A Framework for CSR for Implementation of Net-Zero Economy Towards Enhancing Sustainable Value Creation

Abstract

This chapter focuses on the corporate social responsibility (CSR) framework in India with respect to achieving a net-zero economy. It provides an in-depth exploration of the stipulations applicable to companies in India concerning their corporate social responsibilities and addresses the ecological, social, and economic impacts of corporate operations on diverse communities. The imperative to achieve a net-zero economy is underscored by the escalating global mean temperature, wherein mere removal of an equivalent carbon amount from the atmosphere fails to offset the rise. CSR embodies a commitment by business enterprises to spearhead economic development while mitigating the adverse impacts on a minimal scale. This commitment ensures a substantial enhancement in the living standards of the workforce, their families, local communities, and society at large. Furthermore, the chapter critically examines how corporate behavior is influenced by CSR and elucidates how CSR initiatives play a pivotal role in attaining net-zero emissions. The growing environmental awareness among consumers regarding the ecological footprint of certain products compels corporations to embrace CSR obligations, to enhance the appeal of their eco-friendly products. The authors present empirical research illuminating the CSR landscape in India and its impact on achieving a net-zero economy. Startling findings reveal that despite organizations adhering to laid-down rules and regulations, there is a profound lack of awareness among the populace regarding the legal framework governing CSR. The study emphasizes the need for heightened awareness to bridge this gap and propel sustainable practices in the corporate landscape.