ESG Roundtable - Imperatives for industrial manufacturing companies

Industrial manufacturing firms that haven't yet decided on implementing an Environmental, Social and Governance (ESG) initiative share a common characteristic: They are effectively falling behind. In the present day, companies from this industry, or any industry, need to actively consider ESG measures if they wish to succeed and flourish in the years to come.

Leaders in industrial manufacturing are now focusing on weaving ESG into their business fabric. This starts with reducing their environmental impact by decreasing reliance on natural resources, followed by directing efforts towards creating sustainable products, and lastly by promoting social responsibility through a diverse workforce and ongoing community involvement, while establishing strong governance through open reporting.

KPMG in India recently hosted a roundtable at their Mumbai location to deliberate on the impact of ESG  within the industrial manufacturing sector. The dialogue focused on the transformative potential across various operations, products, and functions. It also addressed the obstacles that the sector encounters. The consensus was that, despite these challenges, there are promising aspects, with successful outcomes hinging on cooperation and the equilibrium between profitability and sustainability.

• Navigating profit and sustainability - Staying informed about new regulations, technological advances, and ESG standards is essential for crafting a robust ESG strategy that balances financial success with ecological responsibility. Companies must leverage tools to efficiently sift through data and quickly gain relevant insights.
• The imperative of collaboration - The consensus among participants highlighted that cooperative efforts are central to achieving sustainable development milestones.
• Addressing climate change is critical - There was unanimous acknowledgment of the pressing need to collectively combat climate change and confront imminent environmental challenges.

It was noted that diligent tracking and clear communication are key for companies to showcase their dedication to sustainability and maintain accountability. Hesitation or uncertainty regarding ESG initiatives could result in missed opportunities to emerge as industry leaders and negatively impact narrative towards investors, consumers, stakeholders, and employees.

Key highlights from the roundtable were covered by The Economic Times-Insights.com. The story can be read here.