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.
