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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GreenX(TM)(R), The Eco-Leadership Guidelines & Award, by Krystahl

GreenX(TM)(R), The Eco-Leadership Guidelines & Award, by Krystahl

Email On : FILMS@KRYSTAHL.IN 

The film industry is a significant contributor to global carbon emissions, but it is also an industry that has the potential to lead the way in the transition to a more sustainable future. An average budget film produces 3000-4000 tonnes of carbon emission, 20-25 tonnes of solid waste and 4-10 tonnes of textile waste and huge amount of plastic, electronics and other wastes.

The film industry can make a significant impact by promoting sustainability through the content they produce. However, it is important to note that the green transition of the film industry will not happen overnight. It will require a concerted effort from all stakeholders, including filmmakers, production companies, studios, and government agencies. But by working together and making a commitment to sustainability, the film industry can lead the way in the transition to a greener future. Film industry can take following key steps for their climate-friendly green transition:

1. Adopt digital production methods and reduce reliance on celluloid film to decrease energy consumption and waste.
2. Invest in renewable energy sources, such as solar and wind power, to power film production.
3. Implement energy-efficient measures on set and in production facilities to reduce energy consumption.
4. Use electric vehicles on set to reduce emissions from transportation.
5. Utilize virtual sets and CGI, or computer-generated imagery, to reduce the need for location shoots, thereby reducing carbon emissions associated with travel.
6. Promote recycling and composting on set to minimize waste.
7. Incorporate sustainability into the content of films, raising awareness and encouraging action on environmental issues.
8. Encourage and support sustainable practices among suppliers and vendors.
9. Collaborate with other industries and organizations to develop and implement sustainable production practices.
10. Continuously monitor and measure the environmental impact of production and set goals for reduction and improvement.
11. Prevent food waste.
12. Be a responsible consumer 

And more. In conclusion, the film industry has a huge potential to lead the way for green transition.

Many documentaries and films have been made on the topic of climate change and environmental sustainability, raising awareness and encouraging action. But, today, action need to be taken by all the Film Production house, OTT and Media channels and Fashion hubs as well.

Krystahl launched GreenX(TM)(R), The Eco-Leadership Standard Guidelines & Awards for Film, OTT and Media Channels and Fashion hubs to reduce its carbon footprint, implement 7Rs, and contribute for creating a the sustainable future for all. 

Copyright@Krystahl

Date: 28 Jan 2023.

Connect with us on FILMS@KRYSTAHL.IN 

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ENVIRONMENTAL REGULATIONS IN INDIA : PROGRESS TOWARDS SDG2030

 

Dr Shalini Sharma

CEO

Krystahl (

A JV of Sanshodhan & ICE&SDGs)

INDIA

EMAIL: KRYSTAHL007@GMAIL.COM 

BACKGROUND

Environment is defined as the total planetary inheritance and the totality of all resources. It includes all the biotic and abiotic factors that influence each other. India has made a substantial effort in attempting to address environmental challenges. It has enacted stringent environmental legislation and has created institutions to monitor and enforce legislation. The National Environmental Policy (NEP) recognizes the value of harnessing market forces and incentives as part of the regulatory toolkit, and India is one of only three countries worldwide which has established a Green Tribunal to exclusively handle environmental litigation. (World Bank, 22/9/2011).

As the Water (Prevention and Control of Pollution) Act and the Air (Prevention and Control of Pollution) Act were designed to deal with only water and air pollution problems, it was in the year 1986 that the Parliament enacted a comprehensive or umbrella legislation for environment in its entirety. This is the Environment (Protection) Act, 1986. 

Since then, there are various guidelines, and regulations in India, to protect the environment, prevent climate change and safeguard environmental resources. Key rules and regulations are listed below.

A. RULES (UMBRELLA)

• Environment (Protection) Act, 1986  and amendments thereon
• Notifications under EPA 1986 (total 20 and Schedule-1 providing Standards of emissions/ discharge from 114 industry sectors; Schedule II to VII; Notifications i-xiv) 
• Coastal Regulation Zone (CRZ) Notification (as amended to date).

