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MP Sri Bharat Bats for Institutional Support to ESG Principles 

MP Sri Bharat Bats for Institutional Support to ESG Principles 

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Visakhapatnam MP M. Sri Bharat Monday highlighted that institutional support was very much necessary for effectively implementing environmental, social, and governance principles. While participating in the ESG Summit here in Visakhapatnam, Sri Bharat asserted the global collaborative effort between developed nations, which should thereby support developing countries in building a sustainable economy.

Sri Bharat pointed out that globally, the responsibility for developing an economy with sustainability rested on the global collaborative effort. He sought support from developed nations to be given to the developing countries to take up and implement ESG principles in these countries.

India’s Economic Aspirations and Environmental Goals

Sanjay Kumar Jha, executive director of Indian Oil Corporation, IOC, shared India’s aspiration to be the world’s third-biggest economy. He pointed out that, at present, however, as much as 87% of India’s energy requirement is served by fossil fuels. He mentioned the aspiration of India to achieve net zero by 2070 and bring down the dependence on fossil fuel accordingly.

A Visakhapatnam-based Initiative on Sustainable Energy

He specifically pointed out the formation of LNG hubs at Visakhapatnam, which could have continuous supplies of CNG and PNG to industries and households. He said IOC is willing to spend ₹ 4,300 crore in CGD business in 12 districts of Andhra Pradesh.

Need for Comprehensive Frameworks

According to Dr. V. Murali Krishna, Chairman of CII Visakhapatnam, what was required is adherence to a spread of frameworks for good health, good safety, and a sustainable environment, particularly in the face of the fact that only 15.8% of the workforce in India is working under the organized sector.

Conclusion:

The statements at the ESG Summit reflected the urgent need for collective action and institutional support to further ESG principles and achieve sustainability goals. If India’s government and private sectors can come together, there can be better headway into a more green and socially responsible future.

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