Visakhapatnam’s Lok Sabha Member of Parliament, Mr. M Sribharat has emphasized the crucial role of individual actions and the need for institutional support to effectively implement Environmental, Social, and Governance (ESG) principles.

Addressing the inaugural session of CII Andhra Pradesh Environment Social & Governance Summit 2024 “Building Sustainable Business & Greener Tomorrow” he highlighted that the responsibility of developing a sustainable economy should be shared globally, with developed nations supporting developing countries. 

Mr. Sribharat underscored the importance of formulating policies that balance effectiveness with cost considerations, suggesting that feasible suggestions should be readily adopted. 

He encouraged organizations to conduct research and provide policy implications that can be implemented by the Government.

Mr. Ashish Jain, President of Corporate Strategy at GMR Group in his special address stressed the critical importance of environmental conservation, acknowledging the undeniable reality of climate change evidenced by rising global temperatures and sea levels. 

He highlighted the significance of materiality in sustainability efforts, stressing the identification of Key Performance Indicators (KPIs). 

He said that GMR Group has identified 24 ESG (Environmental, Social, and Governance) topics and has benchmarked their practices with other leading entities like airports and Mahindra and Mahindra.

Regarding ESG investments, Mr. Jain urged consideration of intangible benefits alongside tangible ones emphasizing that thoughtful implementation of ESG principles can yield substantial long-term advantages.

Dr V Murali Krishna, Chairman, CII Visakhapatnam said in India, only 15.8% of the workforce is employed in the organized sector. 

In such circumstances, the country needs to adopt a wide range of frameworks to ensure good health, safety and sustainable environment. Safety and sustainability is not a choice or an option to be bifurcated between top floors and shop floors.

Mr Grandhi Rajesh, Chairman, CII Visakhapatnam said ESG is emerging as a strategic imperative for leadership and a fundamental business driver in fostering value for internal and external stakeholders. 

He stressed that ESG compliance is no longer a peripheral concern but a strategic imperative for businesses of all sizes across India. By proactively adopting ESG practices, companies can ensure long-term sustaina- bility and unlock various financial and reputational benefits. 

Dr. E. Sankara Rao, Convenor of CII Visakhapatnam ESG Panel, emphasized that sustainability has become imperative for all companies in today’s context. 

He noted that many countries have committed to achieving net-zero emissions by 2050, underscoring a global emphasis on reducing carbon emissions in the coming years. He highlighted the adoption of a circular economy approach for environmental sustainability.