ESDD Compliance in Renewable Energy Industry with Corpbiz!
At Corpbiz we recognise the significance of performing environmental and social due diligence in renewable energy industry, and our team of in-house experts can help you navigate throughout the process. We are well aware of the challenges faced by businesses in discharging ESDD Complaince on their own and hence we offer expert guidance and support, to simplify things for you.
Corpbiz is more than a consultancy firm; we're trailblazers in building trust! We specialise in environmental and legal regulations. We have a bespoke team of experts, with years of germane experience in helping our clients worldwide, with the ever-evolving compliance landscape. We will provide you with comprehensive guidance, compliance assessments, tailored compliance plans and help you in implementing strategies to meet regulatory requirements.
So, allow Corpbiz to tread with you on your journey of environmental and social due diligence in renewable energy industry! Let Us Be Your Partner in Progress!
Challenges while Complying Environmental and Social Due Diligence in Renewable Energy Industry
Keeping in mind the growth prospective of the industry, conducting environmental and social diligence in renewable energy industry has become quite imperative, but all this is easier said than done. The renewable energy industry has an enormous and extensive outreach that you need to make mindful efforts to encourage environmental sustainability and socially ethical practices via your business operations. However, complying with environmental and social due diligence in renewable energy industry can be a daunting and challenging task. Here are some of the challenges that you might face as a business:
Businesses involved in renewable energy industry, especially small stakeholders, often do not have sufficient resources or budget, and they especially tend to lack pecuniary and human personnel resources needed to perform exhaustive environmental and social due diligence in renewable energy industry. These kinds of resource constraints become roadblocks which derail your business activities and prevent successful delivery thereof. This can deter their zeal to delegate sufficient resources to discharge their regulatory responsibilities, and this further often hampers their efficiency.
Lack of Knowledge
Conducting environmental and social due diligence in renewable energy industry requires expert knowledge and vast industry experience to understand the critical aspects involved. Furthermore, this domain is governed by a myriad of laws, rules, and regulations, and with relentless amendments and modifications in these, you can often find yourself grappling with them. At Corpbiz, we recognise that staying abreast of these constantly changing regulations can be an unnerving task. That's where we step in to help you guide through these complex regulations so that you can be stress-free.
Complexity of Data Analysis
One of the biggest challenges in conducting any kind of due diligence or preparing any report is identifying the proper sources of data collection. Similarly, a critical aspect of conducting environmental and social due diligence in renewable energy industry is the collection and analysis of relevant data, which necessitates the use of specialised tools that are often not readily available at your disposal. Even if you manage to collect the relevant data pertaining to your requirements, the process of scrutinising and analysing this multifaceted data can be quite complicated and time-consuming.
Conducting environmental and social due diligence in renewable energy industry requires the latest tools, technologies and software for data collection and data analysis, which may not be available to small enterprises or businesses. This might be because of the cost associated with adopting new technologies, which keep getting updated time and again, and this further necessitates providing required training to the personnel to effectively work through these; therefore, businesses may feel the need to outsource these services to skilled experts to meet their reporting requirements.
Crossing these hurdles and challenges in your journey of environmental and social due diligence in renewable energy industry requires a concerted effort from all relevant stakeholders, especially from the concerned decision-makers. Allow us to collaborate with you and provide you with innovative solutions that are crucial to overcoming these obstacles and promoting sustainable and responsible agricultural practices.
Benefits of Outsourcing ESDD in Renewable Energy Industry
This requirement to conduct environmental and social concerns for your business can often feel unfulfilling, especially when you are incapable of seeing immediate gains or profits. But since the business realms are shifting, organisations need to adapt as well, lest you will be left behind in this race. On your journey to adaptability and compliance, you are required to adjust and prioritise the environmental and social aspects of your business-related decisions as well.
Allow Corpbiz to assist you in revamping the way you conduct your business and handle all these requirements for you, and meanwhile, you can focus all your attention on your fundamental business operations. At Corpbiz, we endorse the determination to experience unparalleled growth and, at the same time, endeavour to help you make a real change in the world. Businesses can reap the following various benefits by investing in environmental and social due diligence in renewable energy industry:
Ensure Regulatory Compliance
The exponential growth of the renewable energy in the country has necessitated the advent of legal regulations and compliances in renewable energy industry. The government has enacted many laws and regulations to ensure safe environmental practices that are needed to be adhered to. These laws and regulations lay down specific standards and procedures that need to be complied with by the businesses involved in the renewable energy industry. A failure to ensure their compliance can lead to the imposition of penalties, fines or the cancellation of licenses to operate your business. Therefore, investing in environmental and social due diligence in renewable energy industry ensures that your business fully conforms to all the necessary legal rules and regulations to avoid any adverse consequences.
