Deloitte’s 2023 CEO Sustainability report has found at least 57 per cent of Indian CEOs said climate change is among the top three priorities of their companies, compared to 42 per cent of global CEOs.
Also, 81 per cent of Indian CEOs said they have increased sustainability investments from last year, and 27 per cent said that investments have risen significantly.
This increase in investments could be a result of a survey that shows 53 per cent of Indian CEOs believe that climate change is likely to impact their companies’ strategies and operations to a “high/very high” degree over the next three years.
Read also: Davos 2023: Idris Elba calls for investment to help world’s poor
The Deloitte report further highlighted that 60% per cent of Indian CEOs rated a “just transition” which seeks to ensure that substantial benefits of transitioning to a green economy are shared widely, while also supporting those who stand to lose economically, to be extremely important to their organization’s sustainability efforts, as compared to 46 per cent of global executives.
“Despite the geopolitical and economic uncertainties, India Inc is prioritising climate change and increasing investments towards sustainability,” said Viral Thakker, Partner and Sustainability Leader, Deloitte India.
“It’s promising to see that businesses in India understand the significance of a ‘just transition’ in protecting those who are most vulnerable to both climate change and job disruption. Having the right strategy to ensure a just transition would be critical going forward,” he added.
As far as climate actions are concerned, Indian CEOs are more likely to be focused on increasing the efficiency of energy use, using more sustainable materials, using more energy-efficient equipment, training employees, and making operations/supply chains more climate-resilient, in comparison with their global peers.
Story was adapted from India Today.
