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2 Volume 3 • Issue 3 • January 2007

EnCoRE

Coordinator, T E R I –BCSD India

Annapurna VancheswaranAssociate Director, SustainableDevelopment Outreach, T E R I<[email protected]>

Editorial Board

R K Pachauri, Director-General, T E R I ;Chairman, T E R I –BCSD IndiaR K Narang, Distinguished Fellow, T E R I ;Convener, T E R I –BCSD IndiaMarcel Engel, Director, World BusinessCouncil for Sustainable DevelopmentRegional Network

Editor

Satyajeet SubramanianResearch Associate, T E R I –BCSD India<[email protected]>

Associate Editors

N Deepa, Associate Fellow, T E R IJaya Kapur, Information Analyst, T E R I

T E R I–BCSD Indiacore@ter i . res . in • www.ter i . res . in /core • www.ter i in .org • www.wbcsd.org

T E R I–BCSD (TERI–Business Council for Sustainable Development) India –

initiated by T E R I – is a regional network partner of the WBCSD (World

Business Council of Sustainable Development), Geneva. It provides an

independent and credible platform for corporate leaders to address issues

related to sustainable development and to promote leadership in

environmental management, social responsibility, and economic

performance. Membership is open to organizations. The following are its

current members.

C O N T E N T SEditorial

•

Point of view

Business and the environment in emerging

markets

•Focus

Towards mainstreaming socially responsible

investment in India: Cairn India

•Feature

Stimulating investor engagement with socially

responsible investment in India

•Partners in change

NTPC project on

rural electrification energy and poverty

•

New members at TERI–BCSD India•

On the Move

An emerging compelling business case:

sustainable development

WBCSD chemical sector project

International initiatives•

Resources

WBCSD publications

Internet resourcesNew arrivals at TERI library

•

Calendar of events

1 ABN Amro Bank (India)

2 Air India Ltd

3 Alcatel- Lucent

4 Alcoa Asia Ltd

5 Apollo Tyres Ltd

6 Areva T&D India Ltd

7 Ashok Leyland Ltd

8 Ballarpur Industries Ltd

9 BASF India Ltd

10 BG Exploration and Production

India Ltd

11 Bharat Heavy Electricals Ltd

12 Bharat Petroleum Corporation Ltd

13 BP India Services Pvt. Ltd

14 Cairn India Ltd

15 Chambal Fertilizers and Chemicals

Ltd

16 Chennai Petroleum Corporation

Ltd

17 Coca-Cola India

18 Container Corporation of India Ltd

19 Continental Construction Ltd

20 DCM Shriram Consolidated Ltd

21 Dow Chemical International Pvt.

Ltd

22 E I DuPont India Ltd

23 Ecosmart India Ltd

24 Forbes Gokak Ltd

25 GAIL (India) Ltd

26 Hindalco Industries Ltd

27 Hindustan Lever Ltd

28 Hindustan Petroleum Corporation

Ltd

29 Hongkong and Shanghai Banking

Corporation Ltd (HSBC India)

30 IBP Company Ltd

31 Indian Farmers Fertiliser

Co-operative Ltd

32 Indian Metals and Ferro Alloys Ltd

33 Indian Oil Corporation Ltd

34 Industrial Development Bank of

India

35 Ispat Industries Ltd

36 ITC Ltd - Paper Boards and

Specialty Papers Division

37 Jaypee Cement Ltd

38 Kerala Minerals and Metals Ltd

39 Lafarge India Ltd

40 Mahanadi Coalfields Ltd

41 Mahindra & Mahindra Ltd

42 National Thermal Power

Corporation Ltd

43 Numaligarh Refinery Ltd

44 Oil and Natural Gas Corporation

Ltd

45 Oil India Ltd

46 Petronet LNG Ltd

47 Power Grid Corporation of India

Ltd

48 Power Trading Corporation of India

Ltd

49 Rabo India Finance Pvt Ltd

50 Rallis India Ltd

51 Reliance Energy Ltd

52 Reliance Industries Ltd

53 Seshasayee Paper and Boards Ltd

54 Shell India Pvt. Ltd

55 Shree Cement Ltd

56 SREI Infrastructure Finance Ltd

57 Steel Authority of India Ltd

58 Sterlite Industries (India) Ltd

(Vedanta Group)

59 SUN Group

60 Suzlon Energy Ltd

61 TATA Chemicals Ltd

62 TATA Motors Ltd

63 TATA Steel

64 The Andhra Pradesh Paper Mills Ltd

65 The Associated Cement

Companies Ltd

66 The TATA Power Company Ltd

67 Toyota Kirloskar Motors Pvt. Ltd

68 Usha Martin Industries Ltd

69 YES Bank Ltd

3Volume 3 • Issue 3 • January 2007

EnCoRE

R K Pachauri

Director–General

T E R I

Editorial

he issue of corporate social

responsibility needs to be seen

within the overall context of the

entire cycle through which goods and

services are produced. Social

responsibility needs to be incorporated

upfront in investment decisions,

because once assets are created and

the design of a productive system put

in place, changes become expensive

and often practically infeasible. TERI

has, for instance, been pursuing the

possibility of organizing a training

workshop for financial institutions and

banks specifically because SRI

(socially responsible investments)

should become the core of investment

decisions made by these organizations.

The requirement for bringing about a

change in this direction would involve

not only the formulation of criteria by

which the extent of social responsibility

associated with each investment can

be laid down, but also involve capacity

building within financing as well as

recipient organizations to make the

most of emerging opportunities.

There is, of course, an attendant

need to evaluate companies on the

basis of their record of SRI as well. At

some stage, the stock market has to

begin to incorporate this feature in the

value of the stock. But for this to

happen on a regular basis, it is

necessary for individual and

institutional investors to show their

preference for stocks of companies

that are committed to SRI policies. We

may well ask the question on why an

investor or a company should worry

about anything other than adequate

returns from investments made.

Indeed, in the past, this has been the

main driver of business decision-

T making; however, it is now clear that its

consequences are detrimental to the

welfare of society, as well as to the

success of firms. Companies are now

becoming increasingly aware of their

stake in ensuring the wellbeing of any

society within which they operate.

While in India there are several

corporate organizations that are

focusing on SRI policies, there is a very

long way to go, and it is hoped that this

issue of EnCoRE would not only provide

some basic ground rules for the

rationale and reasons for SRI, but also

provide a framework within which

decisions can be made by companies,

individual investors, and financial

institutions.

• News • Articles • Case studies• Announcements • Technical notes • Suggestions

All members are requested to send latest company annual reports; environment, corporate socialresponsibility, and sustainable development reports

EnCoRE invites contributions from T E R I–BCSD India members on themes related to

sustainable development in the form of

For details on advertising and contributing in EnCoRE, please contact

The Editor, EnCoRE Tel. 2468 2100 or 4150 4900T E R I, Darbari Seth Block Fax 2468 2144 or 2468 2145I H C Complex, Lodhi Road India +91 • Delhi (0) 11New Delhi – 110 003, India E-mail [email protected], [email protected]

Contributions invited


EnCoRE

POINT OF VIEW

behaviour. In addition, theneed for large amounts offoreign capital investment maybe more easily met ifcompanies in emergingmarkets can demonstrate moresustainable business practices.

