Report: Cement and Power Account for 90% of Scope 1 and 2
Four sectors account for 90% of direct and indirect emissions.
Companies continue to underreport their Scope 3 emissions.
Cement, power, and wood and paper industries use incredibly high amounts of energy, while the hospitality sector uses a large amount of water, notes the BRSR Barometer 2023 study.
The report calls for a specific sustainability plan for each industry.
ECube and StepChange carried out the study that synthesises insights from over 1,000 Business Responsibility and Sustainability Reports (BRSR) and examined more than 50 measures related to ESG across 13 different sectors.
Cement, metals, power, and wood and paper industries are responsible for 90% of direct (Scope 1) and indirect (Scope 2) emissions. Scope 3 emission reporting is greatly underreported, with only around 223 organisations providing this data last year.
Many industries have poor third-party verification of their environmental data and low reporting standards and need specific strategies to manage their resources and step up sustainability efforts.
The report is published annually to track the progress in sustainability reporting, and sector-specific webinars will help companies share knowledge and adopt effective strategies.
Shankar Venkateswaran, Co-Founder & Managing Partner, ECube said, “A Sustainability Report is not something companies must produce only because stakeholders ask for it or regulations demand it. Any company that believes it’s a leader that pursues excellence needs a feedback mechanism, a mirror.”
Ankit Jain, Co-Founder & CEO of StepChange, said: "In a world increasingly defined by the urgency of climate action and social responsibility, the findings of The BRSR Barometer 2023 serve as a wake-up call for businesses across all sectors. The significant underreporting of certain metrics and the concentration of emissions in just a few industries highlight not only the challenges we face but also the immense opportunity for transformation."
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Source: The Indian Express