B. LAND

• Mining and Mineral Development Regulation Act 1957
• Mines and Mineral (Regulation and Development) Act
• The Industrial Development and Regulation Act
• Atomic Energy Act 

C. WATER

• Water (Prevention and Control of Pollution) Act, 1974
• Water (Prevention and Control of Pollution) Cess Act, 1977

D. AIR

• Air (Prevention and Control of Pollution) Act, 1981
• The Air (Prevention and Control of Pollution) Rules, 1982 (as amended to date)
• The Air (Prevention and Control of Pollution) (Union Territories) Rules, 1983
• Notifications under the Air (Prevention and Control of Pollution) Act, 1981, - National ambient air quality standards, Declaration of air pollution control areas, Appellate Authority under the act 1981 

E. ENVIRONMENT & FOREST, BIODIVERSITY AND BLUE ECONOMY - ACTS 

• Indian Forests Act 1927
• Forest (Conservation) Act, 1980 
• Wildlife (Protection) Act, 1972
• Wetland (Conservation and Management) Rules, 2010
• Fisheries Act 1897
• Prevention of cruelty to animals, 1960
• Biological Diversity Act, 2002
• The Biological Diversity Rules, 2004
• Forest (Conservation) Act, 1980
• The Wetlands (Conservation and Management) Rules, 2017.

 ENVIRONMENT & FOREST, BIODIVERSITY AND BLUE ECONOMY - POLICIES

• National Forest Policy
• National Conservation Strategy and Policy statement on Environment and Development
• National Policy and macro-level action strategy on Biodiversity
• National Biodiversity Action Plan (2009)
• National Agriculture Policy
• National Water Policy
• National Environment Policy (2006)
  

F. CLEARANCES : INDUSTRIAL OPERATIONS 

• Environmental Impact Assessment Notification, 1994, amended to,
• Environmental Impact Assessment Notification, 2006 (supersession of 1994  Notification)
• The Factories Act.

G. PLASTIC POLLUTION

• The Plastic Waste Management Rules, 2016
• Plastic Waste Management (Amendment) Rules, 2022  (for EPR)
• Plastic Waste Management (Second Amendment) Rules, 2022 (to phase out single use plastic from 1 Jul2022)

H. ELECTRONIC POLLUTION

• The E-Waste (Management) Rules, 2016, amended to
• E-Waste (Management) Rules, 2022 and Amendment released in Nov. 2022.

I. HAZARDOUS WASTE POLLUTION

• Hazardous Wastes (Management and Handling) Rules, 1989
• The Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016
• The Manufacture, Use, Import, Export and Storage of Hazardous Micro- Organisms/Genetically Engineered Organisms or Cells Rules, 1989
• The Manufacture, Storage and Import of Hazardous Chemical Rules, 1989 (as amended to date)
• The Bio-Medical Waste Management Rules, 2016

J. OTHER POLLUTION MANAGEMENT 

• The Solid Waste Management Rules, 2016 (as amended to date)
• The Construction and Demolition Waste Management Rules, 2016
• The Regulation of Lead Contents in Household and Decorative Paints Rules, 2016
• The Regulation of Polychlorinated Biphenyls Order, 2016
• The Regulation of Persistent Organic Pollutants Rules, 2018
• The Batteries (Management and Handling) Rules, 2001 
• Battery Waste (Management and Handling) Rules, 2022
• The Noise Pollution (Regulation and Control) Rules, 2000 (as amended to date)
• The Ozone Depleting Substance (Regulation and Control) Rules, 2000 (as amended to date)
• The Chemical Accidents (Emergency Planning, Preparedness and Response) Rules, 1996. (as amended to date).