Companies in developednations are also facingincreasing pressure frominvestors and customers tobetter understand theenvironmental impacts of theirsupply chains, which can oftenbe traced back to emergingeconomies; there is customerpressure on companies inemerging markets to be betterenvironmental stewards.Indeed, the much vaunteddecoupling of economicgrowth from carbon emissionsin the industrialized world hasat least partially been achievedby exporting relatively carbonintensive manufacturingcapacity to the developingworld. Carbon emissions havenot so much been decoupledas exported.

Carbon disclosures are veryfar from ubiquitous, evenamong companies indeveloped markets. However,the CDP (Carbon DisclosureProject), which collects andexamines carbon disclosuresfrom larger companies all over

the world, concludes thatcompanies in Annex 1countries under the KyotoProtocol, which are obliged toreduce emissions, are morelikely to disclose good qualityinformation. Even in non-Annex 1 countries, which arenot obliged to cut emissions,the evidence suggests thatwhere better regulatoryregimes are in place,companies are more likely toprovide disclosures on carbonemissions management. Forexample, the Carbon DisclosureProject Asia ex-Japan report1

(2006) shows that SouthKorea had the best responserate in the region due togovernment initiatives toencourage reduction ofemissions, while China, withthe largest number ofcompanies in the sample, onlyprovided one response.

Growing emissions indeveloping countries willundermine the effects ofemission reductions in theindustrialized world. Carbonemissions from China aregrowing more quickly thananywhere else in the worldand accelerating growth rateson the Indian sub-continentwith concomitant increases inemissions, mean that any

Business and the environment in emerging markets

Simon Thomas

Chief Executive, Trucost, explains why environmental factors will affect business in emerging markets.

he repercussions ofclimate change go

beyond changing weatherpatterns and rising sea levels;climate change also has acomplex impact on companies.Regulatory efforts to controlcarbon emissions throughtrading schemes, carbon taxes,or emissions limits arebeginning to have financialeffects on companies indeveloped markets. Carbonemissions increasingly carry acost in Europe and investmentplans throughout thedeveloped world reflect theexpectation that carbonemissions will carry a cost inthe future. Investors and otherstakeholders are increasingtheir demands for companiesto measure, manage, andreport their environmentalimpacts and develop in a moresustainable way.

There are good reasons tosuggest that environmentalfactors could enter thefinancial mainstream morequickly in emerging markets.The absence of environmentalregulations in many emergingeconomies exposes investorsto more risk, as they cannotnecessarily rely ongovernments to imposestandards on corporate

T

1 <http://www.trucost.com/publishedresearch.html>


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future, post-Kyoto multilateralagreements to reduceemissions must addressemissions from the developingworld. While developingnations successfully argue thatit is unfair to constrain theirgrowth when the developedworld is responsible for 70%of the growth in atmosphericconcentrations of CO2 sincethe industrial revolution, theStern review2 points out that itis these very economies standto suffer the most from theeffects of climate change. InTrucost’s opinion, there areonly two methods with whichto include developingcountries in the reduction ofemissions in an equitable way:technology transfer andtransfer payments.

Technology transfer isalready facilitated under theKyoto Protocol through theCDM (clean developmentmechanism) under which,‘developed countries mayfinance projects that avoidgreenhouse gas emissions indeveloping countries, andreceive credits which they mayuse to help meet mandatorylimits on their ownemissions.’3 For instance, anindustrialized country that hassigned up to the KyotoProtocol can invest in a windfarm in a developing countrythat does not have anobligation to reduce emissions.The wind power project wouldprovide the electricity thatwould otherwise have beenproduced from coal or gas.The industrialized country can

then claim credit for theemissions that have beenavoided, and use these creditsto meet its own target. Thesecredits can be generated at alower cost than the marginalabatement costs of carbon inindustrialized countries andassist developing countries togrow in a more sustainableway. Despite the fact that theStern review recommends amassive expansion of theCDM, the necessaryadministration and verificationthat the scheme requiresmeans that it will be verydifficult to expand itsufficiently to offset thegrowing emissions ofdeveloping nations. To put thisinto perspective, the CDMscheme has so far generatedemissions reductions of almost105 million tonnes of CO2

emissions per annum.4 This isprecisely the same as theannual CO2 emissions ofRoyal Dutch Shell Plc, or0.4% of global emissions.

The system of ‘contractionand convergence’ is based onthe notion that the right toemit carbon can be cappedglobally and allocated tonations on a per capita basis.This will lead to transferpayments betweenindustrialized and developingnations. The industrializedworld would have to purchaseemissions credits from thedeveloping world in order tocontinue to emit at currentlevels. This would producefour very strong results.Firstly, it would allow

countries with high emissionsto purchase reductions fromcountries with lower carbonabatement costs, therebyreducing worldwide emissionsat relatively lower cost.Secondly, it would provide afinancial incentive fordeveloping countries toachieve growth in a morecarbon efficient manner.Thirdly, it would binddeveloping nations to a post-Kyoto multilateral agreementto reduce emissions. Finally, itwould discourage populationgrowth in all countries. Thetransfer payments would besignificant to developingnations, but not unaffordablefor the industrialized world.By dividing global emissionsby the global population andmultiplying this by thepopulation of each country, itis possible to work out whichcountries are exceeding theirper capita limit. This amountcan then be paid to countriesthat do not use all of theirallowances in return foremissions credits. Forexample, while the UnitedKingdom would have topurchase emissions creditsfrom the rest of the worldamounting to 0.2% of its GDP(gross domestic product),India would receive transferpayments equivalent to 8.2%of its GDP because it wouldhave the right to emit theworld average amount of CO2

per capita (India, however,currently emits far less). Ofcourse, transfer payments ofthis magnitude would have

2 Stern review on the economics of climate change, October 20063 <http://unfccc.int/essential_background/glossary/items/2639.php>4 <http://www.cdmwatch.org/>


EnCoRE

F O C U S

Towards mainstreaming socially responsible investments in India

How important arecorporate governance;business ethics; humanresource management;energy, natural resources,and the environment; andcommunity development tobusiness success?These issues are all vital for asuccessful business. In fact,Cairn operates by thefollowing core values.P Injury and incident-free

operations: every employeeis expected to take care ofhim/herself, otheremployees, companyproperty, community, andthe local environment.

P Attracting best human

resources: this comes witha good work environment,fair compensation, andindividual recognition.

P Gaining social acceptance:the company aims to workwith the governmenttowards development of itslocal community.

All of this is integrated inthe company’s corporateresponsibility policy. Thus,Cairn India considers theabove-mentioned issues to bevery important to doingbusiness successfully.

In fact, a good company isrecognized not only by itsperformance in its core

business, but also by people’sperception about its largerinteraction with society. Sucha reputation also makesemployees feel proud. It is notenough to have a good qualityproduct; the process is equallyimportant.

