Vill+P.O.- Madla, P.S.- Baghmundi Dist-Purulia-723152 West Bengal, India +91 7602498085 info@imcs.in

Sustainability Initiatives

Image

What is ESG?

Environmental, Social, and Governance

ESG stands for Environmental, Social, and Governance. It refers to a set of factors considered by companies when managing their operations and by investors when making investments. These factors help assess risks, impacts, and opportunities related to sustainability and ethical business practices.


ESG Factors

  • Environmental Issues: Potential or actual changes to the physical or natural environment (e.g. pollution, biodiversity impacts, carbon emissions, climate change, natural resource use).
  • Social Issues: Potential or actual changes on surrounding community and workers (e.g. health and safety, supply chain, diversity and inclusion).
  • Governance: Corporate governance structures and processes by which companies are directed and controlled (e.g. board structure and diversity, ethical conduct, risk management, disclosure and transparency), including the governance of key environmental and social policies and procedures.

As ESG is emerging as an important strategy resulting in long-term value creation, the role, engagement, and accountability of the Board is substantial in terms of strategies, policies, oversight, and its integration into the business.


Why is ESG Important?

Companies should be concerned with ESG because it helps them do business in a way that is more consistent and aligned with their values and their stakeholders’ expectations. This approach minimizes risk and can help them avoid reputational damage. A company’s ESG performance also affects its bottom line, its ability to secure funding, or retain employees.

ESG FACTOR

WHAT CONSTITUTES ‘E’, ‘S’, ‘G’?

Through the constituents of ESG is inclusive, to provide broad understanding on the constituents/ESG factors that are relevant for corporates is illustrated below:

Environmental Social Responsibility Governance

Businesses rely on natural resources and physical assets to perform their operations. Products and services may directly or indirectly impact the environment.

  • Climate change
  • Pollution
  • Loss of biodiversity
  • Water management
  • Waste management
  • Energy consumption
  • GHG emission
  • Environmental policy
Image

To conduct their operations, companies harness the talent and skills of their employees. Products and services, and operating activities involved in production, may benefit society or cause harm.

  • Human rights and labour standard
  • Health and Safety
  • Child labour
  • Grievance mechanism
  • Social impact of Products
  • Employee welfare
  • Attrition Rates
  • Gender & Diversity
  • Community Relation
Image

When making decisions and allocating their natural, human and financial resources, companies should consider how they will create long-term value that will benefit all stakeholders.

  • Board independence/Board composition
  • Board Diversity
  • Executive Pay
  • Succession Planning
  • Risk Governance
  • Business ethics and compliance
  • Stakeholder engagement
  • Disclosure and Reporting
  • Anti-Corruption
  • Supply chain governance
  • Board Evaluation
  • IT security & Data Protection
Image

ESG Integration

An Environmental and Social Management system (ESMS) simply extend that approach to the management of your business’s impact on the environment, your workers and other external stakeholders. It identifies nine elements of on effective ESMS.

Integration of ESG involves:

  • Identification of ESG goals.
  • Alignment of Vision, Mission and Values of the corporates with ESG goals.
  • Alignment of ESG Goals into long-term and short-term strategies.
  • Establishment of ESG oversight mechanism.
  • Policy initiatives on ESG including environmental policy, anti-corruption policy, human rights policy etc.


Image
Image

ESG INITIATIVES

ENVIRONMENTAL, SOCIAL AND GOVERNANCE RELATED SUSTAINABLE INITIATIVES

Climate change is a global phenomenon and all the countries and various global forums are paying utmost attention to it, as rising GHG (Green House Gas) emissions are hazardous for both people as well as the planet. The global temperature has already soared 1.1°C above the pre-industrial level.

Taking urgent action to combat climate change and its devastating impacts is therefore an imperative to save lives and livelihoods and key to making the 2050 Agenda for sustainable development and its 17 Goals, which is the blueprint for a better future, a reality.

The 17 Sustainable Development Goals (SDGs) to transform our world:

  • No Poverty
  • Zero Hunger
  • Good Health and Well Being
  • Quality Education
  • Gender Equality
  • Clean Water and Sanitation
  • Affordable and Clean Energy
  • Decent Work and Economic Growth
  • Industry, Innovation and Infrastructure
  • Reduce Inequalities
  • Sustainable Cities and Communities
  • Responsible Consumption and Production
  • Climate Action
  • Life Below Water
  • Life on Land
  • Peace, Justice and Strong Institutions
  • Partnership for the Goals

GREEN INITIATIVES

Reduction in Carbon/GHG Emission Resource Efficiency

Reducing carbon and greenhouse gas emissions involves reducing the amount of heat-trapping gases released into the atmosphere.

