑 Phasing out hazardous chemicals by 2035 & pushing for green chemistry and sustainability in global trade. 🗣️ Mr. Nirav Patel, Partner & Global Head, Uniqus Consultech 🔑 The shift from voluntary to mandatory ESG reporting and the need for Indian companies to align with global standards like ISSB & CSRD. 🗣️ Dr. Charu Jain, Sustainability Lead, TUV Rheinland 🔑 Impact of the European Green Deal, Green Claims Directive, and Digital Product Passport for Indian exports by 2025. 🗣️ Mr. Manish Dabkara, President, Carbon Market Association of India 🔑 Insights into carbon markets & India's Carbon Credit Trading Scheme, including the impacts of CBAM on key industries. 🗣️ Mr. Niroj Mohanty, Managing Director, Core CarbonX Solutions Pvt Ltd. 🔑 Overview of the EU ETS and Fit for 55 initiative – preparing Indian businesses for carbon border taxes. 🗣️ Prof. ANJU SINGH, Indian Institute of Management, Mumbai 🔑 Analysis of BRSR submissions in India, highlighting the need for better ESG data and capacity building, especially in MSMEs. Panel Discussion Takeaways: ⏩Capacity building for MSMEs is crucial. ⏩Integrating sustainability into business strategies is a must. ⏩A tiered regulatory approach will drive India's carbon market growth. Key Message: ESG and carbon markets aren’t just compliance measures—they’re essential drivers of resilience and growth. Time to step up, folks! 😉 To benefit from this and all our upcoming events register here: https://rb.gy/tz51kf #ESG #Sustainability #CarbonMarkets #RRMA #Compliance #GreenEconomy #BRSR #ChemicalIndustry #GlobalTrends

Innovative circular business models and processes provide corporates with greater opportunities for profit through material cost savings and reduced environmental impacts. Shivanshu Chauhan, Partner – Water and Circular Economy, PwC India, highlights how by facilitating a closed-loop production, circularity can reduce waste generation and minimise adverse environmental impact. Read the blog here: https://bit.ly/3NSbEf0 Together we can transition to a circular economy to build a resilient future. #ESGWithPwC #CircularEconomy #TogetherWeFuture

Mr. Rohit Kumar, Secretary General of CMAI, was one of the panelist in the recent conference on "Decarbonization through Material Circularity", hosted by the Material Recycling Association of India. Mr. Kumar, highlighted the vital intersection of carbon markets and circular economy principles. He emphasized how aligning carbon markets with incentives for reuse, recycling, and innovation can accelerate our sustainability goals. By creating a cohesive regulatory framework, we can foster a robust carbon market that drives emissions reductions while promoting economic growth. Join the Carbon Markets Association of India (CMAI) to explore effective strategies for reducing carbon footprints through innovative green technologies and generating carbon credits for your projects. Contact us at secretary@cma-india.in. Rohit Kumar Bikash Sahu Ayushi Gaur Sruthy Jacob Mohit Gautam Upansh Srivastava #DecarbonizingIndustry #ClimateAction #Sustainability #Decarbonization #ParisAgreement #CarbonMarkets #ClimateFinance #GreenTechnology #EmissionReduction #UNFCCC #COP29 #GlobalCooperation #CarbonMarkets #Article6 #ParisAgreement #VCM #VCMI #ICVCM #CCTS #ETS #Offset #SustainableDevelopment #PMO #MOP #MOEFCC #BEE #MOCI #MOPNG #CPCB #EPR