Boost in Reputation
Environmental and social due diligence in renewable energy industry has become more than just compliance. It has become an essential component in garnering support from investors and customers who value transparency and accountability. With the world becoming environmentally conscious day by day, bearing the responsibility of your ESDD obligations efficiently can help you enhance your business reputation and gain a competitive advantage in your respective industry. It is a means that can be deployed to showcase your commitment to corporate social responsibility. Thus, by investing in enhancing the ESDD reporting mechanisms and readily accepting technological advancements, you can showcase your commitment to sustainability and lead the industry by example.
Companies or businesses that tend to prioritise their environmental and social due diligence compliances have often experienced an extra competitive advantage in the market, in the sense that it allows them an opportunity to leverage investors, customer support, and loyalty from those members of the market who uphold these values of sustainable practices and environmentally friendly solutions in high regard, and that too for something they have been anyways legally mandated to do. Therefore, investing in environmental and social due diligence in renewable energy industry not only helps you with the legal mandates but also helps you garner increased support from the people who measure a company's value by judging their environmental and social metrics as well.
Environmental and Social Concerns
Although renewable energy is a cleaner and more efficient source of energy, which is used with the objective of keeping the environment cleaner, as the usage of the same leads to a reduction in greenhouse gas emissions and helps in the conservation of resources, however, the irony lies in the fact that use of certain resources generates some toxic substances that may contaminate water resources. The initial installations of renewable energy industries and plants tend to disrupt land and natural wildlife habitats, and some technologies also end up consuming significantly large quantities of water. Therefore, there is an equal need to conduct environmental and social due diligence in renewable energy industry as well to ensure that these adverse impacts do not get out of hand, and the entire purpose of making this shift towards cleaner and renewable energy resources does not get defeated.
Another benefit that you can enjoy by outsourcing environmental and social due diligence in renewable energy industry is that you can save superfluous costs that you might incur in discharging this responsibility on your own. Hiring an in-house team means extra costs such as maintaining them on payrolls, providing them insurance or health benefits, training costs, etc., which are required to be paid continuously. Therefore, outsourcing environmental and social due diligence services allows your business to not only hire professional experts and experienced personnel but also helps you save costs as you can pay them only on need-basis.
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Package of Environmental and Social Due Diligence Services
If you are wondering what do we have in store for you, then our package of services for environmental and social due diligence in renewable energy industry provides a wide assortment of provisions for your exclusive business needs. Our ESDD offerings include:
Identification and Assessment of Risks
There are certain hidden or potential risks and liabilities attached to every business activity, which often end up in your blind spot due to your excitement to undertake new projects. Therefore, an impartial assessment and review is what you need, and that is where our bespoke team of experts can help your organisation or business to identify environmental and social risks connected with your operations and business activities. And where ever required, we can help you prioritise them on the basis of various considerations.
Improved Risk Management
Proper risk management is essential in all kinds of business operations to ensure that everyone is assigned their designated roles and responsibilities to ensure accountability and increase transparency. Our environmental and social due diligence services have successfully aided our esteemed clients in identifying the potential environmental and social risks and liabilities associated with a particular undertaking or project and thereafter have a risk management system in place to address and mitigate these concerns.
Formulation of ESDD Plans
Identification and assessment of potential risks and liabilities is not going to suffice. Post-risk analysis, you need to have a strategy and plan in place to mitigate these environmental and social concerns, which may pose a risk in the near future. Now, formulating these ESDD plans and strategies requires an expert eye. That is where our experts at Corpbiz step in and take charge. They can help you formulate plans that can make environmental and social due diligence in renewable energy industry a part of your core strategic planning right from the very beginning so that you don't have to bother about the same later.
Screening Existing ESDD Plans and Gap Analysis
We understand that you already have an ESDD plan in place; we can assist you in analysing and vetting these existing plans. Our team of experts will delve into the heart of your ESDD requirements by identifying the gaps in your existing ESDD Plans that demand immediate attention, which can help us gauge your existing state and the proficiency of your existing strategies and further help you construct a more resilient ESDD framework.