How has this changed/developed over the past 3–5years?Consumers are becomingincreasingly aware. They arelooking for companies thatproduce ‘good’ products. Thisis why we see advertisementsmarketing products byhighlighting their environmentfriendliness. Companies

airn India Ltd in India is a hydrocarbon exploration and production company. It has itsoil and gas fields in three locations: Ravva field, Andhra Pradesh; Lakshmi and Gauri

fields in Gujarat; and 19 discoveries in Rajasthan including Mangala, the largest onshore oilfield find in India since 1985. Swetha Dasari, Research Associate, TERI–BCSD India, spokewith Mr K Jaishankar, Director and General Manager, Environment and CSR (corporatesocial responsibility) and Ms Jyotsna Bhatnagar, Manager, CSR of Cairn India.

C

profound consequences forIndia’s economy. It wouldprovide funding in support ofcarbon efficient technologies,and in doing so, presentopportunities for India’sbusinesses to leap-frogcompetitors from thedeveloped world which aretied through historicinvestment decisions toinefficient technology.

Trucost has recently beenawarded a grant to provideresearch on the environmentalconsequences of productionfor all companies in the MSCI(Morgan Stanley CapitalInternational) Asia ex-Japan bythe IFC (InternationalFinance Corporation), and itis already the case that largeinvestors are beginning to takean interest in these factors.

Companies in emergingmarkets will come underincreasing pressure to provideenvironmental data as a result.However, any post-Kyotoagreement is likely to providesignificant incentives andopportunities for companies inthe developing world thatemploy more carbon efficientproduction processes and candemonstrate this to regulatorsand investors.

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cannot survive for too long bybeing exploitative.

The notion of corporateresponsibility has existed for along time in India, but the wayit is approached is rapidlychanging. It is no morephilanthropy. Companies wantthis money to beprofessionally managed andwant to avoid dependency. Weaim at all times to ensure thatall of our community projectsare sustainable.

How do you communicateyour performance in theseareas to the investorcommunity?Our performance iscommunicated primarilythrough our corporateresponsibility reports. Inaddition, due to funding duediligence banks such as theIFC (International FinanceCorporation), we haveconducted stringentexaminations of our operatingand community processes. It isimportant for the investmentcommunity to have a thirdparty opining on a company’sperformance. We also highlightsome of our best practices inthe media.

How interested areinvestors in these? Is therea difference in the attitudesof domestic versus foreigninvestors, governmentversus private?Cairn is currently listed on theLondon Stock Exchange.Investors thus pay a lot ofimportance to the ESG(environmental, social, and

governance) factors. In India,the company is in the processof an IPO (initial publicoffering) to list the Indianbusiness on the Bombay StockExchange for strategic reasons.Thus, at this stage, thecompany would not be able tocomment with confidence onIndian investors.

In general, institutionalinvestors are very interested inESG factors. They see acorrelation between goodperformance and riskperception. As regardsindividual investors, theeducated urban young arebecoming very aware and it isbecoming increasinglyimportant for them to evaluatehow the companies they areinvesting in are faring in termsof corporate responsibility.

India has a very strongregulatory regime. Thus, if anycompany follows all the lawsof the land with true spirit andintent, it would be adhering tomany international laws.Therefore, when thegovernment invests in acompany, it would mostprobably check if all the ruleswere being met with. Thus,government investors would,indirectly, be interested inmatters of responsibility.

Does the market value/reward good performancein these areas?Yes, because these policiesoften de-risk potential areas ofuncertainty. But the marketalso values only those creditsit is aware of and muchrecognition – like the awards

companies get – are notknown to the average investor.

How do you thinkevaluation of these issueswill change over the next3–5 years?These issues will certainlygain more importance in thenear future. The media isbecoming increasinglypowerful. Thus, organizationshave to be prepared to explainin a transparent way what theyare doing, particularly in thecommunity.

Social awareness is also onthe rise. The needs and valuesof urban Indians have beenchanging. Their needs are nomore restricted to the basics.They are developing highervalues and looking forsatisfaction. Thus, it mightbecome imperative forcompanies to project theirESG performance.

How could corporate–investor relations on ESGissues be improved?This will not be achievedthrough the command-controlmechanism or by the stick.The initiative lies withcompanies, when they see abusiness value to it.Companies require forums forsharing experiences.Institutions like TERI, whichhave a big and wide reach,have to be the spaces forproactive communication.Companies have to make aneffort to reach out, butequally, the government has avital role to play.

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S

F E A T U R E

Stimulating investor engagement with socially responsibleinvestment in India

Rochelle Mortier, Visiting Fellow, TERI–Europe

Ritu Kumar, Director, TERI–Europe

SRI: a growing global trendRI (socially responsibleinvestment) is an

emerging investment trendproviding investors with theopportunity to invest incompanies committed toresponsible business practicesin the areas of environmentalimpact, labour practices, andcorporate governancestructures. The trend isgrowing in most majorfinancial markets. SRI fundsin the United Kingdom areestimated at £6.1 billion andare growing. In the UnitedStates, SRI funds areestimated to be over $2 trillionand recent fund launches inSingapore and Japan indicatethat the trend is set tocontinue on Asia. Sociallyresponsible investing is alsobecoming institutionalizedthrough the development ofalternative social sustainableinvestment indexes worldwide.These include the FTSE4Good(UK), the Domini SocialIndex (US), AuSSi andReputex (Australia), MaalaIndex (Israel), theJohannesburg StockExchange’s own tradable SRIIndex – the first of its kind inan emerging market (2004) –and the Brazilian Bovespa

Sustainability Index launchedlast year.

A major catalyst for SRItook place in 2000 when itbecame UK law foroccupational pension schemesto state whether they tookaccount of any social,environmental, or ethicalfactors when deciding whichstocks to invest in. Since then,several other countries such asAustralia, Sweden, andGermany have followed suit.Pension funds are by far thelargest group of shareholdersin most major publicly listedcompanies and their influenceis considerable—they could bea major vehicle for drivinghome the messages onimproved corporateaccountability, compliance

with environmental standards,labour rights, and goodgovernance.

Potential for responsibleinvestment in India

In India, the potential for SRIhas not gone unnoticed. Arecent report by the ASrIA(Association for Sustainableand Responsible Investment inAsia) noted the significant sizeand growth of the Indianmarket as an impetus for SRI:‘Given India’s potential foreconomic and marketdevelopment, we see strongsupport for more leadershipfrom Indian corporateorganizations, especially over alonger time-frame.’1

A study by TERI–Europe2

seeks to explore the potential

Global trends in SRI: common screens/approaches

North America Tobacco, alcohol, and gambling, followed byenvironmental and human rights, are the mostcommon screens; growing participation in share-holder advocacy and capitalization of communityinvesting.

Europe Environmental and labour screens are most popular;SRI is perceived as more than applying a singleexclusionary screen; shareholder engagementstrategy commonly used.

Southeast Asia Community investing active at local level; growingnumber of funds in Japan, Hong Kong, and Australia,which provide opportunity for pension funds;environmental screens dominate.

