Toward A Sustainable World

Sustainability has long ceased to be a mere buzz word that embellishes balance sheets and brands. The concept has penetrated board rooms and traditional professions like that of chartered accountancy. Chartered accountants (CAs) for instance, have evolved from book-keepers to gate keepers of good governance and sustainable business practices. 

Our cover feature in this issue focuses on the corporate sector, which is steadily doing its bit to ensure that India achieve its Net Zero target by 2070. Several Indian corporate houses have set decarbonisation targets internally to become carbon neutral by 2050 or before. Ground reports show roadblocks though, such as the absence of a clear policy and technical framework and the high costs involved in switching to more sustainable business practices. India Inc. also needs to reconsider its supply chain planning, product innovation, and employee training to achieve its sustainable goals. The BW Businessworld Study on India’s Most Sustainable Companies (IMSC) undertaken in partnership with Sustain Labs Paris is an effort to put the subject front and centre. 

Our aim is to address the pain points and highlight the victories on this journey. We have undertaken an in-depth study of how corporates are advancing toward their sustainability goals based on six aspects: resource efficiency, social entrepreneurship, financial management, employee wellbeing, clean revenue and an inclusive supply chain. The IMSC, an initiative to rank companies on their sustainability performance, is currently into its third edition. The ranking methodology is designed to evaluate, score, and benchmark 200 of India’s largest companies through a transparent, methodologically rigorous and data-driven process. Companies are interviewed through a year-long research programme conducted by the Sustain Labs Paris team. 

In this special issue, we also examine the changing role of CAs. In step with a changing business environment, CAs have evolved into conscience keepers of our nation from mere book-keepers, their roles having expanded to that of overseers of good governance and sustainable business practices. The Institute of Chartered Accountants of India (ICAI) has moreover ensured that the profession remain technology savvy in a business landscape driven by artificial intelligence (AI) and machine learning (ML). Chartered accountants now need to specialise in tasks that require objectivity and cognitive skills. Aniket S. Talati, President of the ICAI, in an interview, emphasises the importance of embracing AI as a partner, instead of considering it a threat, pointing out that AI cannot replace the experiential knowledge and judgment skills auditors possess. The changing role of CAs can contribute significantly to India’s growth.

Of course, we also bring to you all our regular columns and features. 

Happy reading!