Other Key Services
In addition to the package of services we have just discussed, you may also avail the following other services that are provided by our bespoke team of experts:
Our experts at Corpbiz have decades of experience and immense knowledge related to specific industries, and therefore, they can easily identify the challenges that you might face and the best practices that are prevalent in your industry, which you need to incorporate into your operations. Our team of experts can direct you in locating the precise solutions and strategies for your sustainable growth.
Complying with environmental and social due diligence requires you to file a range of various documents and comprehensive reports with the concerned authorities. These strict compliances need to be taken seriously, and one cannot afford to fall behind merely because of a piece of paper, as the same may end up costing you a limb. Allow our team of experts to handle this entire process of red-tapism and help you with proper documentation and, more importantly, timely submissions.
At Corpbiz, we know that one size does not fit all. We understand very well that your needs are unique and explicit, and hence, so are our resolutions. Our plans and strategies are prudently curated for restructuring and streamlining your ESDD performance on the basis of your needs, size, industry, and future goals.
Corpbiz realises the importance of follow-ups, and we cannot stress its importance enough. Our team's motto is to ensure that our valuable clients keep receiving real-time updates and are kept in the loop the whole time. We don't believe in making our clients run from pillar to post for updates. We make sure that our team is the one taking follow-ups and keeps the client updated throughout the process.
Corpbiz! - Your Pan-India Partner for Environmental and Social Due Diligence in Renewable Energy Industry
Reasons to Choose Corpbiz!
If you are still not satisfied, let us give you a few reasons to pick Corpbiz.
Overview of Environmental and Social Due Diligence in Renewable Energy Industry
Due diligence is known to be a process that partakes a comprehensive assessment of legal, financial, economic, fiscal and other aspects of an organisation before carrying out any business transaction. This is essentially done to get a better picture of future projects and to help the concerned individuals know about their future commitments. It gives an overview of the nature and extent of risks and liabilities, potential problems and costs that could arise so that they can make a well-informed decision.
One such aspect is Environmental and Social Due Diligence, which has been widely adopted by companies and businesses across the Globe to investigate the practices assumed and the investments made to regulate the sustainability of their operations and undertakings. The ultimate objective is to ensure that the business model is as per the ideals and regulations prescribed and there are no concealed risks associated with it. Therefore, Environmental and Social Due Diligence, popularly known as ESDD, is a process that guides companies and businesses to identify and alleviate the environmental and social risks associated with their actions and operations and thereby enhance their total performance.
Therefore, by investing in environmental and social due diligence in renewable energy industry, companies or businesses can successfully save unnecessary costs, gain a competitive advantage in their respective industry, and at the same, discharge their obligations towards the sustainability goals of the nation.
Growth in the Renewable Energy Industry
We know words cannot convince you, so let' talk numbers. As per the Renewables Global Status Report 2022, India ranks 4th in the Renewable Energy Installed Capacity. In fact, India has already achieved 40 per cent of its target of installed electric capacity from renewable sources. As per the same report, India is the 3 biggest market for new solar photovoltaics capacity in the world. In addition to this, India, by 2030, is targeting 50 per cent cumulative electric power installed capacity, especially from non-fossil fuel-based resources. Furthermore, the goal is to reach a non-fossil fuel energy capacity of 500 GW by 2030.
To achieve this, the government of India intends to have a capacity of 30,000 MW of Offshore wind and build high-proficiency solar cells and modules, of which India is going to set up 50,000 MW capacity. In addition to this, the government has also planned to invest INR 8 Lakhs crores in green hydrogen by 2030, and this fuel shall be used to replace 25 per cent of the grey hydrogen within 5 years. Measures like reduction in solar power tariff have been introduced to reduce the same by 75 per cent employing plug and play model.
This data and these reports are a testament to the fact that the renewable energy industry in India offers abundant prospects, and with its momentous share of the market, it needs to be effectively regulated. Therefore, participating and partaking in environmental and social due diligence in renewable energy industry is going to serve you well because of the growth this industry has been experiencing, and it hasn't reached its peak yet. Nevertheless, it is correctly presumed that conducting environmental and social due diligence in renewable energy industry can be intricate and quite challenging, and this gruelling compliance requires expert supervision and years of professional experience, especially since these multifaceted compliance and obligations are something a layperson might not be aware of.
