Message in the 2023 Annual Report of the Centre of Excellence for Sustainable Development I Building for Tomorrow I Partnership People Planet
Mr Chandrajit Banerjee
Director General
Confederation of Indian Industry
As India embarks on a dynamic growth era towards 2047, when it will complete 100 years as a nation, the Confederation of Indian Industry continues to play a key role in facilitating the multifaceted contributions of the Indian Industry, charting a path towards a prosperous and sustainable future. Through its advocacy efforts, Industry competitiveness initiatives, promotion of innovation & technology adoption, and partnerships for sustainability, CII continues to play a transformative part/ role in shaping the future of the nation.
India is facing significant challenges due to climate change, impacting various aspects of life and the environment. A substantial portion of India’s GDP comes from nature, and climate change could cost the country more than 10% of its national income, potentially pushing 50 million people back into poverty by the end of the century. India has made important strides to address these critical challenges and has advanced a cross-cutting action plan to accelerate progress on the SDGs, with a focus on environmental sustainability. This plan aligns with its NDC (Nationally Determined Contribution) goals of reducing emissions intensity by 45% and achieving 50% non-fossil fuel power capacity by 2030, while also launching the global ‘Lifestyle for the Environment (LiFE)’ movement.
India’s G20 Presidency highlighted the interconnectedness of the world and emphasized inclusive and sustainable growth, focusing on global challenges like climate change, digital transformation, and equitable development. CII’s role as the B20 secretariat for India’s G20 presidency assumed great importance in the context of sustainable development, which was in sharp focus. Sustainability was embedded in the B20 agenda through the Task Force on Energy, Climate Change and Resource Efficiency (ECRE) and the Action Council on Environment Social and Governance (ESG) in Business. The ECRE Task Force focused on promoting a shift towards cleaner energy and other energy-efficient technologies that could foster better quality of life and help achieve long-term decarbonization goals for businesses. B20 India magnified the voice of the Global South, advocating for innovative and cost-effective financing solutions to drive the transition toward sustainable energy.
The recommendations of the Action Council on ESG were to adopt universally adaptable ESG standards and disclosures that are comprehensive, transparent, inclusive, and equitable; ESG implementation pathways to accelerate the adoption of responsible and sustainable processes; augment ESG governance; and drive business resilience and disaster management through a robust framework.
In a testament to the work the B20 Taskforces have put forward, several key outcomes of the G20 Leaders’ Declaration strongly resonate with the recommendations put forth by the Taskforces. Advancing the sustainability agenda at COP28 in the UAE, the business delegation led by CII amplified the voice of the Indian Industry, advocating for innovative and cost-effective financing solutions to drive the transition to sustainable energy. CII launched the report "Priorities for COP28, Dubai: Indian Industry Perspective," which comprehensively explored critical areas and anticipated actions for COP28. The report offers insights from the Indian industry on accelerating energy transitions, enhancing climate finance, promoting a just transition, strengthening resilience and adaptation, and advocating for a greater role of businesses in climate action leadership.
CII is at the forefront of driving sustainability practices among Indian businesses, in areas such as environmental, social, and governance (ESG) matters, circular economy and waste management, biodiversity, regenerative agriculture, and carbon emissions. For the ESG regulatory landscape, we have been engaged with the International Sustainability Standards Board (ISSB) and IFRS Foundation for inter-operability of standards with the BRSR, India. CII is also working actively with Indian businesses to integrate global frameworks such as the Task Force for Nature-related Financial Disclosures (TNFD) to assess and monitor nature-related risks and opportunities.
The sustainability agenda is being expanded and taken forward by the Centres of Excellence (CoEs) on Green Business, Water, Food & Agriculture, Sustainable Development, and Competitiveness for SMEs, among others. With a vision to drive industry transformation towards sustainable development, the CII Centre of Excellence for Sustainable Development takes the lead to propel CII’s sustainability agenda and continues to play a focal role in Government Industry dialogues on national regulations; articulating stakeholders’ discourse on global policies; putting forth Indian Industry’s stand on macro-economic issues and accentuating the need for sustainable and inclusive transformation. I am sure that all stakeholders will gain insights about the Centre's work on sustainability, showcased in this edition of the Annual Report, which chronicles its journey through 2023.
This article, written by Mr Chandrajit Banerjee, was published in the CII-ITC CESD 2023 Annual Report. It was released in September 2024. The complete report can be read here
Published on 15 October 2024
