Ahmedabad: Indian corporate entities are increasingly allocating their corporate social responsibility (CSR) funds to the environment and sustainability. For 23% of Indian corporate houses, environmental projects were their priority for CSR fund allocation in the 2022-23 financial year, according to a report on CSR outlook released recently by an Ahmedabad-based company, CSRBox. The report evaluates CSR spending trends for 301 corporate entities in India.Bhomik Shah, founder and CEO of CSRBox, said, “The increasing focus on ESG compliance is leading many companies to divert CSR funds to the environment sector. From about 6-9% of funds being allocated to environment projects, this allocation is poised to grow to about 12-15% by 2025, given the pace we’re seeing in such projects.” Shah also said that by 2030, about 20% of CSR spending will be on environment projects. UNM Foundation, which executes CSR projects for power and pharma major Torrent Group, allocated a portion of its funds to maintaining public parks in Surat and Ahmedabad. Adani Green Energy Limited undertook major tree plantation drives. Welspun Group implemented a slew of water conservation measures in Kutch. Soda ash maker GHCL spent 22.34% of its funds on sustainability initiatives in agriculture. “GHCL Foundation’s agricultural activities focus on working with farmers at the individual level and providing support to improve soil and water, which in turn supports the environment. CSR spending of Rs 2.74 crore went to sustainability initiatives including installing water-saving irrigation systems for farmers, encouraging the use of organic fertilizers and support for pest, insect and soil fertility management,” a company spokesperson told TOI in response to an email query. Industry sources said education, health and rural development are among the most preferred sectors for corporates in terms of CSR spending. The trend shifted with the Covid-19 pandemic, when healthcare became the top priority. According to data from the Union corporate affairs ministry, the healthcare sector accounted for around 50% of the total CSR spending in Gujarat in 2020-21.Pankaj Kamaliya, chief operating officer of the Gujarat CSR Authority, said, “Rising awareness about environmental, social and corporate governance (ESG) compliance has led companies to lay greater emphasis on the environment and sustainability initiatives even in CSR. Many companies are matching their compliance measures with CSR support as well.”
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