According to the UnivDatos, the rising awareness among companies would massively transform the global scenario of cancer treatment drugs and as per their “ India ESG and Sustainability Consulting Market” report, the market was valued at USD 255.21 million in 2021, growing at a CAGR of 7.42% during the forecast period from 2022 - 2030 to reach USD billion by 2030. ESG and sustainability issues have become top priorities for businesses around the world. Companies that prioritize ESG considerations in their business strategies can enhance their reputation, attract investment, and improve their financial performance. ESG and sustainability consulting provide companies with the tools and expertise they need to identify, measure, and manage their ESG risks and opportunities. As companies recognize the importance of sustainable business practices, the demand for ESG and sustainability consulting services has grown significantly. The Indian government has also recognized the importance of ESG and sustainability practices in manufacturing and has introduced various initiatives to promote them. For example, the Ministry of Environment, Forest and Climate Change has launched the National Clean Energy Fund to promote renewable energy and energy efficiency in the manufacturing sector. The government has also launched the "Make in India" initiative, which promotes sustainable manufacturing practices and encourages foreign investment in the sector.

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CLIMATE CHANGE IN INDIA DRIVING ESG AND SUSTAINABILITY CONSULTING

India is one of the world's most vulnerable countries to climate change impacts, with a high population density, large coastal areas, and a significant dependence on agriculture. Climate change is leading to changes in weather patterns, affecting food and water security, and leading to extreme weather events like floods and droughts. To address these challenges, Indian companies are increasingly recognizing the need to adopt sustainable business practices, reduce their carbon footprint, and mitigate climate risks. This has led to a surge in demand for ESG and sustainability consulting services. Companies are seeking guidance on how to align their business strategy with ESG principles, set science-based targets, measure and report their environmental impact, and ensure supply chain sustainability. Moreover, the Indian government is also playing a crucial role in driving sustainability initiatives. The government has set ambitious targets to increase the share of renewable energy in the country's energy mix, reduce carbon emissions, and promote sustainable development. This has created a supportive policy environment for sustainability consulting services.

INTEGRATION OF ADVANCED TECHNOLOGIES BOOSTING ESG AND SUSTAINABILITY CONSULTING

Artificial Intelligence (AI): Artificial Intelligence (AI) is also being used in ESG and sustainability consulting to identify patterns and trends in data. AI algorithms can be used to analyze large amounts of data and identify areas where a company can improve its sustainability efforts. AI can also be used to automate certain tasks, such as data collection and reporting, which can save time and resources.

•      For instance, in 2020, Grinntech Motors and Services Private Limited launched an AI-powered platform called "Grinntech ECO“. Grinntech ECO offers a range of features, including energy monitoring, analytics, reporting, and benchmarking. The platform also integrates with IoT sensors and smart meters to provide real-time data on energy consumption and generation.

•      In April 2021, Tech Mahindra partnered with IBM to develop AI-based solutions for customers in the financial services, healthcare, and manufacturing industries, with a focus on sustainability and ESG

Blockchain: Blockchain technology is also being used in ESG and sustainability consulting to improve transparency and accountability. Blockchain can be used to track supply chains, verify sustainability claims, and ensure that companies are meeting their sustainability goals. Blockchain technology can also help companies to demonstrate their commitment to sustainability and improve their reputation.

•      In 2021, Wipro Limited announced a strategic partnership with R3, a blockchain software firm, to develop innovative solutions for its clients in areas such as ESG, sustainability, and supply chain management. The partnership aimed to leverage R3's Corda blockchain platform to build decentralized solutions that could help organizations achieve their sustainability goals.

•      In 2020, Tata Consultancy Services (TCS), a leading IT services and consulting company in India, launched its Quartz Smart Solution for ESG, a blockchain-based platform designed to help companies measure, monitor, and report their sustainability performance.

Virtual Reality (VR): Virtual Reality (VR) is also being used in ESG and sustainability consulting to create immersive experiences that demonstrate the impact of a company's actions on the environment and society. VR can be used to simulate different scenarios and show how different decisions can have a positive or negative impact on sustainability. While virtual reality (VR) has the potential to be a useful tool for environmental and sustainability training and education, it is still a relatively new and emerging technology in India. However, there is a growing interest in VR and other immersive technologies in India, with various companies and startups exploring their potential applications in fields such as education, healthcare, and entertainment. As the technology continues to develop and become more accessible, we may see more investment and partnerships in the VR space in relation to ESG and sustainability consulting in the future.

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CONCLUSION

ESG (Environmental, Social, and Governance) and sustainability consulting is becoming more important than ever before for businesses, investors, and other stakeholders. The importance of sustainability is increasingly recognized due to the impact of climate change, social inequality, and the need for responsible governance. Companies are realizing the benefits of integrating sustainability into their operations, including risk management, financial performance, and reputation management. ESG and sustainability consulting can help companies navigate the complex sustainability landscape, identify sustainability risks and opportunities, and develop strategies to address them. Sustainability consulting also helps businesses comply with regulations and engage stakeholders on sustainability issues. By adopting ESG and sustainability practices, businesses can improve their long-term sustainability and enhance their reputation, while meeting stakeholder expectations. Overall, ESG and sustainability consulting are crucial in helping companies thrive in a changing world by integrating sustainability into their operations and strategies. Contact Universal Data Solutions, a rapidly growing dynamic market research firm led by a core of dedicated professionals for further information.

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