1 Taking stock: adding sustainability variables to Asian sectoral analysis, ASrIA, February 2006, <www.asria.org/publications>2 The study is being sponsored by the UK Foreign and Commonwealth Office, Economic Governance programme


EnCoRE

for SRI in India. The studyaims to capture the extent towhich foreign and localinvestors are introducing ESG(environmental, social, andgovernance) measures intotheir investment decisions.

Although the businesscommunity in Indiaacknowledges the need toinvolve financial marketsbehind their efforts tointegrate social responsibilityinto corporate strategy, thereis little evidence that thistrend has caught on. There hasbeen no assessment of howcorporate responsibility can beintegrated into investmentdecision-making in the Indiancontext. TERI–Europe seeksto identify ways in which theinvestment community can bemobilized to support theprogress of enhancedcorporate responsibility inways that are aligned to India’swider development needs.

As part of the study,TERI–Europe is attempting tocapture the opinions andinvestor expectations offoreign and domesticinstitutional investment,pension fund managers, andlocal retail investors. This willbe used to facilitate a dialogueon responsible investingbetween different players inthe investment chain.TERI–Europe will addressthe following questions.� Do Indian investors

consider ESG issues as apart of their investmentdecisions?

� How do domestic andforeign funds incorporate

ESG factors?� Do Indian investment

banks integrate ESG issuesinto their financial analysis?

� How do Indian listedcompanies communicateESG performance to thefinancial community?

Corporate governance: anissue for foreign investors

Early research results suggestthat foreign institutionalinvestors in Indian companiesare concerned aboutgovernance issues such as theindependence of boarddirectors, poor disclosure incompany reporting, andgovernmental influence. Bestpractices that reflect corporategovernance practices seen inthe US and Europe are clearlydesired by institutionalinvestors. By and large, therehas been some progress on thegovernance issue, with goodgovernance practicesbecoming more the norm, atleast for listed Indiancompanies. However, theevaluation of environmentaland social issues in investmentdecision-making, even byforeign investors, still remainsan exception rather than arule.

Initial research findingsindicate that very fewdomestic investors(institutional and retail)include ESG factors in theirinvestment decisions. This isdespite that fact that morethan 60% of the generalIndian public (that is, theretail investment community)feels that companies should

also be held responsible forbridging the gap between therich and poor, reducinghuman rights abuse, resolvingsocial problems, andincreasing economic stability.3

Prospects for growth inresponsible investing

Given India’s market potentialand foreign investors’ demandfor diversification intoemerging markets, investmentin the Indian economy isbound to grow. Given also thatbottlenecks to increasedgrowth will come fromresource constraints (energy,water, infrastructure), it isimperative that investmentdecisions take account ofenvironmental and resourcefactors. TERI’s conversationswith investment analystssuggest that the energy spacein general, and the renewableenergy space (biofuels,biomass, wind) in particular,are set to become attractivegrowth areas for investors.This trend is manifested in theemergence of specializedrenewable energy investmentfunds and clean technologyfunds. The impressiveperformance of companies likeSuzlon adds weight to thisargument.

Another possibility is theemergence of Sharia orIslamic funds. These fundshave criteria that are similar toSRI funds, and, given a largeMuslim population, they maywell be the precursor to SRItype funds in India.

Another positivedevelopment is the interest

3 Ritu Kumar, David F Murphy, and Viraal Balsary, Altered images: the 2001 state of corporate social responsibility in India poll,New Delhi: TERI–India, 2001, pp 10–11


EnCoRE

P A R T N E R S I N C H A N G E

nergy is largelyaccepted as the agent of

socio-economic developmentand is also a key ingredient forpoverty alleviation. Among themodern forms of energy,electricity constitutes a criticalinput for achieving ruraltransformation and reducingpoverty. Non-access toelectricity and rural povertyare closely correlated. This isbecause not only is electricitya pre-requisite for improvingliving standards, it is also anindispensable input forproductive and economicactivities. The provision ofelectricity to poor householdsgives them access to betterlighting, thus facilitatinggainful utilization of eveninghours, resulting in a positiveeffect on education and small-scale employment.

NTPC–TERI joint programmeThe NTPC (National ThermalPower Corporation Ltd) andTERI have joined hands with

an aim to bring the benefits ofelectricity, through DDG(decentralized distributedgeneration) especially biomassgasification technology, to therural and vulnerablepopulations in selected villagesacross India for providingbetter lighting and ensuringlivelihood security. This is alsoin line with the national goalof electricity for all by the year2012.

The prime objective of theNTPC–TERI jointprogramme is to develop aninstitutional model to supportthe sustained and integratedgrowth of villages through theintroduction of modernenergy-based livelihoodopportunities in villages. Box1 provides a pictorialrepresentation of the possiblebenefits of electricity that mayaccrue to villages.

Project areaCurrently, about 20.5% of thevillages and 56.5% of the

households in India have noaccess to electricity. TheNTPC–TERI programme hasidentified 22 villages in Orissaand Madhya Pradesh, two ofthe most underdevelopedstates of India, for DDG-based electrification andlivelihood developmentthrough a process of site visitsand consultations.

The technology: Decentral-ized Distributed Generation

DDG is defined as installationand operation of smallmodular power generatingtechnologies that can becombined with energymanagement and storagesystems, and used to improvethe operations of theelectricity delivery systems ator near the end-user. DDGcould directly benefit the ruralpoor by improving the qualityand reliability of electricityservices provided. The benefitsof DDG are manifold. Betterpower quality and reliability,

NTPC project on rural electrification energy and poverty

E

shown by the National StockExchange in developing analternative sustainable indexfor Indian equities. The IFC(International FinanceCorporation) is sponsoring apreliminary study toinvestigate the possibility ofsetting up such an index.

Finally, the extent to whichlocal and foreign investors will

be successful in demandinggreater compliance with ESGissues will depend, to a largeextent, on how successful thegovernment is in enforcingcompliance. At present,corporate organizations comeunder little pressure fromenforcement agencies tocomply with local legislation.Loopholes are plenty and the

track record on enforcementof ESG regulations is poor.For responsible investing tobecome mainstream, it isimperative that thegovernment act to improveenforcement of locallegislation.

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available. Further, biomasstechnologies being carbonneutral would not onlyprovide reliable electricity in asustainable manner, but wouldalso lead to the conservationand revitalization of theenvironment and creation oflivelihood opportunitiesthrough energy plantations.The joint programme is alsoan attempt to address severalissues relating to the ‘last mile’supply of electricity supply inremote villages in general andthe selected villages inparticular.

For further details, please contactAkanksha ChaureyAssociate Director

[email protected]

Source Policy research on promotion and adoption of efficient biomass technologies in rural/smallindustries, 2006, TERI

affordable energy at the pointof supply, wider choice inenergy supply options, betterload management, andmodularity of systems aresome of the widely knownfacts of using DDG systems.Other benefits includereduced T&D (transmissionand distribution) losses,reduced upstream congestionon transmission lines, optimaluse of the already existingpower grid, higher energyconversion efficiency than incentral generation, andimproved grid reliability. Inaddition, the concept of DDGencourages energy servicecompanies to look for newopportunities for selling,financing, and managing thelocally generated power.

