ESG Accounting and Audit in India: A Comprehensive Guide

Introduction:

In recent years, Environmental, Social, and Governance (ESG) factors have gained significant attention as key indicators of a company’s sustainability and long-term success. As businesses strive to meet the growing demand for transparency and responsible practices, ESG accounting and audit have emerged as essential tools for measuring and reporting on these factors. This article aims to provide a comprehensive overview of ESG accounting and audit in India, covering the fundamentals, key considerations, and the role of professionals in this field.

1. What is ESG?

ESG stands for Environmental, Social, and Governance. It is a framework used to assess a company’s sustainability performance and its impact on society. ESG factors go beyond traditional financial metrics and consider a broader set of criteria that are crucial in evaluating a company’s long-term viability and reputation.

• Environmental:

The environmental pillar of ESG focuses on a company’s impact on the natural environment. It involves evaluating factors such as the company’s resource usage, carbon emissions, waste management, pollution control, and efforts towards environmental conservation. Assessing a company’s environmental performance helps identify its commitment to sustainable practices and its efforts to mitigate any negative impact on the ecosystem.

• Social:

The social pillar of ESG addresses a company’s relationship with its stakeholders, including employees, customers, communities, and society at large. It considers factors such as employee welfare, labor practices, diversity and inclusion, customer satisfaction, product safety, community engagement, and philanthropy. Evaluating a company’s social performance helps determine its commitment to ethical conduct, social responsibility, and fostering positive relationships with its stakeholders.

• Governance:

The governance pillar of ESG focuses on the company’s internal systems and structures that influence its decision-making processes, accountability, and transparency. It includes factors such as board composition, executive compensation, shareholder rights, risk management, compliance with laws and regulations, and the quality and accuracy of financial reporting. Assessing a company’s governance practices helps gauge its integrity, ethical standards, and the effectiveness of its leadership and oversight mechanisms.

The significance of ESG in assessing a company’s sustainability and societal impact lies in its holistic approach to evaluating business practices. By considering environmental, social, and governance factors, ESG provides a comprehensive view of a company’s performance beyond financial indicators alone. It helps investors, stakeholders, and the wider public make informed decisions and evaluate a company’s commitment to sustainable and responsible business practices. Companies that prioritize ESG considerations tend to be better positioned to manage risks, attract investment, and foster long-term value creation while positively contributing to society and the environment.

2. ESG Accounting:

ESG accounting plays a crucial role in quantifying and reporting ESG metrics for companies. Here are some key reasons why ESG accounting is important:

• Enhanced Transparency: ESG accounting enables companies to provide transparent and standardized information about their environmental, social, and governance performance. This transparency allows stakeholders, including investors, customers, employees, and communities, to make informed decisions based on a company’s sustainability practices.
• Risk Assessment and Management: ESG accounting helps companies identify and assess ESG-related risks and opportunities. By quantifying and reporting ESG metrics, companies can understand the potential impact of these factors on their business operations, reputation, and long-term sustainability. This information allows for more effective risk management strategies.
• Performance Evaluation: ESG accounting provides a framework to measure a company’s performance in relation to its sustainability goals. It enables companies to track their progress, set targets, and evaluate the effectiveness of their ESG initiatives. This evaluation helps companies identify areas for improvement and make informed decisions to enhance their sustainability practices.
• Stakeholder Engagement: ESG accounting facilitates effective communication with stakeholders. By reporting ESG metrics, companies demonstrate their commitment to transparency, sustainability, and responsible business practices. This engagement helps build trust, attract socially responsible investors, and foster positive relationships with customers, employees, and communities.

Difference between ESG Accounting and Traditional Financial Accounting:

ESG accounting differs from traditional financial accounting in several ways:

• Scope: While traditional financial accounting primarily focuses on financial performance, ESG accounting encompasses a broader set of non-financial factors. It considers environmental impact, social practices, and governance structures, providing a comprehensive view of a company’s sustainability performance.
• Metrics and Indicators: ESG accounting utilizes specific metrics and indicators to measure and report on ESG performance. These metrics may include greenhouse gas emissions, energy consumption, employee diversity, health and safety records, community investments, board diversity, executive compensation, and more. Traditional financial accounting, on the other hand, mainly deals with monetary values and financial statements.
• Reporting Standards: Traditional financial accounting generally follows established accounting standards and frameworks, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). ESG accounting, however, lacks universal standards and frameworks. Various reporting frameworks, such as the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB), provide guidance, but there is still a lack of uniformity in reporting practices.

