Genpact partnered with The B Team, a nonprofit that advocates for new corporate norms that secure a safe, sustainable, and equitable future, and the Confederation of Indian Industry (CII) to capture the voice of industry on driving harmonization of ESG reporting guidelines. We shared our findings with B20 India, a forum for the global business community, and its ESG in Business Action Council. Here, we share our findings.
The World Economic Forum is not holding back. Its latest Global Risks Report named the failure to mitigate climate change the number one risk for the next ten years. And the solution requires everyone to play a part. Companies of all sizes must lead the sustainability charge and commit to transforming their businesses, driven by bold environmental, social, and governance (ESG) goals.
But with greater demand from regulatory bodies, customers, and investors to measure, communicate, and improve on their ESG progress, businesses face a number of ESG reporting challenges. The lack of consistent data standards and guidelines across regulations is deepening the need for harmonized global ESG reporting requirements.
To transition into a more inclusive, sustainable economy, businesses need accountability for their performance and impact. But this accountability is contingent on robust and consistent corporate sustainability reporting. The mission of the International Sustainability Standards Board (ISSB) is to establish a global baseline standard, a goal we welcome and actively support alongside our partners, The B Team, a global collective of business and civil society leaders, and CII.
The release of the inaugural standards (IFRS S1 and IFRS S2) by the ISSB is a significant step toward establishing a global baseline of ESG reporting standards and guidelines.
But to enhance adoption, hearing from the companies that must respond to these guidelines is key.
Genpact, The B Team, and CII brought together 15 global finance and sustainability leaders from enterprises in industries ranging from financial services and high tech to life sciences and manufacturing. We invited them to share their perspectives with B20 India's ESG business action council in a virtual roundtable discussion. Our goal: to capture the voice of industry on how global organizations need a harmonized and consistent approach across standards and what aspects regulators could consider to create more inclusive and harmonized standards. These leaders identified four key themes: