Mumbai: JB Chemicals & Pharmaceuticals Ltd. published its first sustainability report, where it underlined its dedication to achieving its environmental, social, and governance goals and disseminating responsible practices in its operations.
The report is prepared following the international reporting standards framework, using the Global Reporting Initiative as its core standard, and has linkages with the sustainable development goals.
“We believe in conducting business in a socially, environmentally, and ethically responsible manner,” said Nikhil Chopra, CEO of JB Pharma.
Companies realise that concentrating only on profits is no longer sufficient as they need to measure the value generated for stakeholders, which includes not just more conventional metrics like revenues and costs, but also brand value, diversity and inclusion, sustainability, and community impact. Furthermore, this is more than a compliance issue.
JB Pharma has increasingly adopted a multi-stakeholder approach to determine its expectations about environmental, social, and governance issues, Chopra said.
The ESG report focuses on factors that emerged as the most important for stakeholders during the assessment of the organisation.
From FY 2020 to FY 2022, the organisation has reduced energy consumption by 9.2% and augmented green energy through solar power. Additionally, its Scope 1 and Scope 2 emissions have been reduced by 14.6% and 10.7% during the same period. JB Pharma also ensured that its waste is properly disposed of.
Women's representation in the company increased 20.6% in the same period in the industry, which is usually dominated by the company’s peers.
