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JOULE to Power EVs in Bengaluru

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More than 5,500 EVs in the IT Capital of India, Bengaluru will soon have access to shared charging stations.

The project is a $2.65 million new Climate Pledge initiative to support over 5,500 EVs by 2030 by addressing infrastructure gaps. The new venture, Joint Operation Unifying Last-mile Electrification (JOULE) is building a network of shared electric vehicle charging stations in Bengaluru.

Boosting net-zero:

The project will also accelerate Climate Pledge’s goal to achieve net-zero carbon emissions by 2040, a decade ahead of the Paris Agreement.

By 2030, the charging stations are expected to consume 22,700 megawatt-hours of power, of which 100% will come from renewable sources. This translates into an estimated 6.2 megawatt of renewable energy capacity.

Additionally, JOULE is anticipated to reduce estimated carbon dioxide emissions by 25,700 tonnes and save over 11.2 million liters of fuel by the same year. Furthermore, between 2024 and 2030, the project is expected to generate 185 full-time jobs in Bengaluru.

Signatories:

Climate Pledge signatories such as Amazon, Mahindra Logistics, Uber, HCLTech and Magenta Mobility will work together to optimize the usage of the EV charging stations.

Industry partner Kazam, an India-based EV charging platform, is helping develop the network of shared charging stations. The project is being supported by renewable energy provider Greenko and strategic consulting partner Deloitte.

Stakeholders’ take:

“We are proud to be part of The Climate Pledge’s initiative to build new charging stations. JOULE advances our goal of deploying 10,000 EVs in India by 2025. With over 7,300 EVs in our India operations so far, we’re on track to achieve this and remain committed to collaborating with manufacturers, delivery service providers, and others to scale EV adoption, said Abhinav Singh, VP, Operations, Amazon India.

“Establishing a shared network of EV charging stations in Bengaluru is a significant step towards achieving our national goal of increasing electric vehicle adoption, and we fully support this innovative collaboration led by The Climate Pledge,” said Gunjan Krishna, Industries Commissioner, Government of Karnataka. “This initiative not only enhances the accessibility of EV infrastructure but also demonstrates the power of public-private partnerships in driving India’s transition to a more sustainable future.”


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Are women really safe at the workplace?

Sonal Desai


This article may sound like a rant against the whole society. However, it may reflect the underlying element of anger, frustration, and helplessness that women feel at the workplace concerning their safety.

On the one hand, reports suggest that India requires more participation from women in the workforce. On the other hand, and more appalling, the BSE 30 companies recorded 932 complaints by women of harassment at the workplace in FY24, up from 664 in FY23.

India faces increasing concerns about women’s safety due to rising incidents of harassment, violence, and rape. The main concern is workplace safety. There are many government policies and initiatives to improve women’s safety. These include the Nirbhaya Fund, One Stop Centres, 181 Women Helpline, Nirbhaya Squad, Meri Saheli, Himmat App, Safetipin App, Raksha App, Nirbhaya App, GPS Trackers, Panic Button on Phones, and Affordable GPS Necklaces. And YET, In 2024, India ranks 128th out of 177 countries in women’s safety, highlighting the urgent need for reform.

So, where are women safe?

India must urgently address the issue of boosting women’s workforce participation to unlock a $14 trillion contribution to its economy, according to a report by The/Nudge Institute.

The current female labor force participation rate (LFPR) stands at 37%, but to achieve the desired economic impact, India needs to nearly double its LFPR to 70% by fiscal year 2047.

The report highlights the critical role of women in achieving India’s $30 trillion economy by 2047, stating that an additional 400 million women must join the workforce to contribute the targeted $14 trillion.

However, with only 110 million projected female entrants by then, integrating an additional 145 million women becomes imperative.

The report suggests policy reforms, skill development programs, and changing mindsets to address gender equality, job security, and sectoral disparities.

Additionally, the COVID-19 pandemic has exacerbated existing challenges, forcing many rural females back into work due to income loss or job loss by primary earners.

Concerns of women in the workplace:

43% of women experienced non-inclusive behaviors like harassment or microaggressions. Nearly half had concerns about their safety at work or safety while travelling to work, according to a Deloitte 2024 Women @ Work report.