Understanding #BRSR Reporting in India: A Comprehensive Guide In recent years, India has made significant strides in aligning corporate reporting with #sustainabilitygoals through the introduction of the Business Responsibility and Sustainability Report (BRSR). Here's a quick breakdown of its main features, mandatory vs. voluntary aspects, and its implications for companies and their supply chains. Key Features of BRSR Reporting 1. Structured #ESG Framework: BRSR introduces a detailed framework covering environmental, social, and governance (ESG) aspects, aligned with global sustainability standards. 2. Nine Principles of NGRBC: It follows the National Guidelines on Responsible Business Conduct (#NGRBC), ensuring companies report across nine principles related to sustainability and social responsibility. 3. Quantitative Metrics: Emphasis on measurable ESG performance, including data on energy use, water consumption, waste management, and social factors like employee diversity. 4. Scope 3 Emissions: Companies are encouraged to disclose #Scope3 emissions, emphasizing transparency across the entire value chain. 5. Supplier Accountability: Companies must report how they engage suppliers in sustainable practices, highlighting the integration of ESG principles across supply chains. Mandatory vs. Voluntary Reporting Mandatory Reporting: BRSR is mandatory for the top 1,000 listed companies in India, as determined by market capitalization on the Bombay Stock Exchange (#BSE) or National Stock Exchange (#NSE). Voluntary Reporting: Non-listed companies or those outside the top 1,000 can voluntarily adopt BRSR to showcase their ESG commitment and attract sustainability-conscious investors. Scope 3 Emissions and Suppliers in BRSR BRSR emphasizes the importance of Scope 3 emissions, encouraging companies to account for indirect emissions generated throughout their value chain. This includes emissions from suppliers, logistics, and product use. Additionally, companies are required to disclose initiatives aimed at fostering sustainable practices among suppliers, ensuring ESG compliance across their operations. Why BRSR Matters BRSR represents a paradigm shift in corporate transparency, pushing businesses to go beyond compliance and actively contribute to India's sustainability agenda. By addressing critical ESG issues, companies can not only manage risks but also unlock opportunities for innovation and stakeholder trust. If you're navigating the ESG landscape or working on your BRSR compliance, feel free to connect or share your thoughts in the comments. Let's drive sustainability forward! #Sustainability #BRSR #ESGReporting #CorporateResponsibility #Scope3Emissions #India #SupplyChain #ESG #SEBI

𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐂𝐈𝐈 𝐂𝐢𝐫𝐜𝐮𝐥𝐚𝐫 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐂𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞 To encourage and build on this critical area of focus, CII-ITC Centre of Excellence for Sustainable Development (CESD) organized the first edition of the CII Circular Economy Conference in November 2024 with the theme ‘Building the Foundations’. The Conference highlighted the Government's proactive measures, such as the Extended Producer Responsibility (EPR) Guidelines, presenting a significant opportunity for Indian Industry to adopt CE practices. The sessions also explored key drivers of CE, frameworks for measuring progress, and global standards. Sharing his perspective at the inaugural session, Mr. Amit Verma, IFS, Director - Green Transition, Environment and Climate Change, Economics and Finance, NITI Aayog, Government of India said, “We have identified the structural issues that need to be addressed to ensure a vibrant ecosystem for circularity in India. We are also looking at the integration of the informal sector, which form an important part of India’s circular economy transition.” To stay updated, please write to cesdengage@cii.in or fill this form > https://lnkd.in/gB4h2W9U Amit Verma, NITI Aayog, Seema Arora, Shikhar Jain, Nandini Kumar Shourjomay Chatterjee, Abhishek Pawar, Ardra Reba Sam, Shama Parveen, Omkar Gaonkar, Samuel Augustin Pallavi S., Kavya Singh Yadav

Small Intro about what is ESG? Environmental, Social, and Governance (ESG) practices are gaining significant focus in all industries in India due to several critical factors: 1. Sustainability Goals and Global Commitments India is committed to achieving its climate goals, including its pledge to reach net-zero carbon emissions by 2070 as part of the Paris Agreement. Industries are expected to adopt ESG frameworks to align with these sustainability goals. 2. Investor and Financial Pressure Institutional investors, including domestic and international funds, increasingly prioritize ESG criteria when making investment decisions. Companies with strong ESG performance attract better financing options and investments, particularly from ESG-focused funds. 3. Regulatory Push The Securities and Exchange Board of India (SEBI) mandates ESG disclosures for the top 1,000 listed companies in the form of Business Responsibility and Sustainability Reporting (BRSR). This regulatory framework encourages transparency in ESG practices across industries. 4. Customer and Market Demand Consumers in India are becoming more environmentally conscious and prefer products and services from companies with sustainable and ethical practices. Export markets, particularly in Europe and North America, demand compliance with stringent ESG standards. 5. Global Competitiveness Indian companies aiming to remain competitive in global markets are adopting ESG frameworks to meet international standards. Compliance with ESG norms enhances a company’s reputation and marketability globally. 6. Resource Efficiency and Cost Savings ESG practices encourage efficient use of energy, water, and raw materials, leading to long-term cost savings. Renewable energy adoption, waste management, and sustainable supply chains reduce operational risks and costs. 7. Social Responsibility and Inclusivity Addressing social issues such as employee welfare, community development, diversity, and inclusion strengthens a company’s brand and reduces social risks. Industries are increasingly held accountable for their impact on society. 8. Risk Mitigation Adopting ESG practices helps industries identify and mitigate environmental, regulatory, and reputational risks. This ensures business continuity and resilience in the face of challenges like climate change, resource scarcity, or stricter regulations. 9. Government Initiatives The Indian government promotes ESG-aligned initiatives, such as renewable energy development (solar and wind energy), waste management, and water conservation projects. Public-private partnerships in ESG-related areas encourage industries to adopt these practices. 10. Corporate Responsibility and Ethics Companies are realizing the importance of integrating ESG into their core strategies to build long-term trust with stakeholders, including employees, customers, and investors. #ESG #globalwarming #nature #sustainability #selvanathan