Technology developers,manufacturers, and vendors ofDDG systems also see this asan opportunity for newbusiness. Regulators andpolicymakers support DDG asit encourages competitioneven in the weakest ofeconomies.

Of the several DDGtechnologies, the biomassgasifier with producer gasengines, solar photovoltaic,and mini/micro hydel areidentified as techno-commercially maturetechnologies. The jointprogramme proposes toconcentrate mainly onbiomass gasificationtechnology because it is themost economically viable inareas where surplus biomass is

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L&FS Ecosmart Ltd is aleading environmental

management services andadvisory firm with anemployee strength of 53 andannual turnover of Rs 53million for the year 2005/06.It is promoted by IL&FS(Infrastructure Leasing andFinancial Services Ltd), apremier non-banking financialinstitution.

In 1996, IL&FS formalizedan Environmental and SocialPolicy and developed anoperational framework in theform of an ESR(Environmental and SocialReport). A dedicated andspecialized group, the ESMG

(Environmental and SocialManagement Group) wascreated within IL&FS toimplement the ESR onIL&FS-funded projects. Withthis perspective, IL&FSEcosmart Ltd was establishedas an independent firm forproviding environmental andsocial services. Ecosmart’scapability to deliver projects isfurther strengthened by thehuman and other resources ofthe IL&FS Group.

Ecosmart offers services inenvironmental informationprocessing, geo-spatialsolutions, urbaninfrastructure, solid wastemanagement, hazardous waste

management, resettlement andrehabilitation, environmentalmanagement, environmentalimpact studies, environmentalpolicy interventions andregulation, risk management,environmental capacity-building and training, etc.

Ecosmart’s expertise spansplanning, reviewing andimplementing environmentaland social safeguards as anintegral part of projectdevelopment andimplementation.Complementing Ecosmart’sareas of expertise is itsdistinctive ability to usesophisticated technology-based tools including GIS(geographical informationsystem) and remote sensing.

Nodal person for TERI–BCSDIndia:

Madhuri SinghCEO’s Office

Suite 276, 278, Hotel SamratKautilya Marg, Chanakyapuri

New Delhi 110 021, India

I

Areas of interest in the next year includeP biofuels,P climate change,P information technology applications for rural

development, andP energy efficiency.

New members at T E R I–BCSD India

IL&FS Ecosmart Ltd

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Areva T&D India

Areva T&D India, an energyT&D (transmission anddistribution) company, has anannual turnover of Rs 15billion and an employeestrength of approximately3000.

The company has an ISOcertification for all itsmanufacturing units andpractices conservationmeasures that includereducing discharge of harmfulwastes and use of

biodegradable fuels whereverpossible at the process level.

The company has beeninvolved in the field ofpromoting informationtechnology education inNoida, Uttar Pradesh. It has


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Dow Chemical InternationalPvt. Ltd, incorporated in Indiaas Dow India, has a long anddistinguished history since1957, and is a key componentof Dow’s global businessstrategy. Dow India had salesof over $326 million in 2005with a dedicated localorganization of more than 350employees at five locationsaround the country.

Dow supports initiativesthat help preserve theenvironment and strives forenvironmental sensitivity inmanufacturing processes andproducts.

Dow Building Solutions inIndia is committed tosignificantly improving thecountry’s ability to face energydemands by providing thermalinsulation systems for building

energy efficiency and creatingawareness of the same. DowWater Solutions help benefitthe health of millions ofpeople, improve the qualityand performance of consumerand industrial products, andenable vital industrialprocesses. Water systems arealso provided for rural Indiaso that clean and hygienicwater reaches villagecommunities.


S Samson SureshDeputy General Manager

Unit-1, Corporate Park,V N Purav Marg

Chembur, Mumbai 400 071

Areas of interest in the next year includeP environmental education and awareness;P HIV/AIDSP rural and renewable energy;P solar energy; andP indoor air pollution (CO and particulate

emission reduction from gas stoves).

Areas of interest in the next year includeP environmental education and awareness,P green buildings,P rural and renewable energy,P water conservation, andP building energy efficiency.

Dow Chemical International Pvt. Ltd

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units. The company has alsobeen active towardsphilanthropic activities duringnational calamities.

Nodal person for TERI-BCSDIndia:

Mr Nischal CharumaniManager, Communications

Areva T&D India Ltd14th floor, Devika Tower

6, Nehru PlaceNew Delhi 110 019

also provided funds fororphanages and skilledstudents to further take up

vocational training. Employeesafety measures are strictlyadhered to at manufacturing


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Apollo Tyres Ltd

Apollo Tyres Ltd has fourmanufacturing plants acrossIndia and three overseas. Ithas achieved an annualturnover of over Rs 30 billionfor the financial year 2005/06.Apollo Tyres believes in thecore idea of serving each of itskey stakeholders and increating value in areas beyond

its products and services. Thecompany has been focused ondecreasing its dependence onbiofuels through acombination of using biofuelswith renewable energy sourcesin its manufacturing units, aswell as adhering to strictstandards on health, safety,and the environment. Thecompany works consistentlytowards eliminating emissionof greenhouse gases, recyclingits water usage, and tuning itsmachinery to ensure efficientenergy usage. Apollo Tyres has

been working in thecommunities that surround itsmanufacturing units to buildstronger rural health andeducation systems and createalternative modes ofemployment. The company isalso involved in HIV/AIDSawareness and prevention andthe cure of sexuallytransmitted diseases amongstthe Indian truckingcommunity. This work iscarried out through the ApolloHealth Care Clinics located inmajor transshipment hubsacross the country.


Ms Kankana DasDivisional Head, Corporate

RelationsApollo House, 7 Institutional

Area, Sector 32, Gurgaon,Haryana 122 001

Areas of interest in the next year includeP biofuels,P climate change,P green buildings,P HIV/AIDS, andP water conservation.

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Training workshop on reporting forenvironmental excellence and social responsibility

TERI-BCSD India invites committed corporate organizations to join us at the first reportingworkshop in the series. Share your experiences and interact with trainers who have evaluatedmore than 500 applications from across India. Training will be based on the comprehensiveapplication details of the TERI Corporate Awards.

Workshop modules include� comprehensive data collection techniques;� documentation and analysis of data; and� effective reporting.

Please submit your expressions of interest by 15 March 2006.For details, contact:Mr Satyajeet SubramanianResearch Associate, TERI-BCSD [email protected]

Highlight your successful practices through effective reporting.

Tentative datesFirst batch 6–7 July 2007Second batch 3–4 August 2007Venue TERI, New Delhi


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O N T H E M O V E

An emerging compelling business case: sustainable development

he Talking tomorrowlecture series features

talks by eminent experts fromacross the globe in the fieldsof energy, water, climatechange, health, andsustainable development.Speakers offer valuableinsights into these fields andthe impact these have on theglobal business environment.

The fourth lecture of theseries was delivered byMr Herman Mulder, FormerSenior Executive VicePresident, Group RiskManagement, ABN AMROBank N V and co-author ofEquator principles on 2September 2006 at NewDelhi. He was speaking on‘An emerging compellingbusiness case: sustainabledevelopment’. The meetingwas well attended by leadersof financial institutions andcivil society.

