Celebrating an era of green leadership, BW India’s Most Sustainable Companies showcase leadership in sustainability across various pillars

In an age where sustainability is a business imperative, Indian companies are stepping up to lead the global charge towards environmental and social responsibility. The BW India’s Most Sustainable Companies (IMSC) 2024 recognise these trailblazers. These firms exemplify how businesses can drive positive change while achieving long-term growth.

Following industry feedback, the fourth edition of the IMSC not only looked at the most recent data but also followed a two-tier process to bring more transparency and credibility to the numbers.

The Evaluation Process

The IMSC 2024 process involved a detailed two-phase evaluation. In Phase 1, BW Businessworld partnered with Bilancia Consulting as the Knowledge Partner. This phase focused on three core pillars including environmental impact, social responsibility and governance (ESG). Using 36 key performance indicators (KPIs) sourced from the Business Responsibility and Sustainability Report (BRSR) or Annual Integrated Report (AIR) for FY 2023-24, the phase provided a foundational scoring of the companies. This phase also included an industry outreach and covered aspects like resource efficiency, carbon emissions, waste management, employee welfare, diversity and community initiatives.

The Phase 2 involved an Advisory Council. This council was composed of 15 industry leaders including CEOs, Managing Directors, and Chief Sustainability Officers, who built on the initial evaluation. The council reviewed the results of the first phase and brought their expertise to weigh in on the sustainability efforts of each company. They provided context, relevance and significance to the numbers by assessing each company’s long-term vision, governance practices and innovation in sustainability. This deeper analysis allowed for a more nuanced understanding of each company’s contributions to environmental and social responsibility.

Leadership Behind the Awards

The awards were guided by two influential councils. The Strategic Leadership Council, which included prominent industry captains like Sunil D’Souza, CEO, Tata Consumer Products; Mainak Dhar, Managing Director, McCain Foods; Dr. Annurag Batra, Editor-in-Chief, BW Businessworld; Sudhir Mishra, Managing Partner, Trust Legal; Srinath Sridharan, Corporate Advisor; Chetan Savla, President – Sustainability, Kotak Mahindra Bank.

Meanwhile, the Sustainability Council, featuring domain experts like Ratnesh Jha, Executive Director, UN Global Compact Network India; Shilpashree Muniswamappa, Director – ESG, Colgate-Palmolive; Jerome Gnanaprakasam, Global Head – Sustainability, Dr. Reddy’s; Ratnesh Jha, Executive Director, UN Global Compact Network India; Chandni Khosla, Board Advisor, Sustainability; Dr. Pradeep Panigrahi, Head – Corporate Sustainability, Larsen & Toubro; Thakur Pherwani, Chief Sustainability Officer, TVS Motors; Tejashree Joshi, Head – Environmental Sustainability, Godrej & Boyce; Deepa Nagraj, Global Head of Communications, Mphasis dove deeper into the specific sustainability initiatives each company had implemented. This phase ensured a comprehensive, qualitative review that went beyond just metrics to include the real-world impact and innovation brought by these companies.

India’s Top 50 Most Sustainable Companies of 2024

These companies, representing a wide array of industries, have proven that sustainability can coexist with profitability, innovation, and competitive advantage.

Industry-Wide Commitment to Sustainability

From Mahindra & Mahindra’s industry-leading initiatives in electric vehicles and clean energy to Tata Consumer Products’ focus on water conservation and sustainable sourcing, these companies are setting new benchmarks. Their efforts encompass diverse strategies, including carbon footprint reduction, circular economy practices, water conservation, and sustainable infrastructure development.

Tied rankings, such as Mahindra & Mahindra and Tata Consumer Products at second place or ABB India and Tech Mahindra in fourth place; Tata Consultancy Services and ITC in eleventh place; Dr. Reddys Laboratories and Apollo Tyres in forthteen place; Tata Steel and Grasim Industries in twenty-seventh place; Ashok Leyland and Mahindra & Mahindra Financial Services in thirty-fourth, signify the equally impactful contributions of these organisations. Companies such as these are demonstrating that sustainability is no longer an add-on but a core component of business strategy.

The BW SustainableWorld Awards 2024 celebrate not just individual achievements, but a growing movement towards responsible business in India. These top 50 companies are leading the way in embedding sustainability into their core business strategies, proving that success in the 21st century is about creating value for both shareholders and society at large. As these businesses continue to innovate, they are shaping the future of a greener, more responsible India.