MP Sri Bharat wants institutions to support ESG principles

Addressing an ESG Summit in Visakhapatnam on Friday, he underlined that the burden of developing a sustainable economy should be shared globally, with developed nations supporting developing countries.

Indian Oil Corporation (IOC) executive director Sanjay Kumar Jha pointed out that India's aspiration is to become the world's third-largest economy. He said currently, 87 per cent of India’s energy needs are met by fossil fuels.

Jha said India aims to achieve net-zero emissions by 2070, with a corresponding decrease in fossil fuel dependence. For the purpose, LNG hubs are being developed in Visakhapatnam. They are ensuring continuous supply of CNG and PNG for industries and households.

He disclosed that IOC is committed to investing ₹4,300 crore in CGD (city gas distribution) business across 12 districts in Andhra Pradesh.

CII Visakhapatnam chairman Dr. V. Murali Krishna said organised sector employs only 15.8 per cent of the workforce in India. Under such circumstances, our country needs to adopt a wide range of frameworks to ensure good health, safety and sustainable environment, he added.