India’s largest companies have reported a 40.4 per cent surge in sexual harassment complaints during FY24, indicating an emerging trend towards enhanced corporate transparency.

Data from Complykaro, an advisory firm specializing in the Prevention of Sexual Harassment of Women at Workplace (POSH) compliance, shows 268 more cases filed compared to the previous financial year.

The increase is attributed to growing awareness among women professionals regarding the POSH law and also efforts by companies to foster a culture that supports reporting such incidents.

The majority of complaints are from the banking and technology sectors, both of which have a younger workforce and a higher proportion of female employees.

How to stop this menace?

Applying the HEMA report, which is paving the path for improving the treatment of Malayalam actresses in the film industry, can be one of the pivots. I believe that the film industry pan India must take comparable measures that transcend regional boundaries.

The same is also applicable to the business sector. The `Me Too’ Movement which started with a bang, saw heads roll, but could not continue. It is now a distant memory of one more women’s lib movement, now subsided to the periphery of a male-dominated, hierarchical, patronizing society. One in which women are not even safe at home, in their neighborhood, or with `trustworthy’ relatives.

Our take:

We don’t hold the moral compass.

We can take a slight banter in our stride. We are women. But do men know, when and where to stop?

I guess women will have to take the baton: Be proud of who you are; we are not inferior to anybody—be it a homemaker or a working woman.

Define boundaries with men including husband, son, male relatives and friends about what is and what is not acceptable (after all, the first lesson in discipline always starts at home)

Nobody is born entitled. You have to earn the respect.

The lessons must be repeated in educational institutions.

It is important to be sensitive towards both: young boys and girls.

No man is born misogynistic; let’s not transform decent human beings into demons or devils as they grow.

Let’s start fair and transparent communication at home; nothing is a taboo.

Let’s have fair and transparent corporate policies.

Let’s sensitize the men and women in khakhi, especially the ones registering the case

I am not a feminist. I believe in equal rights and equal opportunities for all. But I am certainly against Misogyny—the long-standing sexism that maintains patriarchal social roles by denying women the same social status as men.

Otherwise, there is no point in talking about DEI and sustainability, if we can’t make women feel safe.


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How Prepared Are the Indian CFOs for Climate Reporting and Compliances?

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One in five CFOs in large enterprises is prepared to meet upcoming requirements to report and seek external assurance on climate-related risks and opportunities.

An Accenture survey indicates that despite the majority of executives anticipating an increase in sustainability reporting requirements in the coming years, well-prepared executives are more likely to view sustainability as a potential opportunity for their companies.

The company has released the report during a period of increasing global sustainability regulations and legislation. These include EU’s CSRD regulation and CBAM, and the US SEC’s climate disclosure rules; measures to enhance market transparency, set carbon content-based import prices, and provide grants for sustainable activities.

Key findings:

According to the survey:

  • 90% of respondents agreed that ESG issues will be a major focus for them over the next five years.
  • Nearly 85% of respondents said they expect mandatory disclosure to increase over the next three years.

     

  • Over 80% of respondents indicated that they are under pressure from three or more stakeholder groups to take sustainability-related action. The most frequently mentioned groups exerting pressure are shareholders, board members, and regulators.
  • Just 22% of CFOs reported feeling well prepared to disclose on climate-related risks and opportunities and to seek external assurance on their disclosures.
  • Additionally, only 10% of CFOs felt well prepared to meet these reporting requirements in all sustainability areas, such as resource use and circularity.

These results suggest that finance executives are feeling the pressure of the changing regulatory landscape. The findings suggest that even though finance executives are under increasing pressure to address sustainability issues, most do not yet feel ready to meet many of the new requirements.

Ratings per ESG measurement:

The study found a wide range of preparedness across the nine capabilities.

In this, it rated 12% of businesses as weak, 73% at a moderate level, with some having automated ESG data capture and most approaching the integration of ESG into their management systems, and 15% as having strong capabilities, including gathering comprehensive ESG data, automatically monitoring quality, utilizing ESG data to enhance business decision making, identifying potential ESG risks with predictive analytics, and developing complementary skills within their finance and sustainability teams.

According to the survey, 68% of the “weak” group’s companies reported finding it difficult to strike a balance between profitable growth and sustainability, compared to only 20% of the “strong” group. Additionally, “strong” companies were more than twice as likely (20%) to already view sustainability as a significant value driver for their organizations than the “weak” group (9%).