K. SCHEMES FOR BETTERMENT @ENVIRONMENT

• Scheme on Labelling of Environment Friendly Products (Eco-Mark) (as amended to date)

L. ACTION PLANS / GUIDELINES ON CIRCULAR ECONOMY

• Circular Economy - Toxic and Hazardous Industrial Waste (DoC&P)
• Circular Economy - Agricultural waste (MoA&FW)
• Circular Economy - Tyre and Rubber Recycling (DPIIT)
• Circular Economy - End of life vehicles (ELVs) (MRT&H)
• Circular economy in Electronics & Electrical Sector, Policy Paper 2021-22 (MEITY)
• Circular Economy - Municipal Solid and Liquid Waste (MoHUA)
• Circular Economy - Scrap metals (Ministry of Steels)
• Circular Economy - Lithium Ion Batteries (Niti Aayog)
• Circular Economy - Solar Panels (MNRE)
• Circular Economy - Gypsum (DPIIT)
• Circular Economy - Used Oil waste (MoP&NG)

AUTHORITIES IN ACTION

Authorities under: Wildlife Crime Control Bureau; National Plan for Conservation of Aquatic Eco-System; National Green Tribunal Act, 2010; National Environment Tribunals Act, 1995; The National Green Tribunal (Practice and Procedure) Rules, 2011; National Environment Appellate Authority Act, 1997; Public Liability Insurance Act, 1991 & The Public Liability Insurance Rules, 1991 are active. Authorities perform according to these acts. 

Central Pollution Control Board (CPCB) and State Pollution Control Board (SPCB) are central and state level regulatory authorities, aim and enable the implementation of these rules and regulations in India. 

SIGNIFICANCE OF BLOG @ICE&SDGs

It's a huge list of regulations in India, though monitoring systems need to be implemented and strengthened. India should have a factual data-backed, easy & accessible, single window clearance system. 

Clean & green India and Swacch Bharat Mission is just possible, if this regulation gets implemented effectively on the ground and data made available the researchers to progress their implementable research, as well to the public for due diligence, and for showcasing the status of compliance, across India. 

This will ease out the operations for regulatory authorities, related departments and industries in India.

Copyright@Krystahl

Date: 1 Jan2023

—————-

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STRATEGIES FOR LOW CARBON DEVELOPMENT OF NATIONS

Dr Shalini Sharma

CEO, Krystahl

URL: www.krystahl.in 

India and many developing nations are struggling with climate change and its impacts. Nowadays in Sept/ Oct 2022, we are experiencing the rains and that’s not only an unusual experience but it’s an unusual shift change in atmospheric pattern, leading to huge losses for farmers, thus for humanity. 

Climate change shifting farmers toward marginalization is only one example, but the fact is that climate change is shifting humanity toward extinction. Who is the culprit behind climate change? Farmers? we the people & cities? IT companies? Mining companies? Manufacturing companies? Power sector? 

As we all know and according to various published sources (Eg. Statista 2022, https://www.statista.com/statistics/955980/india-distribution-of-ghg-emissions-by-sector/) power sector is the highest emitter followed by manufacturing and transportation sectors. Agriculture is also seen as the highest emitter but in generally ‘carbon sequestration’ and ‘Oxygen emission’ and ‘food generation’ (those are basic requirements for the survival of human beings) and its social benefits are not taken into consideration while calculating the emissions from this sector, thus it seems a faulty representation. The next is the power sector and manufacturing, construction, and transportation sectors; those supple to take action to reduce their emissions, to reduce climate impact.

• How many industries within this sector have their carbon inventory and what strategies they are following to reduce their emissions? - Is a big question, which we know, no one dares to ask large industries! 
• How do these industries track their emissions to showcase their progress? - Is the second big question, if these industries are taking action to prevent/reduce emissions and related climate impact.

Sanshodhan (www.SustainabilityExchange.World ) suggests five-point agenda that can be used by governments/regulatory authorities and businesses & industries to account for, implement, track, and perform to reduce greenhouse gas (GHG) emissions and related climate impacts. The details are provided below:

1. FISCAL INSTRUMENT FOR GREEN GROWTH: FOR CORPORATES, BY CORPORATES

A group-level “centralized pool of funds" under the supervision of the Chairman of the group should be developed.  All profit-earning units within the group should contribute up to 5% of their profit (per annum), into their ‘centralized fund pool’. This will be far less than their marketing & advertisements budgets for sure. This ‘centralized fund pool’ shall aim to assist the group's “polluting/ needy/ less green units within that group". With this strategy, the business group will be able to achieve sustainable development while investing in ‘greening their own non/less green unit’. This will lead to the "greening of all manufacturing facilities within a group”. Over the period such companies will be able to contribute to UN global goals.