T

From left to right: Dr R K Pachauri, Director–General, TERI; Dr Parthasarathi Shome,Advisor to the Finance Minister, Ministry of Finance, Government of India; andMr Herman Mulder, Former Senior Executive, Vice President, Group Risk Management,ABN Amro Bank

Mr Mulder highlightedthat sustainabilityencompasses allenvironmental, social, andethical issues that need to beaddressed for a better world.Business increasinglyrecognizes the challenge andthe opportunity for it toembed sustainabledevelopment issues into itsstrategies, policies, andactions for reasons that areP defensive: to reduce costs,

potential liabilities, loss ofreputation, or evenoperating license;

P offensive: ambition to leadand be ready fortomorrow’s society andmarkets; and

P visionary: recognition thatgovernment, society, andbusiness share an interestto create a better world.

Market pressures frompeers, competitors, staff,clients, investors, and media,and regulatory frameworks arefor the providing businessreasons to address sustainabledevelopment.

He stressed that the notionof a smaller, ‘flatter’ worldwith increasing andinstantaneous scrutiny fromsociety (through NGOs [non-governmental organizations]and media) and otherstakeholders (clients, staff,investors) is putting greaterpressure for enhancedresponsiveness from thebusiness community.

He went on to furtherexplain the increase in thesustainability momentumwhere companies wereestablishing their owndisciplines and strategiesbased on cooperation of like-minded players. Suchcooperation may come in theform of business councils,structured dialogues, jointinitiatives, code of conduct,certification programmes, etc.Their such initiatives areproving to be very time-efficient and, relative to slowgovernment regulation,increasingly effective as theyare ‘owned’ by the businessitself.

Mr Mulder also explainedthat the political and businessinfluence of India is rapidlyincreasing in global politics


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ERI–BCSD India andSustainAbility, UK

undertook a survey tounderstand sustainabledevelopment imperatives inthe Indian chemical industryand factors that are shapingthe perceptions of theindustry’s stakeholders. Thefindings of the study weretabled during a national level

SMEs contribute to nearly50% of the total industrialoutput in India. According tothe National ProductivityCouncil, there are 3 millionSMEs spread throughout thecountry in the form of clustersand industrial estates. SMEsin India cannot afford toadopt and maintain adequatehazardous waste treatmentand disposal technologies.Also, large companies had notbegun to address sustainabledevelopment issues in theirsupply chain.

Lack of R&D (research anddevelopment) and lowresource efficiency was seen asan important area that had tobe kept on high priority forthe industry. Obsoletetechnology from the west thathas been dumped in India hasbeen blindly copied. The

WBCSD chemical sector project

Scoping servey by TERI–BCSD India, in association with SustainAbility, UK

Presentation on the project by TERI–BCSD India and SustainAbility, UK

meeting organized by TERI–BCSD India on 8 November2006 at TERI. The meetingsaw participation from thegovernment, academia, civilsociety, and multilateralorganizations.

The key learnings from thesurvey pointed that the multi-product and multifacetednature of the chemicalindustry in India makes it acomplex and challenging taskto address sustainabilityissues. Sustainability in thechemical industry isconcerned with control ofpollution, waste management,and prevention of accidents.Moreover, there is a dearth ofdata on several of these issuesin the Indian chemicalindustry, especially among theSMEs (small and mediumenterprises).

(as seen, for example, throughthe WTO [World TradeOrganization] and UN). Hementioned that India, as ademocracy, should be the rolemodel for emerging countries.This relates also to the Indianacademia and researchinstitutes and the need forthem to develop newtechnologies, systems andbusiness platforms. Heemphasized that this does notmean automatically adoptingwestern style, affluent society-based codes, and principles.Nor does it meansubordinating national interestbehind international priorities.It implies, rather, a broad-

based proactive engagementwith like-minded practitionersabroad. It also means anambition to become a leaderin sustainable development,balancing welfare by higheconomic growth withsustainable well-being, bybringing into practice social,environmental, and ethicalresponsibility.

A distinguished panel oflead discussants also presentedtheir views on the need forsocially responsible practicesin India. The panellists wereP Mr Mahesh Babu, Chief

Executive Officer, IL&FSEcosmart India Ltd

P Mr M K Venu, NationalEditor, News, TheEconomic Times

P Mr Rajesh Srivastava,Managing Director andHead, Corporate andCommercial Banking, RaboIndia Finance

P Mr Sameer Singh, Socialand EnvironmentalSpecialist, InternationalFinance Corporation,South Asia.

For further details contactMr Satyajeet Subramanian,

Research AssociateTERI–BCSD India([email protected])

T


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industry has not been able toattract talent in science due tolower remuneration. Patentprotection is also set to affectthe domestic chemicalindustry in the long run,especially in thepharmaceutical sector.

The survey also pointed outthat there was low stakeholderengagement. Indian industryhas not been seen proactivelyparticipating in globalconversation on sustainability.Further, there is a need fordedicated equipmentdevelopment and trainedoperators and standards forhazardous chemicals such asdioxins and furans. Sinceimproper handling of

chemicals is a concern area,better housekeeping andtraining on sustainabilityopportunities for the topmanagement and workers isessential. There is a need tohave mandatory compliance oflegislations; no properregulatory interventions likeREACH (registration,environmental, andauthorization of chemicals)and ROHS (reduction ofhazardous substances) havebeen enforced.

Based on the findings of thesurvey, it was decided inconsensus with participants,that there is a need for adetailed study to develop avision and roadmap, including

a plan for implementation forthe Indian chemical industry.The future study shouldP classify sectors on the basis

of capability and identifytheir sustainability issues(this exercise would bringout the sectors that aremost damaging tosustainable developmentand therefore need greaterattention);

P develop an approach withforward and backwardlinkages with specialreference to SMEs;

P concentrate on finding aregulatory framework andpartner with advocacygroups to addresssustainability issues;

P identify drivers for theindustry to focus on R&D;and

P serve as a case thatsustainability measures areintrinsic to the survival ofthe chemical industry inIndia.

Sustainability issues are yetto be mainstreamed in theIndian chemical industry.

For further details on thisinitiative please contact

Mr Pratik Ghosh, AssociateFellow, TERI–BCSD India

([email protected])

Participants at the meeting

Congratulations to Mr Rajesh Srivastava, Managing Director and Head, Corporate and

Commercial Banking, Rabo India Finance, for being appointed Chairman of the ASrIA

(Association for Sustainable and Responsible Investment in Asia).

In this role, Mr Srivastava will guide the Board of Directors in continuing to position ASrIA as

one of the leading institutions dedicated to promoting corporate responsibility and sustain-

able investment practice in the Asia Pacific region.

For the complete press release kindly visit http://www.asria.org/news/press/

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EnCoRE Principles for Responsible

InvestmentThe PRI (Principles forResponsible Investment) is aninitiative of the UNEP(United Nations EnvironmentProgramme) Finance Initiativeand the UN Global Compact.The PRI reflects theincreasing relevance ofenvironmental, social, andcorporate governance issues toinvestment practices. Itprovides a framework ofpossible actions forincorporating ESG(environmental, social, andcorporate governance) issuesinto mainstream investmentdecision-making andownership practices. The PRIreflect the core values of thegroup of large investors whoseinvestment horizon isgenerally long, and whoseportfolios are often highlydiversified. However, theprinciples are open to allinstitutional investors,investment managers, andprofessional service partnersto support.

