The need to understand how ESG approaches fit into emerging nations is crucial, said global executives during deliberations on ESG resilience at the B20 India Summit on August 27.

“You know just trying to do a simple copy and paste into emerging economies doesn’t work. You need solutions, customized solutions.” said Kamran Khan, Managing Director and Head of ESG for Asia Pacific, Deutsche Bank Group, Singapore.

Talking about ESG center of excellence in Asia, in partnership with Monetary Authority of Singapore, he said that recognize trying to do ESG in a credible way in emerging economies is not easy. It requires a special set of skills and institutional frameworks. The center’s focus spans all of Asia, where they engage in ESG transactions that align with international standards. Companies are driven to integrate ESG into their business models both to remain competitive and to ensure minimal capital costs, which also propels change. Additionally, meeting the aspirations of the staff is also important.

Global executives across countries and international bodies recognize the need of ESG reporting as the need of the hour to help accountability and transparency. When considering transparency, ESG reporting stands central, but it’s essential to ensure its supported by thorough due diligence, said Linda Kromjong, President, amfori, Belgium.

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https://www.moneycontrol.com/news/business/b20-summit-india-will-become-worlds-3rd-largest-economy-in-few-years-says-wef-president-11259051.html

ESG leaders cited that when looking at ESG standards, it’s vital to focus on saving nature. The rigorous approach applied to managing carbon emissions should be equivalently applied to conserving nature. Firms ought to strive to positively impact both carbon and the natural environment. “We need to connect global south needs with the northern perspective.” said Marcelo Behar, Vice President, Sustainability and Group Affairs, Natura and Co. Brazil.

Talking about mitigation, Kamran Khan said that at a structural perspective, it’s evident that the corporate sector contributes significantly to the lack of mitigation. As industries expand, they produce emissions. While mitigation primarily concerns the private sector, governments can encourage and incentivize businesses to adopt more sustainable practices, he added.

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https://www.moneycontrol.com/news/business/b20-summit-sustained-global-economic-recovery-a-key-issue-for-next-few-years-says-fm-11258661.html

Global executives agreed that emerging economies, with limited government resources, focus on adaptation, prompting questions about the private sector’s role. Adopting global mitigation strategies could challenge them. Emerging nations like India present vast market opportunities in ESG and have the potential to lead in exports and domestic expertise development. Yet, it’s crucial for developed countries to maintain accessibility for products from India, as well as from other nations like Brazil and South Africa.