This can be done by:

  • Using energy-efficient equipment
  • Using renewable energy
  • Using carbon capture and storage (CCS)
  • Reducing methane emissions
  • Improving transportation efficiency
  • Reducing waste
Image

Resource efficiency means using the earth’s limited resources in a sustainable manner while minimizing impacts on the environment. It allows us to create more with less and to deliver greater value with less input.

Ways to improve resource efficiency in business organization:

  • Reduce energy consumption
  • Implementation of Environmental Management System
  • Increase energy efficiency
  • Communication with staff
  • Controlling waste
  • Understand legislation
  • Reduce wasteful office practices
  • Using a Re-use and Refill approach
Image
Renewable Energy Intensity Water Conservation

Energy intensity is the amount of energy required to produce one unit of gross domestic products (GDP). The goal is to reduce energy intensity by using less energy to produce the same amount of output.

How to improve energy intensity:

  • Increase renewable energy consumption
  • Improve energy efficiency
Image

Water management is the activity of planning, developing, distributing, and managing the optimum use of water resources. Water conservation is the practice of reducing the amount of water used, lost, or wasted. It involves behavioral changes, devices, and processes to make water use more efficient.

How to conserve water:

  • Harvest rainwater
  • Wastewater processing
  • Use water-saving technology
  • Innovative materials
  • Reduce shower time
  • Fix leaks
  • Use water-efficient appliances
Image
Reduce Energy Consumption Waste Management

Reducing energy consumption can help you save money, reduce pollution, and increase energy security. You can reduce energy consumption by using energy-efficient appliances, turning off lights and electronics when not in use, and using natural light.

Key Strategy to improve energy consumption:

  • Use energy-efficient appliances
  • Turn off lights and electronics when not in use
  • Use natural light
  • Use LED light bulbs instead of incandescent bulbs
  • Use solar power sources
  • Awareness of reducing energy consumption
  • Use smart power strips
  • Unplug devices when not in use
  • Install dimmer switches to control light intensity
Image

Waste management refers to the various schemes to manage and dispose of waste. The prime objective of waste management is to reduce the amount of unusable materials and avert potential health and environmental hazards. It is to be noted that the modern concept of waste management covers 7 R’s: Rethink, Refuse, Reduce, Reuse, Recycle, Regulate & Research.

Image

RISK MANAGEMENT

Image

ESG (Environmental, Social, and Governance) Risk Management

ESG is an acronym for environmental, social, and governance. Investors are increasingly using these non-financial factors as part of their analytical process to identify significant risks and growth opportunities.

1. Environmental Risks

These risks include environment-related issues such as greenhouse gas emissions (GHG), deforestation, pollution, water usage, biodiversity, waste, etc.

Examples of environmental risks:

  • Impact of climate change on GHG emissions
  • Security and use of water
  • Reducing waste and recycling
  • Pollution control and prevention
  • Deforestation
  • Safeguarding thriving ecosystems
  • The effect on biodiversity
  • Safeguarding maritime resources
  • Making the switch to a circular economy
  • Techniques for environmental management
2. Social Risks

These include factors such as customer relations, human rights, labor rights, employee relations, occupational health and safety, supply chains, diversity, inclusion, etc.

Examples of social risks:

  • Inclusion, equity, and diversity
  • Workplace and safety circumstances
  • Observing human rights
  • Development of the workforce and training
  • Data security
  • Community participation
  • Fair labor standards for vendors and suppliers
3. Governance Risks

These risks include issues such as succession planning, board management practices, executive compensation, diversity among board and management, corruption, fraud, data security, equity, etc.

Risks associated with governance include:

  • Corporate morals and ethics
  • Conduct and practices that are anti-competitive
  • ESG regulations compliance (including emerging regulations)
  • ESG transparency
  • Open communications
  • Grievance policies and processes
  • Preventing fraud and corruption
  • Compensation for executives
  • Diversity on the Board of Directors
  • Corruption and extortion
  • Standard and regulations
  • Paying taxes

Explore

Home About Management System Services Sustainability Initiatives Gallery Contact

Contact Info

Vill+P.O.- Madla, P.S.- Baghmundi Dist-Purulia-723152 West Bengal, India info@imcs.in +91 76024 98085 +91 9477282705

Working Hours

Monday-Saturday: 10am to 7pm

Sunday: Closed


GST Number: 19EUAPK1099F1ZI

2024 Copyright by International Management Consultancy Services. All right reserved.