2. MANDATORY SUBMISSION OF BUSINESS RESPONSIBILITY REPORT (BRSR) BY ALL THE COMPANIES WITH  PROFIT MORE THAN 50 Cr/Annum

Mandatory submission of the BRSR will enhance the flow of funds, public-private partnership (PPP) and investment for societal development. CSR funding can support missions such as "Improving Public Schools" and "Improving Governmental Hospitals" and related facilities for healthy social development. Submission of data in a standard/country-specific report format (like BRSR) will facilitate impact analysis. The outcome of the analysis can be used to develop effective policies and appropriate decisions. 

3. GREEN PROCUREMENT POLICY: GOVERNMENT’S LEADERSHIP TO DRIVE THE CHANGE IN BUSINESSES

The use of eco-friendly materials for all government offices can be initiated. Since the government is a major consumer. Regular suppliers will need to start environmentally friendly production and operations because they could not afford to lose business. Further, the ‘green procurement policy’ shall be made compulsory. 

Greening MSMEs (mainstream supply chains) is therefore critically important. The implementation of the "green procurement policy" will green OEMs, thus MSMEs, the supply chain of major manufacturers, improve 5R and lead to "production with minimal and natural resources".

4. MULTINATIONAL COMPANIES IN INDIA TO IMPLEMENT ‘OUT OF BOUNDARY’ MEASURES TO CLIMATE-PROOF OWN OPERATIONS & LOCAL SOCIETIES

Multinational companies with manufacturing operations in India should follow the “Environmental & Sustainability Rules" (read the upcoming blog on - Environmental Regulations in India). They should not differ from the rules in their own country. For eg. In developed countries, manufacturing facilities take ‘off-limits' measures such as ‘water collection', ‘water conservation', ‘equal employment opportunities, etc. but the same company does not do so in their operational units in developing countries. That entails the exploitation of the host country's natural resources. 

In addition to cheap labor, free natural resources are a bonus for international/multinational enterprises that create their unit in developing countries like India. Natural resources are scarce and available for use within host countries. Multinational (manufacturing) companies entering India shall mandatorily share the responsibility of conserving natural resources and preventing natural resource depletion.

As per the ‘the polluter pays’ principle, the Indian Government shall place a price on natural resources like water used in industrial operations, land, air, and bio-diversity. The price of these resources will help to stimulate the Indian economy.

As the norms for SPM, SOx, BOD, COD, etc defined; norms for Water harvesting - equivalent to the consumption by the industry; Landscaping & reforestation mandate, and Oxygen generation mandate, should be established, mandated, tracked & monitored for all companies setting up their unit in India.

5. GREENHOUSE GAS ACCOUNTING: MANDATORY FOR ALL BUSINESSES ABOVE INR50Cr

"If you can't measure it, you can't control it". Until companies start measuring their emissions, will not be in a position to implement solutions to solve the challenge. This means that greenhouse gas accounting must be mandatory for all businesses at least those owing profit INR >50Cr per annum. This will allow businesses to analyze and make decisions to reduce GHG emissions. This data can be fed into a central monitoring system (during the implementation of MRV) to assess the impact at the national level & this will be instrumental in setting up a useful and greenwash-proof ‘carbon market' in India.

NOTE: This blog was published by ICE&SDGs (www.ce-sdg.org) in Aug.2018. Above is an updated version. 

Copyright@Krystahl

 

       

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Krystahl, the brand name of a JV of Sanshodhan and ICE&SDGs

BRAND “PLANET EARTH”

India is facing a grand challenge - The depletion of natural resources! There may be various reasons like - development race, race to become economic super-power, race to grow, etc etc. What I am presenting herewith, is an Innovative Strategy to Conserve Natural Resources.