Challenges and Complexities in ESG Accounting:

ESG accounting poses several challenges and complexities, including:

• Data Availability and Quality: Collecting reliable and relevant data for ESG metrics can be challenging. Companies may need to invest in data collection systems and processes, ensuring the accuracy and completeness of the data. Additionally, data on certain ESG factors may be limited, making it difficult to provide a comprehensive assessment.
• Lack of Standardization: The absence of universally accepted ESG accounting standards and frameworks leads to inconsistent reporting practices. Companies face challenges in selecting the most suitable reporting framework and aligning their ESG metrics with industry-specific standards.
• Subjectivity and Measurement: Unlike financial accounting, which relies on objective monetary values, ESG accounting involves subjective measurements. Determining the materiality of ESG factors and assigning appropriate metrics can be complex. There is a need for clearer guidelines and methodologies to ensure consistency and comparability.
• Verification and Assurance: Ensuring the accuracy and reliability of reported ESG information requires independent verification and assurance. The availability of qualified auditors and certification bodies with expertise in ESG auditing may be limited, adding complexity to the process.

Despite these challenges, the increasing demand for ESG accountability and the evolving regulatory landscape are driving efforts to overcome these complexities and improve ESG accounting practices.

3. ESG Audit:

ESG audit is a process that involves verifying the accuracy, completeness, and reliability of a company’s ESG disclosures and reporting. It is an independent assessment conducted by auditors or assurance providers to evaluate whether the company’s ESG practices align with its stated objectives and commitments. The primary role of an ESG audit is to provide assurance to stakeholders, including investors, regulators, and the public, regarding the credibility and transparency of a company’s ESG disclosures.

Roles of ESG audits

• Ensuring Accuracy and Reliability: ESG audits verify the accuracy and reliability of the reported ESG information, including metrics, targets, and initiatives. This independent validation helps build trust among stakeholders and ensures that the reported data is consistent and credible.
• Identifying Gaps and Weaknesses: ESG audits assess the effectiveness of a company’s internal control systems and processes for collecting and reporting ESG data. They identify gaps, weaknesses, and areas for improvement, enabling companies to enhance their ESG practices and disclosures.
• Enhancing Accountability and Transparency: ESG audits enhance accountability by holding companies responsible for their ESG commitments. Through the audit process, companies demonstrate their commitment to transparency and provide stakeholders with reliable information to assess their sustainability performance.

Differences between Financial Audits and ESG Audits:

Financial audits and ESG audits differ in several aspects:

• Focus: Financial audits primarily focus on the accuracy and reliability of a company’s financial statements, ensuring compliance with accounting principles and regulations. ESG audits, on the other hand, concentrate on verifying the accuracy, completeness, and reliability of a company’s ESG disclosures and its alignment with stated objectives and commitments.
• Scope: Financial audits review financial records, transactions, and systems to evaluate the fairness and accuracy of financial statements. ESG audits assess a broader set of non-financial factors, such as environmental impact, social practices, and governance structures, to validate ESG performance.
• Reporting Standards: Financial audits follow established accounting standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). ESG audits lack universal standards. However, emerging frameworks and guidelines, such as the International Auditing and Assurance Standards Board (IAASB) and the Association of Chartered Certified Accountants (ACCA), provide some guidance for conducting ESG audits.

Emerging Standards and Guidelines for ESG Audits in India:

In India, the regulatory landscape for ESG audits is evolving, and various standards and guidelines are emerging. Here are some notable developments:

• Sustainability Reporting Standards: The Securities and Exchange Board of India (SEBI) introduced the Business Responsibility and Sustainability Reporting (BRSR) framework, mandating the top 1,000 listed companies to disclose their ESG performance. This framework aligns with international reporting standards, including the GRI and SASB.
• Guidance from Professional Bodies: Professional bodies, such as the Institute of Chartered Accountants of India (ICAI) and the Confederation of Indian Industry (CII), have developed guidance documents and toolkits to assist auditors and companies in conducting ESG audits and reporting.
• Collaborative Initiatives: Collaborative initiatives between industry associations, investors, and regulators are promoting ESG audit practices in India. For example, the National Stock Exchange (NSE) partnered with the Indian Institute of Corporate Affairs (IICA) to create awareness and build capacity for ESG reporting and audits.

