Press Release

Carbon, pollution & waste are three big environmental concerns that need to be tackled with the right kind of policies: S C Garg

The Former Finance Secretary, Ministry of Finance, Government of India also spoke about encouraging incentives for behaviour that reduce negative add-ons like pollutants at the ESG Conclave organized by ASSOCHAM

23rd September 2022, NEW DELHI: There is an alternative system of energy productions coming up, which are equally efficient and competitive. Digitalisation and environmental production of goods and services will make this alternative technological transition much better, competitive and profitable,” said Shri S C Garg, Former Finance Secretary, Ministry of Finance, Government of India at the India ESG Conclave 2022. He added, “The circular economy concept is based on waste management, where the three big environmental concerns are carbon, pollution and the waste. These need to be tackled with the right kind of strategies and polices.” The event, themed: Challenges, Opportunities & The Way Forward, was organised by the apex industry body, Associated Chambers of Commerce and Industry of India (ASSOCHAM).

 Shri Garg, who was the guest of honour at the event, also spoke of the need for incentives that encourage the use of alternative energy technologies. “We need to tweak the incentive model a little bit and put a tax on the negative value-adds, which are carbon, pollutants and the waste. We can quantify them. For instance, the use of a tonne of carbon dioxide will cost a specific amount. This will encourage people to look for alternate technologies or alternative way of producing goods and services by using those technologies that will contribute less to the environmental problems. The government should also reward reduction of negative add-ons with positive payment,” he elaborated.

 He also added, “We should look at the current times with the opportunities that are coming up and the challenges that industrialisation and make the future much better.”

 Shri Kapil Malhotra, Global Business Unit Head of GFL and member of the ASSOCHAM National Council on Chemical and Petrochemical, underlined the significance of people, process, and product in ESG. Environmental concerns, he said, are becoming more widely recognised, and nations are pledging to achieve net-zero emissions and increased energy efficiency. He continued that there was a need to boost the proportion of clean energy in the total energy mix. Decarbonization and net-zero, he suggested, are realities that should be quickly adopted by businesses for improved performance and sustainable development. Investors put their money into businesses that use ESG strategies.

According to Shri Prabodha Acharya, Co-Chairman of the ASSOCHAM National Council for Environment and Climate Change and Chief Sustainability Officer of the JSW Group, the ESG trend is becoming more prevalent among Indian corporations, and the ESG tribe is growing into a community now. He revealed that ESG-management has been acknowledged as a value creator in the commercial ecosystem, and the industry has experienced resilient growth. He continued, "The main benefits of ESG include strengthening financial resilience, sustainable evolution, low-cost capital, ESG compliance revenue, customer satisfaction, and effective resource usage."

As most investors are concentrating on green initiatives and sustainability practises to save for the future, Mr Rambabu P, Chief Sustainability Officer, Greenko Group, claims that ESG is much more significant for investors. To continue the decarbonization process in the circular economy or towards net-zero emission goals, governance in the ESG is essential. He emphasised that ESG rating should be defined and regulated in order to strengthen the ESG framework and that an entity can only be stewarded when controlling manner of performance in business is given attention.

Environmental reforms should be prioritised, stated Mr. Sunil Jain, Operating Partner, Energy Transitions, Essar Capital, as unemployment surged quickly due to environmental fatalities.

ASSOCHAM and its knowledge partner, CRISIL, also released a knowledge report titled, ‘Towards Sustainable Infrastructure’ during the conclave with the help of distinguished dignitaries who shared the stage.