No Match Found
Economic uncertainty, political upheaval, and environmental and social concerns have left a deep mark on today’s business landscape, affecting consumers and companies alike. With Business Responsibility and Sustainability Reporting (BRSR) mandated by the Securities and Exchange Board of India (SEBI), the regulatory heat is already on and the relevance of ESG norms in India is on an upswing. The challenges we encounter are all symptoms of a deeper problem: Our economies are not delivering sustainable, secure, affordable, inclusive outcomes for society. It is clear that businesses – including PwC – need to transform, and that is why we are focused on developing the capabilities needed to build stakeholder trust based on transformational outcomes.
PwC’s sustainability experts know your industry, geographies in which you operate and the challenges it faces and can help you find the right solutions on the path towards sustainability. We understand the ESG needs of our customers cannot be addressed by a one-stop shop. A comprehensive set of specialised ESG competencies are required to provide fit-for-purpose ESG services to our customers that can be fulfilled by PwC’s ESG platform, which is a collection of such competencies.
We assist organisations in understanding the impact and urgency of action on current and emerging expectations of stakeholders, translated into material ESG topics. ESG regulations by regulators, changing customer preferences and intensifying societal pressures need to be sensed using a strategic framework that can help our clients to make ESG an integral part of their corporate DNA and embed its aspects within their business strategies.
Playback of this video is not currently available
Such purpose-driven businesses in sync with ESG expectations not only retain their licence to operate but unleash the potential of the emerging ESG market and that of corporates to harness growth, mitigate risks, improve performance, enhance reputation, ease access to finance and facilitate competitiveness in talent acquisition and retention. PwC’s ESG strategy services assist in effective execution on the ambitions and set targets, recasting the customer value proposition, reinventing the business model and reorganising the operating model by reflecting purpose-driven ESG goals in stakeholder engagement, business and people processes.
More than ever before, the volatility and fragility of global interdependent systems have been made apparent by climate change and increasing natural hazards. Businesses across the globe are facing serious threats from climate change. Physical risks associated with climate change include asset loss, service disruption and poor business operations, all of which lead to a multitude of cascading transitional, reputational and liability risks. Therefore, businesses must act in a seamless, coordinated and productive fashion to have a strategic edge over whatever climate change holds for the future.
We at PwC, can help you identify the possible implications of climate change and disasters, evaluate the priority actions needed to adapt to and reduce future climate and disaster risks, make decisions and investment choices based on hazard vulnerabilities, risks and exposures, and enhance your future resilience and agility.
PwC’s climate resilience advisory helps you create a panoramic view of your unique risk landscape, so you can act boldly and purposefully. We work with diverse clients ranging from public, private and financial sectors to ensure our recommended solutions have a broad spectrum of applicability, in order to offer the best protection for people and the planet.
Water-related risks and factors that influence businesses are complex, and consistently feature among the top 10 major concerns as well as material issues for businesses across the globe. With increased local and regional water stress and frequent climate events, water-related challenges are more pronounced, prompting corporates and businesses to consider it an imperative to understand their risk exposure and plan risk resilience for short- and medium-term business security and long-term business sustainability. Companies are investing in water-related stewardship action in direct operations, areas where they operate and across their external dependencies considering: i) the traction on SDG goals and 2030 Water Agenda picking up rapid pace, ii) investors and stakeholders urging companies to disclose water performance, and iii) customers and consumers rallying for sustainable corporate practices.
PwC, through its global network of professionals that are connected via its Water Centre of Excellence (Water CoE), has been supporting corporates and businesses in their endeavours across various stages of corporate water action journey. Our market-leading expertise brings together cross-functional domain capabilities with the best-in-class tools that are essential for navigating the dynamic nature of water-related challenges. This enables us to mobilise appropriate resources and co-create successful outcomes for our clients across all spheres of their water action journey, with the benefit of global capabilities and regional insights including:
Our diverse experience working with global organisations brings value in screening portfolio of assets and investments for risks and liabilities, and understand thematic areas of pain points. It also helps us in establishing standard practices aligned with global and sector standards and guidelines, defining meaningful commitments and goals, instituting true value of water with business context, setting context-relevant targets, developing roadmaps for water action and delivering trusted advisory on transparency and disclosure.