4. ESG Reporting Frameworks:

• Global Reporting Initiative (GRI):The Global Reporting Initiative (GRI) is a widely recognized framework for sustainability reporting. It provides comprehensive guidelines for reporting on economic, environmental, and social impacts. The GRI Standards are commonly used by Indian companies to disclose their ESG performance. Benefits of using GRI include its global recognition, extensive disclosure categories, and emphasis on stakeholder engagement. However, the GRI framework’s flexibility can also lead to variations in reporting practices, making comparisons between companies challenging.
• Sustainability Accounting Standards Board (SASB):The Sustainability Accounting Standards Board (SASB) focuses on industry-specific disclosure standards. SASB standards help companies identify and report financially material ESG factors specific to their industry. They provide a standardized set of metrics and guidance for reporting on sustainability issues relevant to the financial performance of companies. The benefit of SASB lies in its industry specificity, allowing for better comparability within sectors. However, SASB’s narrow focus on financially material issues may not cover all ESG aspects, potentially leading to incomplete reporting.
• Task Force on Climate-related Financial Disclosures (TCFD):The Task Force on Climate-related Financial Disclosures (TCFD) framework focuses specifically on climate-related risks and opportunities. It provides guidance on disclosing climate-related information related to governance, strategy, risk management, and metrics and targets. The TCFD framework helps companies assess and disclose their climate-related financial risks and opportunities, enabling investors to make informed decisions. However, the TCFD framework’s primary focus on climate-related issues may limit the coverage of broader ESG aspects.

Benefits and Limitations of Each Framework:

– GRI:

Benefits: Global recognition, comprehensive reporting categories, emphasis on stakeholder engagement.

Limitations: Flexibility may lead to variations in reporting practices, making comparisons challenging.

– SASB:

Benefits: Industry-specific standards, better comparability within sectors, focus on financially material issues.

Limitations: Narrow focus may result in incomplete reporting of broader ESG aspects.

– TCFD:

Benefits: Focus on climate-related risks and opportunities, helps assess and disclose climate-related financial risks.

Limitations: Primarily focused on climate-related issues, may not cover all ESG aspects comprehensively.

Industry-Specific Reporting Requirements or Guidelines:

In addition to these frameworks, specific industries in India may have their own reporting requirements and guidelines. For example:

– Banking and Financial Institutions: The Reserve Bank of India (RBI) has issued guidelines on the implementation of integrated reporting for banks, requiring them to report on ESG aspects along with financial performance.

– Renewable Energy: The Ministry of New and Renewable Energy (MNRE) in India has set guidelines for reporting on renewable energy capacity, generation, and project-specific environmental and social impacts.

– Pharmaceutical: The Pharmaceutical Industry Association, such as the Indian Pharmaceutical Association (IPA), may have specific guidelines for reporting on sustainability and ethical practices in the pharmaceutical sector.

It is important for companies to be aware of industry-specific reporting requirements and guidelines to ensure compliance and alignment with sector-specific sustainability priorities. Adhering to both general frameworks and industry-specific guidelines can provide a more comprehensive and tailored approach to ESG reporting.

5. Regulatory Landscape in India:

Overview of the Regulatory Landscape Pertaining to ESG Accounting and Reporting in India:

In recent years, India has witnessed significant developments in the regulatory landscape pertaining to ESG accounting and reporting. The government, regulatory bodies, and stock exchanges have taken various initiatives to promote ESG integration and transparency. Here is an overview of the key aspects:

Companies Act, 2013: The Companies Act, 2013, introduced mandatory reporting requirements for certain companies concerning corporate social responsibility (CSR) activities. Companies meeting specific financial thresholds are required to spend a prescribed percentage of their profits on CSR initiatives and report on their activities annually.

