Going for Circular Economy Recognition?

Going for Circular Economy Recognition? 

Words such as sustainability, environment, and energy-conscious business practices, are no longer keywords. Rather, these are terms that organisations across the globe have embraced wholeheartedly. In an era where climate change is getting real and affecting our lives, understanding the role of circular economy and its impact is crucial not just for the economy but businesses and end-consumers as well. 

Circular economy offers unimaginable value proposition to organisations in deriving value from their manufacturing processes and becoming environmentally conscious. Regenerative and restorative processes enables retention of resources and extraction of maximum value. The circular economy is therefore designed to minimise waste, reduce environmental impact, and foster sustainable development.

According to a 2023 circularity gap report, participating in environment-conscious, ethical and circular economy practices itself could fulfil humanity’s needs. The report, however, finds barely 7.2% of the global economy following a circular pattern. Besides rationalizing and reducing procurement costs, regenerative processes are also in line with consumer demand. For example, the packaging with Apple's products is not only environmentally-conscious but has also struck an emotional appeal with its consumers. The new packaging has been emulated by peers and thereby a new practice in the industry. Sustainability, ethical, and environmental-safe manufacturing practices, have been a conscious consumer-choice according to studies by Nielsen (78%) and McKinsey (60%) conducted in 2020. 

For the enterprise though, participating in a circular economy may be more than an after-thought - a compliance norm, in fact. That is given how regulators across the world have increasingly focused on institutionalising ESG compliances and even setting carbon utilisation norms. To regulators and policymakers, green transformation and circular economy practices offer significant economic opportunities. Investments in clean energy, sustainable infrastructure, and eco-friendly technologies can create new industries and jobs, driving economic growth while also fostering environmental stewardship. Shifting towards a greener and more circular model enhances resilience to environmental and economic shocks. Diversification of energy sources, for instance, can reduce vulnerability to fossil fuel price fluctuations, while circular approaches help mitigate the risks associated with resource scarcity and price volatility. Both green transformation and the circular economy aim to create more inclusive and equitable societies. Furthermore, by promoting ethical and fair business practices, these approaches can contribute to social welfare and reduce inequalities.

The road to a green and circular economy augurs well not only from the addition of jobs and economic opportunities but also expansion avenues for the corporate. A textile manufacturer, for instance, could unlock additional value by identifying resources to regenerate, recover, and thereby provide to the circular economy. For reference, 8.5% of global textile waste gets accumulated in India every year. The media, films & fashion and hospitality sector can infuse newer realities by leveraging circular economy and same opportunity is introduced by Krÿstähl’s GreenX™®.

However, converting waste into value may be easier said than done. Such transformative efforts demand a more cohesive approach from internal stakeholders which may be unviable in the absence of expert analysis provided by the sector and practicing experts. 

Certifying an organisation with Re-Circulate™® Label has benefits beyond compliance and process-fault-finding. Such a certification assures circularity status of the company /organisation, thereby yielding a positive ESG report. Besides ensuring quality of a circular product, such labels help organisations provide for a cleaner environment. Krÿstähl’s  Re-Circulate™® program for hospitals, launched along with hospitals like Pranaam Group of Hospital and more, is in progress and supporting the hospitals for its green, circular transition. 

Notably, it enables organisations to export circular products with ease. With the benefits the concept promises, the transformation to the organisation is as profound as the realisation that the earth is round.

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EMAIL: krystahl@krystahl.in

URL: www.krystahl.in >Services > Re-Circulate™®

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ESG AND CORPORATE GOVERNANCE : SIGNIFICANCE & SOLUTIONS

ESG AND CORPORATE GOVERNANCE : SIGNIFICANCE & SOLUTIONS

Krystahl (A JV of Sanshodhan and GICE&SDGs)

Hyderabad 500091, INDIA

EMAIL: krystahl@Krystahl.in , URL: www.krystahl.in  

ESG stands for Environmental, Social, and Governance and refers to non-financial metrics that assess a company's impact on the environment, society, and governance. Corporate governance refers to the systems and processes by which a company is directed, managed and lead for the growth. ESG and corporate governance are closely related.

ESG and corporate governance are becoming increasingly important as consumers, investors, and regulators demand greater accountability from companies. Integrating ESG considerations into corporate governance practices can help companies manage risks, improve their reputation, and increase their long-term financial performance. At the same time, good corporate governance practices can ensure that a company's ESG efforts are transparent, accountable, and sustainable. Good corporate governance practices, if aligned with the ESG considerations, can enhance a company's multi-dimensional sustainability and long-term success.

Corporate governance is very important for ESG funding because it provides assurance to investors that a company's ESG efforts are well-managed, transparent, and aligned with the company's overall strategy. Good corporate governance practices provide the structure and systems needed to effectively manage ESG risks and opportunities. For example, a strong governance structure can ensure that a company's ESG efforts are integrated into its business strategy and that ESG metrics are consistently tracked and reported. This can help to build trust with investors and other stakeholders, and can increase the company's overall competitiveness and long-term success. Investors are becoming increasingly interested in investing in companies with strong ESG profiles, and corporate governance is seen as a key factor in determining a company's overall sustainability and risk profile.

The corporate governance status in India has improved significantly in recent years. The Indian government has implemented a number of reforms to enhance corporate governance, including the introduction of new laws and regulations, as well as the establishment of independent regulators to enforce these rules. For example, the Companies Act of 2013 introduced new requirements for independent directors, better disclosure and transparency, and strengthened the role of audit committees.

