Stimulus Towards ESG in India and GHG Protocol with Measurable Metrological Tools: Progresses and Challenges

Abstract

The up-surging of environmental, economic, and social-related matters has changed the view of corporate stakeholders' responsiveness towards profit. They have started thinking about the planet, people, and their wealth besides profit. Consequently, high hope is also focused on Environmental, Social And Governance (ESG) factors. The commitment towards the environment and social responsibility of the organization imitates the ESG performance of enterprises that are corporating ESG activities in their working style with a vigorous governance structure; furthermore, the Covid pandemic has exaggerated the importance of ESG parameters. Corporate stakeholders are fervent in knowing how ESG practices can be embraced into business policy, bringing more clarity and transparency to ESG reporting disclosures. The present study offers insight into the ESG concerns unfolding in terms of their prominence and the existing situation in India. In this study, we briefly discuss the need for ESG in Indian organizations and its transformation landscape for the future. Then, we discuss ESG adoption preparedness and its challenges in India. Then, we discussed the steps to be taken to achieve the aim of the sustainability strategy and its implementation, including the ESG Strategy, its linkage of ESG with GHG protocol with measurable metrology tools & the role of metrology in measuring Scope-1, Scope-2, and Scope-3 its emissions measurement with metrology measuring instruments. In the next section, we discuss the need for sustainable ESG reporting, its associated trends and challenges, and India's current status in ESG funds, ESG investing, and its current challenges.