Rs 10,00,000,00,00,000 is what Indian companies spent for CSR till date.
Rajesh Verma, the secretary in the Ministry of Corporate Affairs, emphasized the crucial role of funding sustainable development and environmental initiatives in achieving India's socioeconomic objectives. Speaking at the FICCI's Environment, Sustainability, and Governance (ESG) summit, he stated that investments in ESG will not only contribute to the $5 trillion economy goal but also align with the Sustainable Development Goals (SDGs) by 2030 and the target of achieving net-zero emissions by 2070. Highlighting the substantial commitment of Indian companies, Verma mentioned that over ₹1 trillion has been spent on Corporate Social Responsibility (CSR) since the implementation of the corporate spending framework on community initiatives in 2014-15. Verma emphasized that investments in sustainable development and environmental initiatives are pivotal for India to meet its socioeconomic goals. He reiterated that such investments will play a vital role in achieving the SDGs and the ambitious target of a $5 trillion economy, along with net-zero emissions by 2070. Expressing the ministry's commitment, Verma assured that efforts will continue to create an enabling environment for companies to be globally competitive while aligning with SDG goals. He underscored the increasing responsibility of businesses, particularly in the face of global challenges such as Covid-19, climate change, resource scarcity, and growing inequality. Verma emphasized the need for businesses to be inclusive and sustainable, citing Covid-19 as a catalyst for revisiting relationships with nature. Referring to Prime Minister Narendra Modi's call for lenders to support projects aligned with national priorities, including net-zero emissions, Verma highlighted the importance of collaboration, resilience, responsibility, inclusiveness, and sustainability in addressing contemporary challenges. Verma also noted the significant role of green finance, citing data from an RBI bulletin in October 2021, which revealed that global green bond issuance exceeded $250 billion in 2019. He pointed out that India, as an emerging economy, ranks second after China in cumulative green bond issuance, indicating the growing importance of green finance. Despite the challenges posed by the pandemic, Verma shared positive news about India's progress in the NITI Aayog's SDG India Index. The country's overall score improved from 57 in 2018-19 to 66 in 2020-21, signifying a reduction in the distance to be covered to reach the SDG goals. Additionally, Verma mentioned that many companies are exceeding the mandatory CSR spending requirements under the Companies Act, with provisions allowing for the offset of excess spending against future obligations.
Source: Livemint.com
Curated by: Team -The Law Planet
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