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MeitY, Nasscom launch enterprise innovation challenge
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SME Times News Bureau | 28 Jan, 2022
The Ministry of Electronics and Information Technology (MeitY) Centre of
Excellence (CoE) for IoT & AI, in collaboration with KITS
(Karnataka Innovation & Technology Society) and IT industry's apex
body Nasscom on Friday launched the second edition of the Enterprise
Innovation Challenge (EIC) with a focus on the Environmental, Social and
Governance (ESG) goals.
Initiated in 2021, EIC aims to
leverage the innovations created by Indian entrepreneurs and nurture
sustained engagements between innovative startups and enterprises.
During
the virtual inaugural session of the EIC challenge, panellists called
for a greater role of technology in the nation's ESG goals.
Abhishek
Singh, CEO, Digital India, MeitY, said that as we mature into a truly
global economy, ESG will be one of the top priorities for our industry
and for all of us.
"Recently at COP26, our Prime Minister
Narendra Modi made the net zero commitment and this will require each
one of us, including government and the industry to put our best foot
forward to ensure that we are able to put forward a sustainable agenda
which not only takes care of our present day needs but also the needs of
the future," Singh elaborated.
"Even in corporate governance,
what we really need is that if our unicorns have to become real
value-adding companies and if our startups have to go up and become the
best in the world, the adoption of ethical corporate governance
standards becomes a very important part of it," he added.
According
to Debjani Ghosh, President, Nasscom, ESG has become a top priority not
just for governments but also for our clients, investors as well as for
employees across the Tech industry.
"In India alone, the assets
under management for ESG funds rose by 2.5 times in just a year. From
$275 million in FY20, the assets under management for ESG funds went up
to $650 million in FY21," said Ghosh.
Dr Vibha Dhawan, Director
General, TERI (The Energy & Resources Institute) said that in order
to move in the right direction for ESG, one of the most fundamental and
crucial things is mindset.
"As a society we need to adopt the
right mindset to achieve our goals. From an industrial perspective, it
is not only the production and processes but also the raw material which
goes in which needs to be looked into from our ESG goals perspective,"
she emphasised.
The MeitY initiative also presented some unique
use cases like 'Market transformation towards Sustainable Palm Oil'
establishing the linkage between sustainable palm oil and biodiversity
conservation, climate and how it can help attract youth attention and
possible action on this issue.
"Judging companies by their ESG
score has picked up immense momentum. In our industry, digital
technologies are playing a critical role in driving ESG goals but it
also has to involve society by spreading awareness around these goals,"
said Arun Misra, CEO, Hindustan Zinc.
According to Mona Soni,
Global Head of ESG Technology, S&P Global Sustainable, technology
will be a key lever in accelerating progress and supporting innovation
in this rapidly-evolving ESG market.
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