Securities and Exchange Board of India (SEBI): SEBI, the regulatory body governing the securities market in India, has been actively promoting ESG integration and disclosure among listed companies. Notable initiatives include:

• Business Responsibility and Sustainability Reporting (BRSR): SEBI introduced the BRSR framework, which mandates the top 1,000 listed companies to disclose their ESG performance. The framework aligns with international reporting standards such as the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB).
• Stewardship Code: SEBI formulated the Stewardship Code, which outlines the principles and responsibilities for institutional investors to engage with investee companies on ESG issues. The code encourages institutional investors to actively participate in company decision-making and promote long-term sustainable value creation.

Stock Exchanges:

Indian stock exchanges, such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), play a crucial role in driving ESG reporting practices. They have implemented measures to enhance ESG disclosure and reporting among listed companies. The exchanges require mandatory submission of ESG-related information as part of the annual reports and listing agreements.

Recent Developments and Government Initiatives:

• National Voluntary Guidelines on Social, Environmental, and Economic Responsibilities of Business (NVGs):

The Ministry of Corporate Affairs (MCA) introduced the NVGs, providing voluntary guidelines for businesses to integrate social, environmental, and economic responsibilities into their operations. These guidelines emphasize ESG factors and encourage companies to adopt responsible business practices.

• ESG Council and ESG Reporting Portal:

The MCA has established an ESG Council to guide the integration of ESG factors into corporate decision-making and reporting. Additionally, an ESG reporting portal has been launched to facilitate the digital reporting of ESG-related information by companies.

• Task Force on ESG:

The MCA has constituted a Task Force on ESG to recommend a roadmap for ESG integration and disclosure, taking into account international best practices. The task force aims to develop a reporting framework for ESG disclosures in alignment with global standards.

These recent developments and government initiatives signify a growing emphasis on ESG integration and reporting in India. They aim to enhance transparency, improve sustainability practices, and create a conducive environment for responsible business conduct.

Disclosure Requirements for Listed Companies and Role of Stock Exchanges:

Listed companies in India are required to comply with disclosure requirements set by SEBI and the stock exchanges. These requirements include:

• Annual Reports: Listed companies need to include ESG-related information in their annual reports, providing disclosures on ESG policies, initiatives, and performance indicators.
• Listing Agreement: The listing agreement between companies and stock exchanges mandates the submission of ESG-related information, ensuring transparency and comparability among listed entities.
• Materiality Assessment: Listed companies are encouraged to conduct materiality assessments to identify ESG factors that are most relevant to their business operations and stakeholders. Material ESG factors need to be disclosed in accordance with recognized reporting frameworks.

Stock exchanges play a crucial role in driving ESG reporting practices by mandating ESG-related disclosures, conducting regular reviews of compliance, and providing guidance and support to listed companies. They also facilitate awareness and capacity-building initiatives, encouraging companies to adopt sustainable practices and meet ESG reporting requirements.

Overall, the regulatory landscape in India is evolving to promote ESG integration, disclosure, and responsible business practices, signaling a growing recognition of the importance of sustainability in the corporate sector.

6. ESG Assurance and Certification:

Independent assurance and certification of ESG reports play a vital role in enhancing the credibility, reliability, and transparency of a company’s ESG disclosures. Here are the key reasons why they are important:

• Stakeholder Confidence: Independent assurance and certification provide stakeholders, including investors, customers, employees, and regulators, with confidence in the accuracy and reliability of a company’s ESG reports. Third-party validation assures stakeholders that the reported information has undergone an objective and rigorous evaluation.
• Credibility and Trust: Assurance and certification demonstrate a company’s commitment to transparency and accountability. They establish credibility and trust, as they are conducted by independent professionals who follow recognized standards and methodologies.
• Risk Mitigation: Independent assurance helps identify gaps, weaknesses, and potential risks in a company’s ESG practices and reporting. This process allows companies to mitigate risks, address areas for improvement, and strengthen their ESG performance.
• Compliance and Regulatory Requirements: In some cases, independent assurance and certification may be required by regulators or industry-specific standards. Meeting these requirements ensures compliance and adherence to applicable laws and regulations.

