48% Indian biz firms likely to meet net-zero target by 2030

New Delhi: About 50 per cent of the Indian businesses surveyed expressed their commitment to achieving the net-zero target, reflecting their desire to address climate change issues and transit to a low-carbon economy, said a PwC report on Tuesday.

Of these, about 48 per cent committed to achieving net-zero emission target by 2030, said PwC India's Tax transparency in ESG survey conducted between April-July 2023. The report is based on a market survey of nearly 250 tax heads, sustainability/ESG leaders, CFOs and CXOs of Indian businesses, spanning industries such as financial services, technology, media, and telecom (TMT), retail and consumer, engineering and construction, among others.

In recent years, the global business landscape has witnessed a significant transformation in sustainable and responsible practices, said a PwC release, adding “as a core pillar of corporate strategy, companies are investing in sustainability and striving to communicate their intentions, commitments and achievements clearly to stakeholders.” According to the survey, nearly 60 per cent of the respondents underlined the need to incentivise Environmental, Social, and Governance (ESG) interventions by the government.

One of the findings of the survey is that with incentives and policy interventions, governments can support businesses in achieving their decarbonisation commitments, addressing income inequality, and promoting diversity and inclusion, underpinning essential elements of ESG transformation for businesses. Looking ahead, the survey suggests the Indian corporates are aware of increasing trend towards more comprehensive and voluntary adoption of tax disclosures in the coming years.