51% of top 100 companies start voluntary carbon emissions disclosures

In the wake of India's 2070 net-zero emission target, 51% of the top 100 companies have initiated voluntary disclosures regarding carbon emissions, as per PwC India survey. The survey titled 'Navigating India’s Transition to Sustainability' highlights that despite being voluntary, 51% of India's top 100 listed companies by m-cap disclosed "Scope 3 data" for FY23.

The survey reveals that 44% of the top 100 listed companies conducted life-cycle assessments of their products or services, 89% disclosed information on leadership indicators, and 49% increased their energy consumption from renewable sources. It was revealed that 34% of the 100 companies have decreased their Scope 1 emissions, while 29% have lowered their Scope 2 emissions. Additionally, it notes that 31% of the top 100 companies have shared their net-zero targets.

As per the US Environmental Protection Agency, Scope 3 emissions are the result of activities from assets not owned or controlled by the reporting organisation, but that the organisation indirectly affects in its value chain.

The survey, based on an analysis of publicly available Business Responsibility and Sustainability Reporting (BRSR) reports from the top 100 companies (comprising Nifty 50 and NEXT 50 listed companies) for 2022-2023, indicates a response to regulatory mandates concerning mandatory reporting under BRSR. The introduction of new regulations regarding Environmental, Social, and Governance (ESG) aspects for businesses has led to the adoption of BRSR Core, positioning the nation as a frontrunner in global sustainability reporting with enhanced credibility and transparency, says the report.

The report attributes the reduction in emissions to various key initiatives, including the adoption of energy-efficient technologies such as LEDs, efficient air-conditioning, ventilation, and heating systems, transitioning to renewable energy sources, purchasing carbon offsets, and engaging in off-site power purchase agreements.

Sambitosh Mohapatra, partner & leader of ESG at PwC India said, “With the BRSR becoming a mandatory report for businesses, ESG considerations have become key strategic priorities in boardroom discussions. This is a testimony of the enhanced awareness of the importance of sustainability and responsible business practices.”