Role of Third-Party Auditors and Certification Bodies:

Third-party auditors and certification bodies play a crucial role in validating ESG disclosures through independent assurance and certification processes. Their responsibilities include:

• Objective Evaluation: Third-party auditors conduct objective evaluations of a company’s ESG practices, data, and reporting. They assess the accuracy, completeness, and reliability of the reported information, providing an unbiased assessment.
• Compliance Assessment: Auditors ensure that the company’s ESG practices align with relevant standards, regulations, and reporting frameworks. They verify if the company has followed the required guidelines and has effective systems in place for data collection, management, and reporting.
• Expertise and Knowledge: Certification bodies possess expertise in specific ESG areas and have in-depth knowledge of relevant standards and best practices. They apply this expertise to assess and certify a company’s adherence to specific ESG criteria and requirements.

Significance of Internationally Recognized Certifications:

Internationally recognized certifications, such as the ISO 14001 for environmental management and the Social Accountability 8000 (SA8000) for labor and social standards, hold significant value in validating a company’s ESG performance. Here’s their significance:

• ISO 14001: ISO 14001 is a widely recognized certification for environmental management systems. It demonstrates a company’s commitment to implementing effective environmental management practices, reducing environmental impact, and complying with relevant environmental regulations.
• SA8000: SA8000 is a globally recognized certification for labor and social standards. It verifies that a company follows ethical practices, ensures fair treatment of employees, promotes safe working conditions, and adheres to human rights standards.

These internationally recognized certifications provide assurance to stakeholders that a company’s ESG practices meet globally accepted standards. They enhance a company’s reputation, credibility, and competitiveness, and signal its commitment to sustainable and responsible business practices.

7. Role of Professionals:

Role of Professionals in ESG Accounting and Audit:

Professionals, including accountants, auditors, and sustainability experts, play crucial roles in ESG accounting and audit processes. Here’s an overview of their contributions:

Accountants: Accountants have an important role in ESG accounting, as they are responsible for collecting, analyzing, and interpreting ESG data. Their tasks may include:

– Establishing systems and processes for data collection and management.

– Applying accounting principles to quantify and report ESG metrics.

– Integrating financial and non-financial data to provide a comprehensive view of a company’s sustainability performance.

– Collaborating with other professionals to ensure accurate and reliable ESG reporting.

Auditors: Auditors, whether internal or external, provide independent verification of a company’s ESG disclosures and reports. Their responsibilities include:

– Conducting audits to assess the accuracy and reliability of reported ESG information.

– Ensuring compliance with relevant ESG frameworks, regulations, and reporting guidelines.

– Identifying gaps, weaknesses, and areas for improvement in ESG practices and reporting.

– Providing assurance to stakeholders regarding the credibility and transparency of ESG disclosures.

Sustainability Experts: Sustainability experts bring specialized knowledge and expertise to ESG accounting and audit. Their roles may involve:

– Developing ESG strategies and frameworks aligned with business objectives.

– Conducting materiality assessments to identify relevant ESG factors.

– Advising on sustainability practices, risk management, and impact assessment.

– Assisting in the integration of ESG considerations into decision-making processes.

Skills and Expertise Required for ESG-related Tasks:

Effective performance of ESG-related tasks requires a combination of technical knowledge and soft skills. Key skills and expertise include:

• Understanding of ESG Concepts: Professionals should have a deep understanding of environmental, social, and governance concepts, as well as their interdependencies and relevance to business operations.
• Data Analysis and Reporting: Strong analytical skills are necessary to collect, analyze, and interpret ESG data. Professionals should be proficient in quantitative analysis and reporting techniques specific to ESG metrics.
• Knowledge of Reporting Frameworks: Familiarity with commonly used ESG reporting frameworks, such as GRI, SASB, and TCFD, is essential to ensure compliance and effective reporting.
• Stakeholder Engagement: Effective communication and stakeholder engagement skills are vital for collaborating with diverse stakeholders, including investors, regulators, and community representatives.
• Regulatory Awareness: Professionals need to stay updated on evolving regulations, guidelines, and reporting requirements related to ESG. They should have knowledge of both national and international regulatory frameworks.

Professional Certifications and Qualifications in ESG:

There are several professional certifications and qualifications that demonstrate proficiency in ESG. Some notable ones include:

• Certified ESG Practitioner (CESGP): Offered by the Global Institute of ESG Professionals, CESGP validates knowledge and expertise in ESG concepts, strategies, and reporting.
• Sustainability Accounting Standards Board (SASB) Fundamentals of Sustainability Accounting (FSA) Credential: This program provides foundational knowledge on SASB standards, industry-specific metrics, and disclosure topics.
• Certificate in ESG Investing: Offered by various institutions, this certification focuses on the integration of ESG factors into investment decision-making processes.
• Certified Sustainable Development Professional (CSDP): This certification by the Association of Sustainability Practitioners validates competence in sustainable development principles and practices.

