ESG data tracking and reporting with cutting-edge technology
As a part of its commitment towards upholding the highest ESG standards, the Welspun World has executed a new technological tool for ESG reporting and data monitoring called the 'ESG Compass'. ESG Compass takes care of performance data collection throughout all the Group's business entities and sites/plants. Data is securely gathered and collated throughout 30+ ESG KPIs in the E, S, and G domains. Vital KPIs include electricity and fuel consumption, waste generation, GHG emissions, environmental emissions, governance parameters, diversity ratios, and more. ESG Compass streamlines reporting to all stakeholders on the Group's ESG metrics, while using a maker-checker framework for capturing data with complete traceability. SAP helps automate data collection while providing scope for individual data entry. And that's not all; there is a helpful dashboard outlining the Group's shift towards de-carbonization in relation to Scope 1, 2, and 3 emissions.
ESG at Welspun
Brundtland Commission in 1987 defined the term Sustainable Development as "meeting the needs of the present generation without compromising the ability of future generations to meet their own needs." At Welspun, we believe it is our mantra to track performance not only through the narrow prism of financials, but also ESG. For us, it is about adhering to evolving standards of environmental and social responsibilities, while exceeding the brief of ROI to take these holistic aspects into consideration. After all, social, environmental, and governance components are crucial cogs in our business wheel. They not only help us meet our social responsibility needs, but also contribute towards creating a more inclusive, balanced, and sustainable organization at large. This also has a positive impact on business performance, while keeping us in sync for the future as well. Through an ESG-compliant blueprint or business model, any business can position itself better for future challenges.
The importance of ESG is not lost on the contemporary business world. With companies equipping themselves against foreseeable risks, particularly amidst growing environmental, economic, social, & public health challenges, ESG automatically becomes imperative at so many levels. We cannot ignore the steady change in the mainstream business environment itself, with companies being pivotal parts of the global effort towards positively impacting society and environment, while ensuring transparent & seamless governance mechanisms for all stakeholders.
Take digitization of consumer engagement as a prime example. Companies are automatically going digital, minimizing resource wastage, and maximizing retention & consumer loyalty and reach. This is one of the numerous examples of evolution that an ESG-compatible approach brings to the table. In fact, research shows how good ESG scores may equate to better financials in the long run, right from valuations, profitability and equity to lower capital costs (through lower organizational risks). Talk of a win-win!
We're already on course towards mainstreaming our ESG blueprint while you're reading this! We have been integrating consumer-driven and innovation-led ESG initiatives into our operational paradigms for a long time now, inspired by our pro-active & committed leadership team. Our global home textiles presence is just the tip of the iceberg. We are now focusing on syncing with global best practices on ESG, with higher transparency, better social and community outreach, and environmental protection measures. What better way to spread a few smiles, do some good, and take our business into the next-gen terrain of social responsibility and commitment?