Even as many Indian companies bridle at environmental regulation, many of the major industries players today are broadly committed towards working for a sustainable future. The same certainly can’t be said of all major Western economies, so what makes India different?
Two factors stand out. The first is government policy. In 2014, India passed the first-of-its-kind bill turning corporate social responsibility from an admirable (voluntary) objective into a formal mandate. The law requires companies with annual revenues exceeding 10 billion rupees (approximately $156 million) to donate at least 2 percent of their net profits to charities working in areas including hunger, education, and the environment. Debates continue on the law’s overall effectiveness, but one result has been to direct resources directly to environmental causes, including climate action.
The second is good old-fashioned self-interest. Recognizing that business becomes much harder in a world shaped by destructive floods, dangerous heat, and other climate impacts, many companies have begun embracing clean energy and other solutions to help address the crisis. Read More…
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