With the rise of social and environmental consciousness, companies around the globe are paying more attention to Environmental, Social, and Governance (ESG) initiatives. Whether this is to become greener or to meet investor demands, ESG has become a crucial factor for a company’s overall success. To better understand the level of preparedness of Indian companies with respect to ESG, Deloitte India conducted a survey.
Viral Thakker, Deloitte India, shared the insights on the key highlights of the ESG preparedness survey. He stated that out of the surveyed companies, a majority said ESG was a boardroom level discussion. In addition, almost 90% of companies said that it had a direct impact on their business and that their investors are evaluating them on their ESG preparedness.
An industry-specific challenge that companies face is the ability to comply with regulations and investor demands in different jurisdictions. Mr. Thakker believes the best way for Indian companies to tackle ESG initiatives successfully is to transition from hydrocarbon heavy industry to renewable energy. He also noted that while big companies may have the upper hand in this respect, small and medium-sized companies may not have the same resources available.
Deloitte India is one of the leading professional services firms in India providing audit, tax, consulting, and financial advisory services. As a part of the firm’s commitment to quality, Deloitte India focuses on driving corporate social responsibility initiatives, digitally enabled solutions for sustainable development and other ESG related topics.
Viral Thakker is an Associate Director at Deloitte India. He has over 7 years of professional experience in ESG and sustainability domains across corporate advisory, renewable energy and ESG research/sustainability reporting. Mr. Thakker has a track record of successfully supporting clients on their ESG journey and working with them in mapping their sustainability performance. He has led Deloitte India’s recent study to understand the ESG preparedness of Indian companies.