The PRI provide aframework for achieving betterlong-term investment returnsand more sustainable markets.They offer a path forintegrating environmental,social, and governance criteriainto investment analysis andownership practices. Ifimplemented, they havetremendous potential to moreclosely align investmentpractices with the goals of theUnited Nations, therebycontributing to a more stable

International initiatives

and inclusive global economy.Signatories to the principlesare part of a network, whichcreates opportunities to poolresources, lowering the costsof research and activeownership practices. Theprinciples also allow investorsto work together to address arange of systemic problemsthat, if remedied, may lead tomore stable, accountable, andprofitable market conditionsoverall.

Benefits for signatoriesincludeP a common framework for

integrating ESG issues;P implementation support

from a PRI secretariat thatwill produce guidancematerials and facilitateworking groups exploringissues of common interest;

P access to examples of goodpractice from a globalnetwork of peers (includingmany of the world’s largestinstitutional investors);

P opportunities to collaboratewith other signatories,reducing research andimplementation costs; and

P reputational benefits frompublicly demonstrating top-level commitment tointegrating ESG issues.

<http://www.unpri.org/>

ASrIA (The Association forSustainable and Responsi-ble Investment in Asia)

ASrIA is a not-for-profitmembership associationdedicated to promotingcorporate responsibility andsustainable investment

practice in the Asia Pacificregion. ASrIA’s goal is to buildmarket capacity for SRI. Theirwebsite provides insightful,up-to-date, and accessibleinformation on thedevelopment of SRI in Asiaand globally. ASrIA organizesconferences, seminars, andworkshops, and publisheswide-ranging research on SRIissues. ASrIA has created awide network of organizationsand individuals interested inthe broad range of policyissues and investmentstrategies that are essential tothe implementation of SRI inAsia.

ASrIA provides informationon SRI funds in the regionand globally. It monitorsdevelopments in Europe andNorth America and looks outfor trends especially relevantto Asia. ASrIA provides aplatform and numerousopportunities for differentinterest groups across thefinance, business, and civilsociety spectrum to dialogue,network, and actively engageon SRI related issues. ASrIAalso works in partnership withmany private and public sectororganizations to raisecompetency levels and tobuild local momentum forSRI. ASrIA has developedcomprehensive and leading-edge training modules andprovides comprehensive web-based resources, includingnews and events, a regular freee-bulletin, publications,member resources, and on-lineforums.

<www.asria.org>


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Publications

Tomorrow’s Value: Theglobal reporters 2006survey of corporatesustainability reporting

United Nations EnvironmentProgramme, Standard & Poor’sand SustainAbility 2006London, UK: SustainAbility,Inc. 36 pp

The fourth internationalbenchmark of corporatesustainability reporting ranks50 sustainability reporting‘leaders’ by assessingreporting by a 100% scale onfour aspects: governance andstrategy, management,presentation of performance,and accessibility andassurance. The ranking ratessustainability reporting, withdisclosure on sustainabilityperformance amongst theissues assessed. The report

spotlights an emerging effortby some businesses to linktheir individual sustainabilitytargets and activities withbroader macro-frameworks, toprovide a sense of scale, andto help measure individualcontributions.

A Three-Pronged Approach toCorporate Climate Strategy

Waage S and Stewart E. 2006San Francisco, US: Business forSocial Responsibility. 44 pp

The report presents a briefbackground on businessreactions to climate change,and lays out a simplespectrum of actions towardscarbon neutrality, includingefficiency, offsets, andrenewables. These actionsoffer managers greater choicein defining climate strategiesand how they can movetowards becoming carbonneutral.

Discovering New SRI Institu-tional Investment Opportu-nities

Smith A-M. 2006London, UK: UK SocialInvestment Forum. 20 pp

The report encouragesinvestors, asset managers, andinvestment consultants toconsider SRI options for assetclasses beyond traditionalequities. The report covers awide range of asset classesincluding bonds, lessconventional debtinstruments, ETFs (exchangetraded funds), and hedgefunds. It also discusses carbontrading, microfinance, andrenewable energy. It providesexamples of products alreadyavailable and considers howfurther SRI options might bedeveloped.

R E S O U R C E S

Social Investment ForumThe Social Investment Forumis a nonprofit membershipassociation dedicated topromoting the concept andpractice of SRI. The forum iscomprised of investmentpractitioners and institutionsfrom across all fields that seekto use their investments toencourage positive social andenvironmental change insociety. The forum has thefollowing five major areas ofactivity.

1 Networking and continuingeducation

2 Research3 Direct member services

and information4 Industry growth and client

services5 Industry advocacy

The website providescomprehensive information,contacts, and resources onsocially responsible investing.The forum has a joint

membership programme withthe Co-op America BusinessNetwork, which providesdirect services to membersincluding a newsletter,networking, conferencing, andthe forum’s mutual fundperformance chart, mediaprogrammes to grow the SRIfield, and research to expandand credentialize SRI.

<http://www.socialinvest.org/>

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The Triple Bottom Line: Howtoday’s best-run companiesare achieving economic, so-cial and environmental suc-cess—and how you can too

Savitz A W with Weber K. 2006San Francisco, US: Jossey-Bass/Wiley. 320 pp.Price: US $16.47

The book lays out aframework for companies tofollow on the path towardintegrating the triple bottomline of economic, social, andenvironmental sustainability.The book points to empiricalevidence demonstrating thatthe share price of companieslisted on the Dow JonesSustainability Index and theFTSE4 Good Indexes haveoutperformed various otherindexes. Further, companiesthat belong to the WorldBusiness Council forSustainable Development have

outperformed their respectivenational stock exchanges by15%–25% over the past threeyears. The book provides auseful mix of examples toprove the business case forsustainable development, witheasy to follow modelsdemonstrating how it allworks. It helps companies oftoday – big and small –understand why and how thetransformation to asustainable world is takingplace, and identify how theythemselves can become a partof it.

RISE for-profit social entre-preneur report: balancingmarkets and values

Clark C H and Ucak S. 2006New York, US: ColumbiaBusiness School. 66 pp

RISE (The Research Initiativeon Social Entrepreneurship) is

a project of the ColumbiaBusiness School. The EugeneM Lang Center forEntrepreneurship and theSocial Enterprise Programdirectly support RISE withinColumbia Business School.The report offers a snapshotof social ventures in sevenindustry segments as well asinsights into the experiences,attitudes, and practices of thepeople who create and managethem. The report describestrends by industry aboutcompanies’ attitudes andpractices in terms of thevehicles used to create socialand environmental value,explicitness to stakeholders,evaluation, financing, growth,and exits.