The study revealed a noteworthy association between businesses that perceive sustainability as a potential area for growth and opportunity and those that are well-prepared for ESG measurement and management.

How prepared are the Indian CFOs?

Indian Chief Financial Officers (CFOs) are the most optimistic in the APAC region, with 94% of them expressing confidence in their country’s economic future, according to the most recent Deloitte Asia Pacific (APAC) CFO Survey 2023 which was released in September last year.

Indian CFOs, also demonstrated an urgency when it came to putting in place suitable processes to comply with climate requirements. Approximately 59% of Indian CFOs plan to implement the required processes in the future, and 37% have already done so. Twenty-two percent of Indian CFOs were found to be adequately prepared to handle ESG challenges, according to the survey.

Using more sustainable materials (55 percent), encouraging or requiring suppliers and business partners to meet specific environmental sustainability criteria (53 percent), and adopting public policy positions that promote sustainability and actions to address climate change (65 percent) were the top three proactive sustainability initiatives by Indian CFOs.

Our take:

India is at the cusp of entering the ESG/sustainability mainstream. Global compliances and domestic mandates such as the BRSR Core are promoting the community to closely monitor the corporate ESG strategy, compliance and reporting. They are working closely with the BU Heads as well as the ESG teams and external partners to not just understand the new concepts, but also the ramification of non-compliance and the financial impact on the business!

The regulatory mandates in India have evolved to be more supportive and balance growth and sustainability.


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Shifting sands: 5 Takeaways from Women@Work Survey

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Deloitte’s Women@Work survey highlights organizations’ increasing focus on women’s equal opportunities and workplace safety and welfare.

The survey represents the views of 5,000 women across 10 countries, including India. Now in its fourth edition, the survey explores some of the key workplace and societal factors that have a big impact on women’s career paths.

The loyalty, productivity, motivation, and belongingness scores of women employed by gender equality leaders are three times greater than those of women employed by laggards.

Here are the 5 key takeaways:

Inclusive practices make a concrete difference: On a scale of 100, women working for Gender Equality Leaders (GELs) scored their loyalty at 76, productivity at 75, and motivation and sense of belongingness at 71.

These women professionals are more likely to recommend their organizations to other women.

They feel far more satisfied with the mental health support, and are comfortable talking about their mental health in the workplace.

They are also much more optimistic about their career prospects and confident that being a woman is not a disadvantage in their organization.

Women working for “laggards” perform significantly poorly on all these parameters.

Priority areas for organizations in India: Return-to-work approaches need to factor in unique situations. The transition to full-time work has resulted in difficult adjustments for many women professionals.

Forty-one percent have asked for a reduction in their hours

31 percent say it has negatively impacted their mental well-being

36 percent think less of their employer

These parameters are better for those who are returning to the office in a hybrid setup.

Organizations need to be more supportive of professionals as they harmonize work with life commitments.

Nearly 96 percent believe that requesting or taking advantage of flexible working opportunities will affect their career progression.

91 percent feel they can’t talk with their managers about challenges with work/life balance.

94 percent don’t think their workload would be adjusted accordingly if they were to take advantage of flexible working opportunities.

4. Male professionals need to be encouraged to share the load at home: Inclusive practices should improve male professionals’ allies in work and home, enhancing policies related to parental care and adult caregiving, and implementing facilities like nanny reimbursement.

Women in India are still shouldering the bulk of the responsibility when it comes to childcare and caregiving for adults.

The instances where the partner shoulders these responsibilities or where there is an equal split are higher when the woman is the primary breadwinner.

Even in such situations, there is a far higher reliance on paid help in India than with global counterparts (31 percent in India vs. 6 percent globally).

5. Safety concerns:

Forty-six percent of Indian respondents cited personal safety at work or when traveling to/from work as a top concern.

A little over a quarter of respondents feel that they could be attacked or harassed due to the location or neighborhood of their workplace.

Although to a lesser degree, other concerns are related to harassment or uncomfortable behavior by clients, harassment while traveling to work, and harassment by a colleague.