Best brands sell among the high society! It may be the branded cloths, branded watch or car etc etc……The best brands are brought by high class society for various reasons — it may be to showcase their willingness to acquire and use the best, to showcase their power to purchase, to enhance their looks and sophistication or just because they have power to purchase..…

Among the upper middle class also the brand sells well. The reason behind buying the brands is quality and durability. Another reason may again be to showcase their power to purchase and to use the best.

Rest of the society below middle class or lower, there remains a good awareness about the brand because of the advertisement. As literacy levels increase, circulation of advertisements thru magazines, newspapers, hoardings increased; new TV channels reached every village, the awareness about the brands thru their advertisements, increased tremendously.

Good advertisement of any brand attract industrialist/ businessman to enquire if there is anything he can compete upon. Some businesses compete on price, others on quality. Branding and advertisement develop competitive markets.

Advertisement of brands motivate the commoners to buy the brand. Advertisement of any brand attract — the public to have a look at to buy it (to appreciate the value & aesthetics) OR to compete with brand owner (competition among businesses) OR to gift it (use in society) OR to acquire it (own the brand). This reveals the fact that Brand and Advertisement have a great value associated with it and has potential to make a mark in human brains.

The questions arises- Should this branding and advertisements be limited to businesses OR Governments can use ‘Branding’ as a marketing tool, to safeguard the valuable assets of the nation and society? 

Answer lies within - Finite resources that are valuable and need to be used judiciously, need to be conserved, used only when required and should be sold only at appropriate price tag can be branded and advertised for optimal use. For eg. Financial resources. Money has no value for/of its own but it has value for the society and business, therefore it is branded and marketed well by the banks. Banks advertise various schemes to save and invest judiciously. Invested / sustained financial resources accrue great benefits in short / long after long term.

Above case study is perfectly applicable to environmental components—If all finite, durable , stylish and high quality resources can be branded and advertised then why not natural resources? After all AIR, WATER, SOIL and SKY (weather baloon- 40km, troposphere) are also finite, seamlessly high quality of natural resource - water and air is required to survive, soil is required to grow food and sky and outer layer of atmosphere is required to keep balance on the planet, fire is required for various functions to continue in normal pace. These five elements are valuable, finite, needed by all - the business and society.

Any degradation in quality and quantity of natural resources may lead to disturbance of ecosystem, create imbalance in human life, can impact the economics of the society and have potential to shut down the businesses. Well known examples are - water shortages in Vidarbha region and Bundelkhand area etc.

Last important question — If these five elements are so precious and finite, then why its not used judiciously, not branded and marketed yet? This can be done by the owner of these resources. Vast land resources, Open water bodies; Industries who are given consent to operate by the Government and governance thru the regulations; all falls under Government’s preview.

Therefore, the Government may ordain the value to the natural resources — The Panachabhoota (air, water, soil, sky, fire). Commoners and businesses may have increased consciousness regarding the value of five elements, thru Branding & Advertisement of panachabhoota.

Currently, the natural resource conservation is preached! Preaching has no value and it also depends of willingness of listener. Whereas, Marketing thru the Branding and Advertisement attract the listener & viewers to have a look, creating desire among the viewers to own that resource and it develop the sense of value attached to that particular commodity. The example of the bottled water suits well to this situation - Company like Pepsi created a particular company Aquafina to sell water (economics) and made the people to buy it thru their advertisement and branding. But it was done by the company aiming profit, which any business do. This example proves 3 facts:

1. Environmental components if not managed properly, will deplete and scarcity will lead to market opportunity.
2. In market, the branded environmental component will sell and make profit whereas others who are not branded and advertised cannot be sold with high profits. Eg. many other small water companies exit in market.
3. People having power to purchase can buy the best brands.

This blog highlight on Value of 5 Natural Elements. Value, that need to be Branded, Advertised and Marketed among the businesses and commoners to understand its significance as raw material to run the business and to maintain the ecological system for existence of society. Value can be measured in the terms of aesthetics (clean water body etc), can be measured in terms of finite availability of resources OR the values can be realised thru the requirement of panachbhoota for very survival of mankind.

Copyright@Krystahl

DATE: 27/12/2022

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