Sustainability: the corporate responsibility
This report sets out to detail three material sustainability issues faced by key industry sectors in India. It reiterates the need of the hour - corporate social responsibility, which goes beyond philanthropy and addresses environmental, social and governance issues core to their business.
"Sustainable development requires concrete and urgent action...and can only be achieved with a broad alliance of people, governments, civil society and the private sector, all working together to secure the future we want for present and future generations.”
Case for sustainability for key sectors in India:
Banking and Financial Services Sector: The financial services sector is under increased scrutiny by its stakeholders. As an integral driver and enabler of economic development and growth, the sector is not only being held accountable for its own direct impacts but also the impacts of those they finance.
Electric Utilities Sector: The electric utilities sector is seen as a key part of both the problem and solution to climate change. In turn, satisfying the growth of demand for electricity from emerging markets, and meeting changing expectations from a variety of stakeholders to increasingly adopt renewable sources of energy and mitigate environmental impacts are leading to greater scrutiny of the sector.
Cement Sector: As such the sector faces risks related to climate change and natural resource management as well as health and safety issues. There is also a compelling need to shift toward sustainable practices to address the global sustainable development challenge.
Automobile Sector: Automobile manufacturers are poised to gain competitive advantage by developing technology appropriate to address region-specific needs and challenges, gaining thought leadership by moving from reactive “green” compliance tactics to high-performance sustainability strategies and participating in the development and expansion of an educated consumer culture.
Oil and Gas Sector: The volatility of the very concept of sustainability in the oil and gas sector arises from the indispensability of the sector as the primary energy provider and the environmental and social impacts its exploration and production entails.
Telecom sector: This sector contributes to more than just economic growth and is widely recognized as an important platform for sustainable development through offering innovative solutions to environmental and social challenges.
Mining and Metals sector: The mining and metals sector plays a dual role; as a multiplier for economic growth by creating employment opportunities and improved material quality of life as a provider of raw materials used for infrastructure. This makes the sector’s adoption of responsible business practices crucial for sustainable development.
FMCG sector: Catering to such a large market comes with its set of responsibilities, including availability of raw material, use of environmentally friendly packaging material, responsible marketing, and consumer health and safety. In this regard sustainability is growing increasingly important for the FMCG sector, especially the food and beverage sector.