Internet resources

Ethical Corporationhttp://www.ethicalcorp.com

Ethical Corporation is anindependent publisher andconference organizer on issuesrelated to corporate ethics.Information resources includea monthly print and onlinemagazine, news and columns,information about events,reports, and press releases.The resources are categorizedunder various headings likeCodes and Guidelines,Corporate Governance,Corporate ResponsibilityCommunications, Ethical

Consumerism, Ethical SupplyChains, Human Rights andLabour Standards, Non-Financial Reporting,Regulation, Taxation andLegal Developments, SociallyResponsible Investing, andStakeholder and NGO (non-government organization)Engagement.

Sustainable Ventureshttp://www. sustainableventures.us/

index. html

Sustainable Ventures workswith investor groups,independent investors, and

trust and pension fundbeneficial owners to developeducational programmes thatenhance economic vitality,redress social justice issues,and enable sustainableventures. Sustainable Venturesenables individuals and groupsof investors to achievesustainable investmentperformance, transparency ofgovernance, and ethicalbusiness practices. Theorganization developscurricula to inspire andeducate beneficial owners toinfluence their fund managers


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to evaluate the criteria used toselect holdings invested intheir names.

SRI World Grouphttp://www.sriworld.com/

SRI World Group Inc. is aninformation provider on socialinvesting and corporate socialresponsibility issues. SRIWorld Group assistscorporations in deliveringtheir positive corporate socialresponsibility messagesthrough CSRwire and providesstrategic web developmentfocusing on dynamic databasesand administrative controls.The company servesinstitutional investors withnews, research, consulting,and other services that can befound at <www.institutionalshareowner.com>. The Social

Funds website of theSRI World Group,<www.socialfunds.com>,features information on SRImutual funds, communityinvestments, corporateresearch, shareowner actions,and daily social investmentnews. Social Funds alsoprovides information on over70 socially responsible mutualfunds that employ multiplesocial and environmentalscreens. The funds includeequity, index, international,balanced, fixed income, andmoney market funds. The SRIMutual Funds Kit includesInvesting in socially responsiblemutual funds, a brief and easy-to-read guide that givesknowledge needed to startinvesting in mutual funds.

New Ventureshttp://www.new-ventures.org/

The New Ventures programmeof the World ResourcesInstitute supports sustainableenterprise creation inemerging economies byaccelerating the transfer ofventure capital to outstandinginvestment opportunities thatincorporate social andenvironmental benefits. Byproviding sound investmentopportunities in emergingeconomies, New Venturesdemonstrates that investing insustainable enterprises makesgood business sense. The NewVentures enterprise portfoliofeatures over 100 outstandingcompanies from high growthsectors such as cleantechnology, biodiversity,renewable energy, andsustainable forestry.

Corporate Social Responsibility Concepts and Cases:the Indian experienceThe book is divided into two sections; section one containspapers that analyse the conceptual framework of CSR(corporate social responsibility), and section two comprisescase studies on different aspects of CSR. The cases focus onsuch segments as education, healthcare, and environment,among others. The project on preparing cases from variousindustries focusing on various facets of CSR is acollaborative attempt between the UNDP (United NationsDevelopment Programme)–CII (Confederation of IndianIndustry)–AICTE (All India Council for TechnicalEducation) and MDI (Management DevelopmentInstitute).

Green BusinessThe book brings together several issues relating to theburgeoning problems environmental degradation, dealt indepth by leading scholars, business practitioners, andrepresentatives from regulatory bodies. The book provides acomprehensive and interdisciplinary perspective onsustainable development through green competitiveness andis aimed at the need to engage the stakeholders to draftbetter environmental management strategies. Six mainsections cover sustainable development through greening,sustainable development through industrial ecology, tools toaid environmental decisions, public policy and reforms forbetter environmental decisions, CSR, and public–privatepartnerships.

Corporate Environmentalism and Public PolicyThe book provides a serious economic view of the voluntaryapproaches to environmental issues, especially toxicchemicals, waste disposal, and global warming, that havebecome prominent in recent years. Corporateenvironmental initiatives are seen as a tool for influencingthe behaviour of environmental activists, legislators, andregulators, though they may have ancillary benefits such asattracting ‘green’ consumers or reducing costs. Equally,government voluntary programmes are seen as a way toachieve modest environmental results when politicalresistance to mandatory policies is high. Rigorous analysis isillustrated with numerous case studies drawn from the US,Europe, and Japan, while technical details are relegated toappendices, and each chapter highlights implications forcorporate strategy and public policy.

Baxi C V and Prasad A (ed.).2005

New Delhi, India: ExcelBooks.534 pp.

Sahay B S, Stough R R, Sohal Aand Goyal S (ed.). 2006New Delhi, India: Allied

Publishers. 786 pp.

Lyon T P and Maxwell J W. 2004Cambridge, UK: Cambridge

University Press. 291 pp

New arrivals at T E R I library

C A L E N D A R O F E V E N T S

Printed and published by Dr R K Pachauri on behalf of The Energy and Resources Institute, Darbari Seth Block, I H C Complex,

Lodhi Road, New Delhi – 110 003 and printed by him at I G Printers and published at New Delhi.

New Delhi, India22–24 January 2007

Chiang Mai, Thailand23–27 January 2007

Pasadena, California, USA7–8 February 2006

Vilamoura, Portugal15–17 February 2006

Wels, Austria28 February–2 March 2007

Brussels, Belgium6–9 March 2007

New York, USA9–10 May 2006

Beijing, PR China22–27 May 2007

DSDS (Delhi Sustainable Development Summit) 2007The Summit Secretariat, TERI, Darbari Seth Block, IHC Complex,Lodhi Road, New Delhi – 110 003, IndiaTel. (+91 11) 2468 2100 or 4150900Fax (+91 11) 2468 2144 or 2468 2145E-mail [email protected]

International Dialogue On Science And Practice In SustainableDevelopment: Linking knowledge with actionJill Jäger, Sustainable Europe Research Institute, AustriaTel. +43-1-263-2104 • Fax +43-1-263-2104E-mail [email protected]

Designing Sustainable MobilityThe Art Centre College of Design, 1700 Lida Street, Pasadena, CA91103, USAWebsite www.artcenter.edu/summit

2nd Global Conference on Social Responsibility: CSR Plus—Strategies that enrich the poor and build corporate brandsWorld Council for Corporate Governance, 1 Northumberland Avenue,Trafalgar Square, London WC2N 5BW, UKTel. 44 207 872 5784 • Fax 44 207 723 6072E-mail [email protected]

World Sustainable Energy Days 2007O.Ö. ENERGIESPARVERBAND, Landstraße 45, A-4020 LinzFax +43-732-7720-14383 • E-mail [email protected] www.esv.or.at

World Biofuels MarketsGreen Power ConferencesE-mail [email protected] http://www.greenpowerconferences.com/wbm/index.html

Business-NGO Partnerships London 2007Conference Director, Ethical Corporation, 7-9 Fashion St, London E16PX, UKE-mail [email protected] www.ethicalcorp.com

Eco Summit 2007Sophie Peters, Eco Summit 2007, Elsevier Ltd, The Boulevard, LangfordLane, Kidlington Oxford, OX5 1GB, UKTel.+44 (0) 1865 843958Website http://www.ecosummit2007.elsevier.com

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