Sustainable Investment Awards 2023

ESG initiative of the year (for corporates): Tata Consultancy Services

Tata Consultancy Services (TCS), the consultancy arm of the Indian multinational conglomerate Tata Group, launched an ESG data offering in 2022 which seeks to enable financial services institutions across the globe to achieve their climate goals.

The TCS ESG Integration Suite includes several cloud-based solutions which seek to integrate ESG metrics and measure ESG performance of assets and investments of financial institutions or other entities. It also aims to help companies integrate ESG data and assist with sustainability reporting.

"TCS supports its clients' sustainability journeys by leveraging its expertise in technology and innovation to develop sustainable solutions, optimise operations, and drive responsible business practices," says Subramanian Kuppuswami, global head, sustainable banking, finance & investments at TCS.

Meanwhile, in 2022, the Tata Group launched its 'net zero by 2045' strategy, which includes a target to reduce its absolute Scope 1 and Scope 2 emissions footprint by 70% by 2025. To achieve these targets, TCS said it will help leverage "green infrastructure, green IT, IT-enabled operational efficiencies, green supply chain practice, and renewable energy".

TCS says these energy efficiency initiatives resulted in the avoidance of GHG emissions of approximately 3,200 tonnes of carbon dioxide equivalent (CO2e) in 2022.

The sustainability plan includes sustainability commitments from seven companies — Tata Steel, Tata Power, Tata Motors, Jaguar Land Rover, Tata Chemicals, TCS and Tata Consumer Products. In the financial year for 2020, these companies made up 99.5% of the group's Scope 1 and Scope 2 emissions, 94% of freshwater use and 99.4% of solid waste production.

TCS says the group has moved beyond a focus on climate change mitigation for the group and expanded its sustainability initiatives to include natural capital and the circular economy.

Tata Group also recently submitted a Science Based Targets initiative commitment letter to align with a 1.5°C warming target and net-zero through the 'Business Ambition for 1.5°C campaign'.

One judge praised Tata for "change being driven from the top to meet commitments to zero emissions, the circular economy and nature".

"TCS is committed to sustainability with a focus on three key areas: environmental stewardship, social responsibility, and economic progress. TCS has achieved significant milestones such as reducing its carbon footprint, promoting digital inclusion, and empowering communities through various CSR initiatives, making it a leader in sustainable business practices," Kuppuswami added.