Therefore, the businesses involved in the renewable energy industry often feel that it is essential to outsource environmental and social due diligence in renewable energy industry to prevent any inadvertent fiascos on their part.
Prepare for the Future of ESDD in Renewable Energy Industry
The importance of environmental and social due diligence is growing across the world. The noise about the requirement of conducting environmental and social impacts among various industries has ramped up and is expected to increase even further. Therefore, many brands and companies have started prioritising their environmental and social due diligence needs and have placed them at the top of their business agenda. We recognise that challenges in conducting environmental and social due diligence in renewable energy industry are probably always going to be there, but that cannot stop us! Instead of letting this hamper our spirit, we need to find a way around these hurdles to discharge these regulatory obligations and, at the same, generate opportunities to reap huge benefits. Thus, in order to gain a competitive advantage over your counterparts, you can start preparing and formulating for the future of environmental and social due diligence in renewable energy industry today itself by undertaking the following:
To accomplish these aforementioned goals, businesses should focus on incorporating environmental and social due diligence in renewable energy industry, to gain that extra mile advantage against their competitors, who are probably already ahead of you and have started strategising to enter this nascent domain, considering the avenues for growth within this industry.
Why Ensure ESDD Compliance with Corpbiz?
Corpbiz is globally recognised for its profound presence in the legal, environmental and social due diligence service domain across sectors and has successfully lent a helping hand to its valued clients in achieving their goals and targets. Our team of meticulous experts has a successful track record of 99.8% efficiency in performing environmental and social due diligence in renewable energy industry.
We, at Corpbiz, are motivated to integrate the valuable insights of our experts in order to provide our esteemed clients with world-class services and solutions. Our all-inclusive growth strategies and approaches are what allow us to have a profound global client base as we not only help you take care of your regulatory compliance but also help you fulfil your all other business requirements. We can be your one-stop solution platform for all your business needs and queries.
Our team at Corpbiz is especially well-equipped to handle your needs relating to environmental and social due diligence in renewable energy industry, as our industry experts are capable of providing you with unrivalled direction and help you stay in alignment with the best practices of the concerned industry.
If you would like to discuss and learn more about environmental and social due diligence in renewable energy industry, please don't hesitate to contact us.
Frequently Asked Questions
Environmental and Social Due Diligence, popularly known as ESDD, is a process that guides companies and businesses to identify and alleviate the environmental and social risks associated with their actions and operations and thereby enhance their total performance.
Various steps are involved in conducting environmental and social due diligence (ESDD), like identifying and assessing the risks and liabilities attached, examining the scope of assessment, collecting data, formulating risk extenuation strategies, preparing and drafting ESDD reports, and then ultimately, implementing the strategies so designed.
Environmental and Social risks are the concealed adverse consequences that could arise while undertaking any business activity or operation and the predicted impact on the environment, such as on water, air, or land, and ultimately on the overall social community, for instance, on employees or staff, customers, nearby residents, etc.
The purpose of due diligence is to be able to exercise due and judicious care and perform a vigilant investigation of the legal, financial, economic, environmental and social risks involved in any business operation or activity. This allows businesses to have risk and compliance checks in place and, thereby, enables them to guard themselves in the long run against any hidden or unidentified risks and liabilities.
The 4 P's of due diligence are perspective, passion, purpose, and progress.
The three most common types of due diligence are Financial, Legal and Commercial Due Diligence.
Environmental due diligence often includes in its scope issues relating to climate change, environmental pollution, depletion of resources, sustainability and environmental, social and governance (ESG).
Before starting any project, business activity, or undertaking, it is expected to conduct environmental and social due diligence of the same in order to assess the potential hidden risks and liabilities that may arise in the future. For every such project, business activity, or undertaking, an environment and social due diligence report is prepared, which typically contains a comprehensive review, the assessment done, and the environmental clearances and social safeguards followed.
Performing due diligence in the renewable energy industry ensures that investors can utilise the relevant data and make well-informed decisions. Irrespective of whether it is a solar, wind, hydrogen, or any other type of renewable energy project, due diligence enables the different stakeholders involved, like owners, investors, other financial institutions, etc., to assess the risk involved in each such project or investment.
An environmental due diligence audit is a method to assess the actual and potential risks and liabilities associated with the business activities, operations or project, the goal of which is to help the client by providing him with a clearer picture before making any final pecuniary or investment decisions.