Environmental, Social and Governance (ESG) is a framework that has become increasingly popular in recent years. With the pandemic only accelerating this, more and more corporates are now transitioning to sustainable business models.
Essar over the years has demonstrated its strong commitment towards ESG across all its businesses. The company strongly believes ESG to be the underlying philosophy of larger good without overlooking financial or economic viability. The company has been formulating its resurgence strategy to transition existing investments to green assets and invest in new projects that will have a significant regenerative and social impact while being environmentally friendly, at the same time.
Riding strong on this belief, Essar partnered with India CSR in its maiden flagship ESG Summit. The theme of the summit ‘ESG for All – Sustainability First’ revolved around the ESG vision of Indian businesses and aimed to explore solutions on how the government and corporates at large can further advance this vision.
The global forum was inaugurated by lighting the lamp by Chief Guest Hon’ble Narhari Zirwal Deputy Speaker, Maharashtra Legislative Assembly, Special Guest Dr. Rajiv Sharma, IAS (Retd.), Chief Advisor to Government of Telangana and Sunil Jain, Operating Partner – Energy Transition, Essar Capital and Rusen Kumar, Founder, India CSR Network.
As one of the eminent speakers at the event, our very own Mr Sunil Jain, Operating Partner – Energy Transition, Essar Capital, made a powerful keynote address to the audience on ESG and its importance at an individual and corporate level.
Mr Jain set the context of ESG by drawing attention to the recent heat wave witnessed in New Delhi and throughout the country. He emphasised on the importance of the concept of ESG and the need for it to be integrated and inter-related.
He kick-started his speech by talking about the evolution of ESG and how it evolved from the numerous lapses in ESG witnessed over the last few decades, including deficiencies in governance, environmental disasters and social challenges. He spoke on how ESG has become a business imperative for corporates and how the Board can play a crucial role by utilising the SCORE framework. Mr Jain also elaborated on the importance of linking purpose to strategy, establishing and integrating ESG-related KPIs into the compensation structure, ensuring appropriate frameworks and placing reporting mechanisms to support a sustainable business in the longer term.
Mr Jain also stressed upon the role of the CEOs and Management in setting the ESG agenda from the top and also drew the audience’s attention towards the role of the regulators in achieving the country’s ESG agenda.
With his views and recommendations, he urged companies to make ESG a part of their balance sheets, link social metrics to the balance sheet, and keep ownership and management at arm’s length to improve governance.
Mr Jain strongly conveyed his belief that while Governments and Corporations are increasingly focusing on ESG, its adoption is a must event at an individual level for benefiting humanity. Individuals too must be accountable for ‘E’ & ‘S’ of ESG through their actions.
He concluded his speech sharing a glimpse of how Essar is transforming businesses through Decarbonisation, Decentralisation and Digitisation. He also spoke about how Essar Foundation is managing the ‘Social’ of ESG diligently, thereby uplifting the social fabric in the areas of business operations.
The India ESG Summit delivered a full day of expert-led sessions, keynote addresses, panel discussions and networking opportunities, providing a truly unique look at India’s evolving ESG landscape, and the tools and tactics needed to engage socially and responsibly. It witnessed presence of industry stalwarts sharing their views and opinions on their ESG purpose, strategy, goals, and how ESG initiatives play an important role in overall shareholder value creation.
More on the event
India CSR launches the inaugural ‘ESG for All: Sustainability First’ Summit – India CSR Network
Sunil Jain from Essar Capital sets context at the India ESG Summit 2022 – India CSR Network