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Indian organizations are moving beyond corporate social responsibility as a philanthropic activity, via integration with their core business operations. Eventually, organizational commitment and government regulations will drive adoption of green and sustainable technology and practices in India, says Gartner analysts.
Global environment changes are increasingly challenging Indian businesses to look beyond financial performance and integrate environmental and social concerns into their strategic outlook. Indian companies are slowly but steadily moving beyond corporate social responsibility as a philanthropic activity, and integrating green and sustainability-related initiatives into their core business operations.
India’s spending on green IT and sustainability initiatives will reach $34 billion in 2014 a 14.1 percent increase from $29.2 billion that was spent in 2013, according to Gartner.
“Most Indian companies have at least one green initiative motivated by the prospect of lower operating costs. The sectors with a significant impact on environment such as oil and gas, mining, and other manufacturing related industries clearly lead others in this area alongside the increased use of renewable energy, “said Ganesh Ramamoorthy, research vice president at Gartner.
“The IT sector where energy and water costs account for a significant portion of the operating costs is not far behind. Sectors like telecom and TV, and banking and finance lag behind. In terms of actions to address climate change issues, not many companies have a clear focus,” he adds.
Awareness among Indian organizations in sustainability, green technology and climate change issues is growing, although there is still a lot to be achieved. There is a need to reduce operational costs, adhere to regulations and mandatory disclosures, and to cater to a growing demand from investors, customers, partners, and consumers for reports on the risks related to climate change, as well as the opportunities and organizational climate policy efforts.
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