These certifications demonstrate a professional’s commitment to ESG expertise and provide a recognized credential that can enhance career prospects in the field of ESG accounting and audit.

8. Challenges and Future Outlook:

Key Challenges in Implementing ESG Accounting and Audit Practices in India:

• Data Availability and Quality: One of the major challenges is the availability and quality of ESG data. Companies may struggle to collect accurate and comprehensive data on ESG metrics, hindering their ability to report effectively.
• Lack of Standardization: The absence of standardized ESG reporting frameworks and guidelines poses a challenge. Companies face difficulties in selecting the most appropriate framework and ensuring consistency and comparability in reporting practices.
• Skills and Expertise Gap: The lack of professionals with specialized skills and expertise in ESG accounting and audit is a challenge. Companies may struggle to find qualified individuals who can effectively handle the complexities of ESG reporting and verification.
• Measurement and Materiality: Determining the materiality of ESG factors and developing appropriate measurement methodologies can be challenging. The subjectivity involved in assessing material issues can lead to variations in reporting practices.
• Assurance and Verification: The availability of independent auditors and certification bodies with expertise in ESG audit is limited. The demand for reliable third-party assurance and verification of ESG reports often exceeds the available resources.

Potential Solutions and Opportunities for Improvement:

• Standardization and Harmonization: Efforts should be made to develop common ESG reporting standards and frameworks that are widely recognized and adopted. Harmonizing reporting requirements can facilitate consistency and comparability in ESG disclosures.
• Capacity Building and Education: Enhancing the skills and expertise of professionals through training programs, certifications, and educational initiatives can address the skills gap and promote effective ESG accounting and audit practices.
• Data Collection and Reporting Systems: Companies should invest in robust data collection systems and processes to ensure accurate and reliable ESG data. Improved data management capabilities can enhance the quality and timeliness of ESG reporting.
• Collaboration and Knowledge Sharing: Encouraging collaboration among companies, industry associations, regulators, and stakeholders can facilitate knowledge sharing, best practices, and the development of sector-specific reporting guidelines.
• Strengthening Assurance Mechanisms: Expanding the pool of qualified auditors and certification bodies specializing in ESG audit can help meet the increasing demand for independent assurance and verification services. Enhancing the credibility and rigor of assurance processes can boost stakeholder confidence in ESG reports.

Future Trends and Expectations for ESG Accounting and Audit:

• Increased Regulation: The global and local regulatory landscape is expected to evolve further, with more stringent requirements for ESG reporting, disclosures, and assurance. Companies should anticipate and prepare for heightened regulatory expectations.
• Integration of Technology: Technological advancements, such as data analytics, artificial intelligence, and blockchain, will likely play a significant role in improving ESG accounting and audit practices. These technologies can enhance data management, verification, and reporting processes.
• Investor Focus on ESG: Investors’ demand for ESG information and their consideration of ESG factors in investment decisions will continue to grow. Companies will need to respond by providing robust, reliable, and comparable ESG disclosures that align with investor expectations.
• Social and Environmental Impact Measurement: There will be an increasing emphasis on measuring and reporting the social and environmental impact of companies. Metrics and methodologies for assessing and quantifying these impacts will continue to evolve, requiring companies to refine their measurement and reporting practices.
• Strengthened Stakeholder Engagement: Effective stakeholder engagement will become even more critical in ESG accounting and reporting. Companies will need to engage with investors, customers, communities, and other stakeholders to understand their expectations, gather feedback, and ensure ESG practices align with stakeholder interests.

Conclusion:

ESG accounting and audit have become integral components of corporate reporting, providing stakeholders with valuable insights into a company’s sustainability performance. As India moves towards a more sustainable and responsible business landscape, understanding and adopting ESG practices is crucial. By embracing ESG accounting and audit, companies can enhance their reputation, mitigate risks, and contribute to a more sustainable and inclusive society.

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