Our presence in various geographies and working experience at a grassroot level helps us to undertake scientifically designed qualitative and quantitative approaches in order to understand complex (e.g. social and reputational), dynamic (e.g. regulatory), internal (e.g. infrastructure) and external (e.g. water source) water-related business risks. Furthermore, it helps us in extending our knowledge of mitigation measures adopted by businesses across sectors for a multitude of water-related challenges that impact normal operations of businesses, reflecting ground realities with pragmatic business context.
Our knowledge base of industry best practices, peer performance benchmarks, general trends in technology and innovation in water-efficient operations, combined with diverse sector-specific experience while evoking contextual linkage with local water status and business risks are an integral part of the value we extend to our clients. This applies to how we evaluate and manage performance of individual operational facility, inform grassroot strategies and plans, and drive action on water conservation, water use optimisation, water efficiency, wastewater management, impact minimisation and overall water performance with due consideration to water-neutrality and carbon emission implications of transition action.
Whether it is understanding water dependency in supply chain and corresponding risk exposure through hot spotting across material flow map and geography extent, ensuring water security of key and critical supply network, rolling out framework for standard water practice in supply chain, minimising impact on water in value chain, navigating data challenges through data architecture, or developing digital water repository, we have the in-house capability to help businesses implement pragmatic measures and make informed decisions.
We understand the various drivers for external-facing initiatives of corporates which may include leadership in social action, business water security, fulfilling commitment to SDGs, aligning with national and regional best practices, meeting sectoral and industry standards, compliance requirements, maintaining social license to operate, corporate social responsibility (CSR), upholding investor and/or stakeholder expectations, aligning with international standard for water stewardship, among other factors. Our cross-functional teams and platforms add value to corporate external water stewardship endeavours through objective-oriented, scientific outcome-driven, business-relevant strategic and targeted engagement prioritisation. We provide trusted end-to-end advisory support through planning, implementation and exit transition, covering all aspects of external engagement that require collective action such as community WASH interventions, agri-interventions, collective water conservation and groundwater replenishment, preservation and rejuvenation of water features, afforestation and soil conservation, source water protection and supply infrastructure enhancement and wastewater reclamation – among other grassroot programmes.
Circular economy is a system-focused model of operations, which involves processes that are restorative or regenerative by design, enable resource-use in processes and activities to maintain their highest values for as long as possible, and aim for the elimination of waste through the superior design of materials, products and systems, including business models. The Government of India has been prioritising circularity in recent years through policy amendments, by focusing on higher resource-use efficacy and scientific waste management. The Draft National Resource Policy (NREP) 2019 is guided by the principles of reducing primary resource consumption to ‘sustainable’ levels, with high resource-use efficiency and creating higher values with circular approaches. The NITI Aayog has identified eleven focus areas and formed inter-ministerial committees to facilitate transition from a linear to a circular economy approach for these areas.
Adopting circularity has become imperative for businesses not only for compliance to the evolving regulatory requirements, but also for building resilience towards eventualities like indiscriminate resource extraction, volatile geopolitics and sensitivities in the supply chain, which may result in acute resource scarcity or price fluctuations. In addition to sustainability-conscious western markets targeted by Indian industries, domestic consumers are also gradually becoming more aware, and demanding businesses to be more responsible in consuming and managing resources. Corporates, through innovative circularity-oriented systems and processes, can access greater opportunities for profit through material cost savings and reduced environmental impacts, while further propelling their growth. Corporate strategies may vary – depending on the ambition of the organisation, size of their business, sectoral focus and the maturity of the ecosystem to support their objectives. Initiatives that relate to circular economy are broadly within the spectrum of a ‘9-R concept’ which include:
Leveraging our exhaustive experience of working with various Government and corporate entities on different aspects of circular economy, we envision a holistic approach for navigating the transition to circular economy. Given the current environmental and market imperatives, we foresee the need to lower the use of virgin material or resources in provision of goods and services, and maximise value across the product life cycle. These need to be taken up urgently by businesses if they are to achieve greater competitiveness in the market in the long run. PwC provides services across the circularity process chain which include:
We have developed multi-dimensional data-oriented models and toolkits to assist in decision making, policy and strategy development, stakeholder management, identifying high value–least cost solutions, assessing barriers and eventualities, device frameworks, circularity and waste management plans, implementation plans and CSR plans. PwC offers expert services for implementing circularity through innovative solutions – for example, by using technologies like SAP for circularity in product portfolio management or blockchain to monitor record-keeping of circularity across the value chain. Another such instance is when we supported one of our Government clients to develop policies, programmes and strategies, and provided handholding throughout the implementation phase and monitoring support towards implementation of a USD 1 billion circularity programme covering a population of 40 million people, and helped in creating a market-based ecosystem on circularity in the target region. We also supported the state government in facilitating circularity investments in various sectors like metals (steel, aluminium), fertilisers, cement and waste recycling/waste to wealth industries.