The Securities and Exchange Board of India (SEBI) has implemented new rules for corporate governance, including the listing regulations and the Corporate Governance Voluntary Guidelines (2009). In year 2019, Ministry of Corporate Affairs (MCA) introduced National Guidelines for Responsible Business Conduct (NGRBC). In May 2021, SEBI introduced a mandated for top 1000 listed companies, to report on ESG parameters, and introduced the standard format- BRSR, for annual reporting. 

Still there are some challenges in this area, like lack of accountability among some directors and executives, weak enforcement of corporate governance rules, and limited public awareness of the importance of corporate governance. The continued development of the corporate governance framework in India is important for attracting investment, building trust, and promoting sustainable and responsible business practices.

Audits play an important role in ensuring the effectiveness of a company's corporate governance practices. An audit can help to evaluate a company's governance structure, processes, and controls, and provide assurance that they are functioning as intended. There are several types of audits that can be performed to assess a company's corporate governance, including:

1. Financial audit: A financial audit is an independent examination of a company's financial statements to ensure that they are accurate and comply with accounting standards.

2. Internal control audit: An internal control audit evaluates a company's internal controls, including its risk management processes, compliance procedures, and financial reporting systems.

3. Compliance audit: A compliance audit assesses whether a company is following applicable laws, regulations, and ethical standards.

4. ESG audit: An ESG audit evaluates a company's environmental, social, and governance practices, and provides assurance that they are consistent with best practices and meet stakeholder expectations.

By performing such audits, companies can identify potential weaknesses in their governance processes and make improvements as and when needed. The results of an audit can also provide valuable information to stakeholders, such as investors and regulators, interested in the company's governance practices. Overall, audits are an important tool for promoting transparency and accountability in corporate governance. They help companies to improve their governance processes, manage risks, and demonstrate their ESG commitment to responsible business practices.

Copyright@Krystahl

DATE: 4 FEB. 2023

Website UPCOMING: www.Krystahl.in

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RE-CIRCULATE(TM) FOR CIRCULAR OFFICES

Why Your Office Shall Implement Circular Economy? 

Quite a valid question, that every office and building an ask. Krystahl introduced ‘Re-Circulate(TM)(R) Standard, for enabling the smooth implementation of circular economy in offices. ‘Re-Circulate(TM)(R) Certificate enables your office to showcase your ‘green eye’ to the world.

By introducing a circular approach and implementing the circular economy standard models in your office, you can:

• Save costs – by cutting expenditure on new resources
• Create new revenue opportunities – by turning waste materials into assets
• Improve staff wellbeing and satisfaction – by providing climate friendly products, and being environmentally responsible, 
• Enhance your business’ reputation – with customers and suppliers who are also committed to sustainability.

And of course, the wider social and environmental benefits – such as local job creation,  waste reduction, reducing pressure on land, eradicating plastic use, enhancing recycling  and more.  Each individual business / office making a small difference can lead to a change in the overall culture and reduce pressure on the planet.

Six practical ways to introduce circularity into your office are:

1) Aim for a ‘zero-to-landfill’ culture

If you challenge yourself and your staff to imagine nothing can go to landfill, you may not hit zero but you’ll come up with ways of diverting all sorts of waste – food, paper, plastic, equipment etc – to recycling or reuse. A great way to start is by conducting the ‘ Internal Waste Generation & Management Audit’ and the same can be organised by KRYSTAHL. 

2) Source ‘circular’ products

When procuring, seek out circular products products.

For eg. recycled paper & plastic products, compostable packaging, recycled ceiling tiles and remanufactured photocopiers (e.g. from Ricoh). There are some amazing, creative products out there if you look.

3) Remanufacture your office furniture

Office furniture is perfect for remanufacturing because it uses long life components such as steel bases which can be reused while the softer, less durable parts are replaced with new elements. Your office furniture can be remanufactured / repaired for reuse before its sent for recycling.

4) Bring plants into the office

Plant clean indoor air by absorbing VOCs as well as toxic ozone from photocopiers. They release phyto-chemicals that suppress mould spores and bacteria by as much as 50 to 60 per cent. Plants also regulate humidity, especially in winter when central heating sucks moisture from circulating air. 

5) Choose a renewable energy supplier: Reduce Your Carbon Footprint

Renewable energy has never been cheaper and thus the prospect of switching to a 100% renewable energy provider has never been greater. Unlike homes, businesses can’t switch energy suppliers at any moment. They need to wait until their fixed costs contracts expire. Make sure that you know when your contract period up and leave yourself plenty of time to save money and prevent your carbon emissions.

6) Appoint a ‘Circular Office’ Champion

Empowering your staff to think up and implement their own circular office ideas can improve their satisfaction and wellbeing – and can also provide significant cost savings for your business as they change their thinking about waste and spending habits. Try appointing someone to champion the concept of the circular office and lead the way.

7. Recognise Circular Champions

Awards and Recognition go long way.  Do not forget to recognise ‘Circular Champion’ every quarter.

As a matter of fact, most businesses can't change their systems overnight. Instead, offices can take smaller steps, starting with simple and minor changes; toward a green transition and achieving Circular Office certification. 

Krystahl's Re-Circulate (TM)(R) standard allows businesses/offices to adopt a progressive approach to implementing the circular economy. To begin with, Krystahl’s team visits the office (client), advise and handhold throughout the process i.e. for the implementation of the Circular Economy Standard- Re-circulate(TM)(R).

Connect on krystahl007@gmail.com / krystahl@krystahl.in . Visit us on www.krystahl.in 

Copyright@Krystahl

DATE: 26/12/2022

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