According to a survey by PwC India, 51% of the top 100 companies have initiated voluntary disclosure of their carbon emissions as part of India's goal of net-zero emissions by 2070. The survey, titled 'Navigating India's Transition to Sustainability', shows that 51% of India's top 100 listed companies have released 'Scope 3 data' for FY23, according to M-Cap, although it was voluntary.

The survey shows that 44% of the 100 listed companies have conducted life cycle analyzes of their products or services, 89% have disclosed information on leadership indicators and 49% have increased their energy consumption from renewable sources. It found that 34% of the 100 companies have reduced their Scope 1 emissions, while 29% have reduced their Scope 2 emissions. Additionally, it notes that 31% of the top 100 companies have shared their net zero targets.

According to the U.S. Environmental Protection Agency, Scope 3 emissions are the result of activities by assets that are not owned or controlled by the reporting organization, but that indirectly affect the organization in its value chain.

The survey, based on an analysis of publicly available Business Responsibility and Sustainability Reporting (BRSR) reports of the top 100 companies (including Nifty 50 and NEXT 50 listed companies) for the period 2022-2023, shows a response to regulatory requirements regarding mandatory reporting under BRSR. The introduction of new environmental, social and governance (ESG) regulations for companies has led to the launch of BRSR Core, positioning the country as a leader in global sustainability reporting with increased credibility and transparency, the report said.

The report attributes the reduction in emissions to several key initiatives, including the adoption of energy efficient technologies such as LEDs, efficient air conditioning, ventilation and heating systems, the transition to renewable energy sources, the purchase of carbon offsets and participation in off-road initiatives . On-site power purchase agreements.

Sambitosh Mohapatra, partner and head of ESG at PwC India, said: “As the BRSR becomes a mandatory report for companies, ESG considerations have become key strategic priorities in board discussions.” This is evidence of the increased awareness of its importance of sustainability and responsible business practices.”