CSR-A Duty Archives

World Bank redefines CSR through sustainability & responsibility

March 21, 2024

The World Bank Group is committed to ending extreme poverty and sustainably boosting shared prosperity. The World Bank manages its internal business operations’ environmental, social, and economic impacts by striving for net positive impacts on the ecosystems, communities, and economies where we have offices. The World Bank’s annual Global Reporting Initiative (GRI) Index and biennial Sustainability Review present details on the sustainability considerations of our operations and corporate practices. Sustainability Impacts The Corporate Responsibility Strategic Plan focuses on the World Bank’s efforts to review mandates and progress on Corporate Responsibility at the World Bank, evaluate the current Corporate Responsibility landscape and trends, engage stakeholders for input on Corporate Responsibility issues, identify implementation priorities; and establish a rolling three-year implementation plan for Corporate Responsibility. The priority areas have been identified by surveying international financial institutions, non-governmental organizations, the private sector, and sustainability news outlets. Internal stakeholders across the institution confirmed the analysis

CSR is not a charity but a duty and responsibility towards society

March 21, 2024

Corporate Social Responsibility (CSR) guidelines define its philosophy wherein organizations serve the interest of society by taking responsibility for the impact of their activities on customers, employees, shareholders, communities and the environment in all aspects of their operations. Under these guidelines, the long-term CSR Plan is to match with the long-term Business Plan of the Organization. The activities under CSR are to be selected in such a manner that the benefits reach the smallest unit, i.e., village, panchayat, block or district, depending upon the operations and resource capability of the company. Corporate Social Responsibility (CSR) is not a charity but a duty & responsibility towards society inspired by the highest values of seeking to return to society a part of what we have received in whatever capacity & to whatever extent we can. Social responsibility has been part of our ancient Indian tradition. The spirit of contributing towards the welfare

Environment, Social, and Governance are big catalysts for CSR

March 9, 2024

A strong Environmental, Social, and Governance (ESG) strategy is a force multiplier. Organizations must integrate their sustainability efforts into a core CSR and transformation agenda strategy. Like other countries globally, India is experiencing the challenge of large development, and the discourse around environment, social impact, and governance issues is increasing. Since 2013, the narrative in India has shifted to the crucial role corporations can play in bringing about positive change in human development and social inclusion. CSR is no longer seen as corporate social assistance or philanthropy but as essential to a good business strategy, helping reduce investment risks and enhancing business profits by improving transparency and accountability. It is about working together – with government, with civil society, and with the community – to improve the lives of millions of people by making growth more inclusive. With the ever-changing business environment, investors and stakeholders seek businesses to be responsible

Sustainability is the Core of Corporate Social Responsibility

March 8, 2024

As a child, all of us have been taught by our parents or grandparents at home that sustainability is based on a simple principle that everything we need for our survival and well-being depends, directly or indirectly, on our natural environment. Once we grow as adults and begin to look for earning our livelihoods, we tend to dilute those basic principles, learnt as children, forgetting that sustainability creates and maintains the conditions under which humans and nature can exist in productive harmony that permit fulfilling the social, economic and other requirements of present and future generations. That is at the individual level. The same example can be applied to companies that grow for big corporate houses. By aligning CSR initiatives with global sustainability goals, businesses can contribute meaningfully to the well-being of all stakeholders and the world we inhabit. CSR acts as a guiding force, urging companies to generate value for

India’s lessons of sustainability for the world

March 4, 2024

The United Nations Environment Assembly (UNEA), at its Sixth Session held in Nairobi, Kenya, from 26 February – 1 March 2024, adopted on 1 March the resolution on sustainable lifestyles submitted by India. All participating Member States adopted the resolution on promoting sustainable lifestyles. The concept of LiFE, i.e. Lifestyle for Environment, was envisioned by India at the World Leaders’ Summit in Glasgow at COP26 when he called to rekindle a global pursuit to adopt environment-friendly lifestyles and practices. Mission LiFE was launched by Prime Minister Narendra Modi on 20 October 2022, in the presence of the UN Secretary-General António Guterres, at the Statue of Unity, Ekta Nagar, Gujarat. Mission LiFE aims to follow a three-pronged strategy for changing our collective approach towards sustainability. First is by nudging individuals to practice simple yet effective environment-friendly actions in their daily lives (demand); second is by enabling industries and markets to respond swiftly

Sustainable entrepreneurship making the right noise

March 1, 2024

Corporate social responsibility (CSR) has become an established part of the global landscape, with companies worldwide abiding by the United Nations Global Compact and many governments starting CSR initiatives. In this has emerged sustainable entrepreneurship. It sets up and manages businesses integrating economic growth, environmental stewardship, and social responsibility. The whole ecosystem ensures long-term value that benefits current and future generations. Michel Doucin, a French economist and political analyst, has analyzed the concept of corporate social responsibility. He says Corporate social responsibility has been met with widespread enthusiasm for some years. Companies worldwide abide by the United Nations Global Compact launched by Secretary-General Kofi Annan in 1999, and today, nearly 6,000 groups of companies are engaged in CSR. In September 2010, the ISO 26000 standard on social responsibility was adopted, with 93 per cent of the participating standardization organizations from 90 states voting in favour. Doucin believes that such enthusiasm