Saraswathi Kasturirangan, Chief Happiness Officer, Deloitte India, emphasizes the importance of promoting equal participation of women in the workforce, focusing on behavior change, addressing microaggressions and gender bias, and investing in areas beyond control. This includes extending zero-tolerance policies to vendors and customers, implementing night-time travel policies, and providing sensitization training.

“Much has been said about the business case for inclusive practices. These findings corroborate that point of view with hard facts. If an organization truly wants to grow, all its people need to be able to put their best foot forward. When your policies targeted at growing the careers of women professionals translate into action, you will be much better placed to grow, because you’re getting the best perspectives and a driven, gender-diverse workforce. Moreover, and importantly, you’re nurturing a nourishing and safe workplace,” she says.

 


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FSI CSOs Taking Responsibility for Net-Zero Tasks

Sonal Desai


The role of CSO or chief sustainability officer in the rapidly growing financial services industry is changing. More and more CSOs are taking proactive steps to mitigate climate change in a bid to limit global warming to pre-industrial levels.

It must be noted that the IPCC has warned that to limit global warming to 1.5 degrees Celsius, emissions must peak before 2025, then decrease by 40% by 2050, and a quarter by 2030.

Commitments:

A recent Deloitte and the Institute of International Finance (IIF) survey reveals that FSI leaders are aware of time constraints and have shifted their approach to managing net zero internally. According to the survey, 45% of firms now have a chief sustainability officer (CSO), with more business functions taking responsibility for specific net-zero tasks.

The firms must be at the forefront of a whole economic transition to meet decarbonization targets, the Deloitte study notes.

It found that a majority of the world’s largest publicly traded companies have yet to announce net-zero targets. Nearly two-thirds of the companies have not fully specified how they plan to reach them. However, global financial firms are moving ahead at speed, with rapid growth in net-zero commitments, particularly through the Glasgow Financial Alliance for Net Zero (GFANZ).

Key findings:

Financial firms must transform themselves and manage risks to drive real-world change, engaging with customers and markets, and designing credible decarbonization strategies to transition economies to a low-carbon future.

A net-zero commitment is crucial for firms to meet the climate challenge, leading to increased product innovation, enterprise engagement, and faster progress on data sourcing.

The CEO delivers the net-zero strategy, which requires tight program management across multiple divisions and operating layers.

Over 70% of firms now have a CSO or equivalent, and CSOs must be agile change agents. Talent is also increasing, with over 50% hiring to deliver net-zero strategies.

Firms are shifting their focus to new value drivers and opportunities, launching new products to accelerate clients’ transitions.

Risk skillsets are in high demand, and modeling methodologies are maturing rapidly. Firms must design credible decarbonization strategies, focusing on data, communication, and the ecosystem.

The key to effective net-zero communications is transparency, accountability, and authenticity. The only way to meet the unique nature of the climate challenge is through extensive collaboration across the entire ecosystem, including peers, clients, scientists, NGOs, governments, and regulators.

The regional divide:

The survey of global financial firms reveals significant variations in their approach to implementing and executing net-zero commitments.

The study analyzes climate risk management in businesses across different regions. Most firms incorporate net zero into risk management, but regional variations were observed. North America and the rest reported basic integration, while APAC and European businesses had more integration.

Overall, regional confidence in data accuracy was low.

Businesses in APAC and Europe frequently use shadow carbon pricing, with NGOs moderately influencing net-zero commitments. Financial sector cooperation with governmental bodies and public institutions is crucial for energy transition.

European respondents prioritize societal expectations and regulatory compliance, while North American respondents highlight the market opportunity’s scale.

Asia-Pacific participants highlight physical factors escalating climate risk, prompting businesses in developing nations and emerging markets to address the concerns of significant foreign investors.

Businesses in many geographical areas exhibited a similar pattern of integration. However, North American businesses showed similar integration patterns but reported low net-zero strategy integration with overall corporate strategy, customer screening, and product innovation.

Businesses in all regions agree that their governance systems do not effectively represent their net-zero objectives, with North America reporting the least updates or revisions.

The way forward:

The sector already shows an appetite for this challenge and an undertaking to help green the global economy. A growing number of financial institutions have pledged to make their portfolios net zero by 2050 or sooner, and a few have already started measuring their financed emissions.

 


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How Google and Deloitte are helping global customers in their sustainability journey?

