A Closer Look into India’s BRSR & ESG Reporting

As India’s economy has flourished and industries have expanded, the country has witnessed a corresponding increase in carbon emissions. In fact, India ranked third globally in terms of carbon dioxide emissions in 2020.

how indias carbon emissions have grown

India is committed to reducing its carbon footprint and addressing climate change urgently. Before the COP27 conference, the Indian government pledged to decrease the emissions intensity of its GDP by 45% by 2030. Meeting this target requires prompt action.

Moreover, Economic, Social, and Governance (ESG) is not merely a passing trend; it is a catalyst for profound transformation across industries and societies. Its influence will continue to grow, and the adoption of ESG technology will be a make-or-break factor for long-term success in the ever-evolving business landscape.

And this is where the Business Responsibility & Sustainability Report (BRSR) comes into play.

What Is the Business Responsibility and Sustainability Report (BRSR)?

Introducing the Business Responsibility and Sustainability Report, the next chapter in the journey of sustainability reporting in India. This exciting evolution replaces the existing Business Responsibility Report (BRR) that has been shaping corporate responsibility since 2012.

Get ready to dive into a new era of comprehensive sustainability reporting.

brsr requirements

The BRSR aims to integrate and align regulatory frameworks and compliance requirements related to environmental, social, and governance aspects for companies operating in India. It promotes responsible business conduct and transparent disclosure of non-financial parameters and ESG reporting goals. SEBI has standardized ESG disclosures through the BRSR format, which will be published alongside annual reports, ensuring a transparent representation of a company’s operations. This standardized alignment of financial and non-financial disclosures enhances transparency in business operations.

The BRSR report format includes three sections:

  • General disclosures: This section collects basic company information such as size, location, products, number of employees, and CSR activities.
  • Management disclosures: Companies are required to disclose their policies and processes regarding leadership, governance, and stakeholder engagement according to the NGRBC Principles. They may provide links to their websites for further details.
  • Principle-wise disclosures: Companies showcase their performance in relation to the nine Principles and Core Elements of the NGRBCs (National Guidelines on Responsible Business Conduct). This section highlights their commitment to responsible business conduct through actions and outcomes.

Conquer Markets, Contribute to Society: The BRSR Advantage

Expanding Markets through Social Responsibility

In this ever-evolving business landscape, forward-thinking companies are swiftly realizing that embracing social and environmental concerns isn’t just a noble endeavor – it’s a strategic move that can unlock a plethora of market opportunities. By investing in these issues, companies not only fortify their own sustainability but also gain a competitive edge in the eyes of their customers and business partners. Moreover, this enlightened approach opens doors to new customers, propelling them to the forefront of their industry. It’s time to seize the power of purpose and propel your business to new heights.

Pathway to Amplified Capital Access

Investors actively shape the future through global reporting frameworks like the Business Responsibility & Sustainability Report (BRSR). Asset Management Companies (AMCs) further ignite this transformation with ESG funds, utilizing environmental, social, and governance performance for investment decisions. This revolution sparked the rapid growth of green financial products-equities, loans, bonds-catering to sustainable initiatives. As the market expands, businesses embracing this new era unlock abundant opportunities. Embrace the wave of green capital, harness financial innovation, and propel your organization toward dual success: financial prosperity and environmental sustainability.

Mitigating Financial Risks

The winds of change are blowing through the financial landscape, urging companies to disclose their greenhouse gas emissions. Energy companies, under scrutiny and facing legal battles for their role in global warming, are now compelled to shed light on their environmental impact and climate sustainability. Simultaneously, hedge funds are holding directors accountable for pollution disclosures, pushing for greater transparency.

Recognizing the urgency, the World Bank took decisive action in 2013 by significantly reducing new investments in coal power projects, reserving them for truly exceptional circumstances. Furthermore, in 2019, the World Bank ceased funding upstream oil and gas operations, acknowledging the need for a shift away from fossil fuels.

This growing momentum demonstrates a collective commitment to reducing financial risks associated with environmental challenges. Embracing a greener future is not just an ethical imperative, but a strategic move to safeguard investments and build a sustainable tomorrow. Let’s join forces and navigate the path to a resilient and responsible economy through precise and automated ESG reporting.

The Key to Talent Attraction and Retention

Companies that demonstrate responsible behavior and a clear purpose are increasingly preferred by employees. To attract and retain top talent and meet consumer expectations, businesses are integrating sustainability practices into their operations. Transparently disclosing these practices and results through sustainability reports further supports these initiatives. It’s a strategic move that not only appeals to employees but also builds trust and loyalty among consumers. Embracing sustainability is the key to attracting and retaining talent while aligning with societal expectations.

How can FigBytes help with Business Responsibility and Sustainability Reporting?

FigBytes helps businesses across the world build a green business in a surging net-zero world, with a strategy-driven, socially attuned method, powered by better data.

In the dynamic landscape of ESG reporting, staying compliant with regulations like BRSR and international standards is essential. That’s where FigBytes comes in. Our cutting-edge platform empowers ESG teams to gather crucial information and present reports that meet compliance requirements while aligning with global frameworks.

With FigBytes, you can bid farewell to outdated emissions estimates. Our tools ensure real-time data accuracy, utilizing the latest approved methodologies. Plus, updating your reports is a breeze, requiring minimal effort. Stay agile and effortlessly adapt to evolving reporting needs.

If your organization is grappling with the challenges of meeting BRSR requirements, FigBytes is your strategic ally. Schedule a meeting with our experts today and discover how our platform can elevate your ESG reporting initiatives.

The comprehensive FigBytes sustainability + analytics platform enables audit-proof and transparent monitoring and reporting of sustainability initiatives. Here are some other key solutions:

  1. Climate accounting
  2. Water Stewardship
  3. Diversity Inclusion
  4. ESG Risk management
  5. Supplier management
  6. Philanthropy

Embrace the future of sustainable reporting with FigBytes and unlock new levels of transparency and impact.

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