India's industries must embrace ESG (environmental, social, and governance) norms to prevent environmental damage and ensure long-term growth, according to India's Chief Economic Advisor Anant Nageswaran. Speaking at a conference organized by the Federation of Gujarat Industries, Nageswaran emphasized the importance of ESG practices in mitigating the impact of global warming and fostering sustainable development.
"ESG practices can play an important role in preventing environmental damage due to global warming," stated Nageswaran. "It is in the industry's own interest to look at and follow the norms and regulations in the context of implementing ESG."
Industries, he urged, must adopt a long-term perspective, prioritizing long-term benefits over short-term gains. "Industries have to develop a long-term vision to think about long-term benefits instead of losing patience," he remarked.
Nageswaran also highlighted the need for industries to adapt to change, drawing parallels with the initial resistance to computers, which have now become indispensable. "Along with economic development comes change," he said. "Since computers were opposed in the beginning but now it has become a part of life. Industries also need to pay attention to this and create an internal environment for change."
Echoing Nageswaran's sentiments, Anjan Ray, former director of the Scientific and Industrial Research Institute of Petroleum, cautioned against excessive consumerism and irresponsible production practices. "Excessive consumerism and irresponsible production is damaging the environment," he stated, attributing these practices to the influence of Western countries. "The growing culture of use and throw is also not in the interest of long-term development," he added.
Ray called for collective action to protect the environment, emphasizing the role of individuals in making small but significant changes. "There are many small things which not only businessmen but also common people can implement and contribute in saving the environment," he remarked. "For example, using one liter of petrol adds 3 kilograms of carbon dioxide to the atmosphere, while using one unit of electricity saves one kilogram of carbon dioxide in the atmosphere. People should avoid unnecessary use of energy," he advised.
In conclusion, the conference underscored the urgency for industries to embrace ESG practices to safeguard the environment and ensure sustainable futures. By adopting responsible production methods and promoting conscious consumption, industries can contribute to a greener and more sustainable future for India.