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Google has signed market advisory firm Deloitte as its first global systems integrator (GSI) for the Cloud Ready Sustainability Program.

The Google Cloud Ready (GCR) Sustainability Program validates Google Cloud-aligned organizations with business-ready technology to help customers achieve their sustainability goals.

The partnership:
Deloitte uses generative AI and geospatial data to help clients mitigate climate risks, adopt green solutions and unlock the value of low-carbon products and services.

As a GCR-GSI, Deloitte is already leveraging its industry and domain knowledge with Google Cloud’s technology and platforms to help customers transition to a sustainable future.

The two companies are enabling customers globally to create economic pathways toward zero emissions.

Solutions and use cases:
The electrified Fleet solution includes integration of global fleet telematics data, resource optimization and ongoing impact monitoring for customers to map their electrification journey.

Freight and logistics:
For instance, Deloitte is using the solution to help Purolator, an integrated freight, package and logistics solutions provider in Canada, to map its net-zero transportation journey.

Purolator aims to reduce Scope 1 and Scope 2 GHG emissions by 42% by 2030 and reach net-zero emissions by 2050. Deloitte developed a strategic roadmap that included assessing vehicle types, usage patterns, and energy options, achieving emissions reduction and electrifying 60% of last-mile delivery vehicles by 2030.

FSI:
Deloitte and Google Cloud are using geospatial analytics to enhance visibility and gain new insights to climate risks across lending and investment portfolios in the financial services industry.

The National Westminster Bank (NatWest), a major bank in the United Kingdom, leveraged geospatial data from Google Earth to capture climate-related data points across its commercial banking portfolio.

Google Cloud, Deloitte and Climate Engine used the geospatial technology to provide new data points and insights to assist NatWest with its climate reporting obligations — e.g., the EU Taxonomy and Taskforce on Nature-related Financial Disclosures (TNFD). Secondly, the data was also used to support their customers’ own climate and nature data collection. The information allows farmers to build a tailored picture of the challenges such as flood, drought, fire and biodiversity risks, at the field-specific level.

The road ahead:
Going forward, Deloitte and Google Cloud’s global initiative will focus on sustainability, climate, and equity, helping clients transition to zero-emission energy, sustainable capital markets, and equitable communities.

“We are excited to be working with Google to take purposeful action to help mitigate climate risks, unlock the value of sustainable products and services, build green communities and green jobs and accelerate our progress toward a global net zero future,” said Jamie Sawchuk, Partner and Global Sustainability Leader, Alphabet Google Alliance, Deloitte Canada.

“Through this program, Deloitte and Google Cloud can leverage our unique roles to help bolster the momentum to address climate change with cloud-based technologies and AI,” said Justin Keeble, Managing Director, Global Sustainability, Google Cloud.

Backdrop:
Launched in 2022, Google Cloud Ready – Sustainability is a partner-led program, aimed at partners committed to helping global businesses and governments accelerate their sustainability programs. The partners build solutions that enhance the capabilities and ease the adoption of Google Cloud technologies such as Google Earth Engine and BigQuery, allowing customers to leverage data-rich solutions that help reduce their carbon footprints.


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ESG, Sustainability, Scope 3 emissions

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Deloitte launches Scope 3 emissions calculator

Sonal Desai


Global professional services firm Deloitte has launched the Scope 3 emissions calculator.

The new calculator connects an organizations’ ESG reporting and GRC (governance, risk, and compliance) functions.

The new tools include Scope 3 Greenhouse Gas (GHG) report calculator and a dashboard to map emissions for the 15 categories, across the value chain. Other features include continuous controls monitoring exception report chain and related ESG controls templates. The ESG report template is aimed to simplify and accelerate sustainability report development on the Workiva platform, by centralizing standard and repeatable disclosures across an organization’s ESG report.

Valeriy Dokshukin, Risk & Financial Advisory partner, Deloitte, said, “ESG cannot succeed as a siloed business function. Our goal is to help our clients improve transparency, accuracy, and stakeholder trust as they advance their ESG controls and reporting journeys across business functions.”

It must be noted that the new products follow Deloitte’s May 2022 debut of a series of ESG accelerators on Workiva Marketplace aimed at assisting companies’ finance, accounting, controllership, and compliance teams in collecting, managing, and reporting ESG data.


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