Our customisable approach is designed to evaluate opportunities across the four circular business model categories:
Further, development of systems based on international guidelines and institutional development – including the key identified stakeholders across value chain – are integrated as the building blocks of the transformation process. We work with industries to identify risks and work towards obtaining resources and facilitating solutions. For example, we supported a global fast moving consumer goods (FMCG) brand on their path towards plastic circularity, with focus on plastic packaging and associated extended producer responsibility (EPR).
We support companies in facilitating a closed-loop production, reducing waste generation and impact on the environment through detailed assessment of the product life cycle. This involves identifying the scope for reducing the environment impact across processes – ranging from sourcing raw materials to managing waste. We advise on identifying the pain points and scope for changes in supply chain, conducting impact assessments, and developing life cycle modelling. Adopting the life cycle assessment (LCA) approach for industrial processes and focusing on changes is a tested tool for achieving high impact on waste reduction.
With the heightening sensitisation of governing bodies across the world, regulatory interventions and requirements are anticipated to promote faster transition to the circular economy model. Corporates may experience an increasing pressure from their respective governments for commitment and progressive improvement in performance, with respect to the adoption of circular initiatives. PwC assists corporate clients in complying with statutory requirements of their region and facilitates clients to achieve their commitments and get recognised by international bodies on circular economies. For example, we have assisted clients on compliances as per Indian regulatory requirements towards India’s extended producer responsibility laws, besides solid waste and plastic waste management rules, battery management and handling rules and hazardous waste rules.
As part of the mandatory requirement of the CSR Rules, companies of a particular threshold need to conduct independent impact assessment study on projects more than INR 1 crore, which would be reported back to the Ministry of Corporate Affairs (MCA) as part of the company’s annual reporting. We support all types of companies beyond compliance requirements to assess the impact wherein assessment of their projects are done to not only adhere to statutory requirements but also help in decoding the impact created by the projects through social return on investment (SROI) where required. Moreover, we evaluate performance for strategic redirection and reinvestment. We have conducted multi-sectoral impact assessment studies of over 1,000 projects across India, with a varied clientele – including Government bodies, corporates, foundations and others.
These include the services that help in preparing, implementing and monitoring a Section 135-compliant and cohesive CSR policy that is need-based, strategic, integrated with your value chain, iterative and geared towards business responsibility reporting. Our key services include the following
Climate change has made it challenging for the financial sector to assess their investment risk decisions. At PwC, we bridge this gap by helping our clients create ambitious goals and targets to become climate and nature-positive in order to enable them to make future-ready investment decisions. Voluntary carbon markets is a game-changer for carbon offsetting. At PwC, we support clients in accessing voluntary sustainable markets and realise revenue from carbon credits and plastic credits.
We are extremely proud to join hands with Indian Institute of Management Ahmedabad (IIMA), a premier global management institute of the country, to provide a forum to foster meaningful conversations, empower stakeholders with adequate research, enable thought leadership to build alliance ecosystems and raise resources to plan and execute ESG-led transformation.
PwC ESG Research and Innovation Forum at IIMA will be a hub for knowledge sharing among ESG stakeholders. This initiative comes as a step towards contributing to India's commitment to the net zero agenda and the SEBI’s BRSR regulations by widening and deepening the sustainability impact on India Inc. We expect this platform to become a nerve centre to facilitate collaborative research on topics such as climate finance, circular economy, carbon markets and ESG ratings. We hope that this forum would play an important part in furthering the ESG agenda, in shaping young minds and driving timely policy interventions.
presents ESG A bridge to action
in association with
An eight-part series featuring dialogue with select industry leaders and PwC experts on issues around Environment, Social and Governance that are key to sustainable business growth and enable organisations and the nation become fit for future.
Over 90% of executives surveyed in 2020 consider sustainability and ESG either important or very important to driving enterprise value
Over 90% of executives surveyed in 2020 consider sustainability and ESG either important or very important to driving enterprise value.
Partner, ESG - Responsible Business Advisory/Social Sustainability Leader, PwC India
Executive Director - Climate Change, Carbon Markets and Sustainability, PwC India