Dr. Volker Fitzner, Global Chemicals Leader, PwC, delivered a keynote speech on global perspectives on sustainability for the chemicals sector at the ICC's Sustainability Conclave 2024.       He highlighted that chemical companies are in a ‘sandwich’ position, facing stringent regulations for sustainable feedstock and clean energy supply, alongside consumer demands for greener products. To navigate this challenge and maximise the chances for a successful energy transition, chemical companies need to innovate across the entire value chain.      This involves integrating sustainability into their innovation strategies, unlocking opportunities for competitive advantage and leadership in the transition to a sustainable economy.      Explore our 3I approach for sustainability – Innovation, Integration, and Incentives – as the foundation for this transformation: https://lnkd.in/gP5uehsr #Sustainability #GreenChemistry #IndianChemcialCouncil #ICC      Manas Majumdar | Mukund Devnani | Sambitosh Mohapatra | Sandeep Kumar Mohanty | Manpreet Singh | Ajay Deshmukh

🌍 Global ESG and Climate Action: Key Developments 🌿 Recent advancements in climate action and ESG regulations are transforming the global business landscape. India is taking bold steps with its greenwashing regulation, effective October 2024, requiring verifiable evidence for ESG claims to ensure credibility, supported by third-party assurance. The country’s rising forest cover and carbon stock, along with the PMKVY 4.0 initiative aiming to create 37 lakh green jobs by 2030, underscore its commitment to sustainability. However, the EU's Carbon Border Adjustment Mechanism (CBAM) poses challenges for Indian exports like steel and cement, urging India to adopt carbon pricing and invest in low-carbon technologies to remain competitive. Globally, the Science Based Targets initiative (SBTi) has revised decarbonization guidelines, while China’s new ESG disclosure standards mark a push for transparency. The Asia-Pacific region is witnessing stronger net-zero commitments, exemplified by BPCL’s Rs 6,100 crore investment in Andhra Pradesh one of the Indian States, for a net-zero refinery. Meanwhile, the EU’s flight emissions label promotes sustainable travel. These developments reflect the urgency for businesses to embrace sustainable practices and future-forward strategies to thrive in an evolving regulatory environment. 🎓 Interested in free corporate training on ESG and sustainability? Reach us at +91 824 77 22 482 || +91 812 18 22 324 or Book a strategy call with our experts to get started! https://lnkd.in/gP8yK24P #tattvaesg #esg #thisweekinesg #sustainability

Navigating the path to sustainable growth requires more than ambition—it requires expertise, vision, and a data-driven roadmap.  At WOCE, we’re dedicated to being your partner on this journey toward a net-zero future. Our approach is hands-on and customized to each client. From developing decarbonization roadmaps to crafting sector-specific solutions, we’re here to help businesses across industries meet their sustainability goals with clarity and precision. 📍Visit us at https://lnkd.in/d2Dcrtn6 Contact us : contact@worldofcirculareconomy.com #Sustainability #NetZero #Decarbonization #DataDriven #CircularEconomy Ministry of Environment, Forests & Climate Change, Government of India EKI Energy Services Ltd (EnKing International) Manish Dabkara Carbon Markets Association of India WBCSD – World Business Council for Sustainable Development Indian Ministry of Finance Ministry of Micro, Small and Medium Enterprises, Government of India CDP Carbon Markets Association of India Global Reporting Initiative (GRI) Sustainability Accounting Standards Board FSB Task Force on Climate-related Financial Disclosures (TCFD)