According to the Future of green Jobs Report 2023, published by the World Economic Forum, 26 million jobs will be lost globally by 2027. However, a macrotrend identified in the report deserves attention.
Investing in green transformations, adopting ESG standards, and localizing supply chains will have the greatest net job creation impact, according to the report. It’s important to note that while this trend will change the future job landscape as much as artificial intelligence, it’s perhaps the best time to start a career in environmental, social, and governance.
I think the primary reason for ESG growth in India is largely because of the government initiatives and the target of being net zero by 2070, despite the fact that we are late in the game. According to Munira Loliwala, business head at TeamLease Digital, an online job site.
Jobs in environmental, social, and governance
Environmental, Social, and Governance (ESG) jobs are positions focusing on these factors. These roles involve responsibilities related to sustainable business practices, impact investing, corporate social responsibility, environmental preservation, social justice, diversity and inclusion, ethical governance, and related areas.
ESG hiring and new demands grew almost 147% between 2021 and 2022, compared to 2020-2021, when almost 85% of hiring growth was driven by the post-Covid year.
Approximately 19,379 jobs were posted for ESG roles in March 2023, while the highest number of jobs were closed in December 2022 and January 2023. During the period December 2022 through March 2023, 12,400 ESG jobs were posted, while 14,136 were closed. There were 24,001 active ESG jobs at that time.
ESG adoption by organizations
ESG plays an important role in attracting global investments to India. ESG increases the chances of investments or acquisitions that Indian companies are seeking today.
A number of Indian corporations have embraced environmental, social, and governance (ESG). For example, Reliance Industries has integrated ESG into its business model. With the support of their chief financial officer, the ESG team is responsible for all aspects of Reliance’s environmental sustainability, stakeholder engagement, and regulatory compliance.
HDFC Bank has implemented an ESG committee, chaired by a senior management team member, that is comprised of representatives from key departments. This committee is in charge of creating and putting into practice the bank’s ESG strategy, as well as laying out an action plan to reach the objectives. Progress reports are regularly delivered to the Corporate Social Responsibility (CSR) committee of the Board of Directors.
Radhika Ghai, founder and CEO of kindlife, states that their strong ESG focus is only achievable thanks to the tireless efforts of their team. They have partnered with globally recognised advisors who have over two decades of experience and have collaborated with the World Bank and government entities in relation to sustainability and clean energy.Moreover, they are guided by two consultants when assessing the impact of their various projects. Furthermore, they have set themselves a milestone objective: becoming 100% carbon neutral and crafting a sustainable score for brands and products. For this goal, they have enlisted Sishir Garemella, an expert in clean energy and climate technology.
Demand for talent
Sustainability skills are not necessary for ESG jobs.
In the ESG space, you can find green jobs in a variety of industries. They range from renewable energy to clean technology to sustainable agriculture to waste management. Adecco India’s director of general staffing, Manu Saigal, explains that green jobs fall into three categories based on their dependence on green skills.
Some jobs require green skills, such as renewable energy technicians, environmental engineers, and sustainability consultants.
Jobs with significant potential to create and hone green skills: These are jobs that are not necessarily dedicated to environmental sustainability, but have the potential to develop green skills. A sustainable agriculture practice is used by farmers and architects who build energy-efficient buildings.
Jobs that do not require green skills: These are jobs that may not directly relate to environmental sustainability, but may indirectly contribute to it, says Saigal. Accounting professionals who work for environmentally friendly businesses and marketing professionals who promote environmentally friendly products are examples.
As part of ESG, proper data analysis, collection, reporting, investigation, and filing have become increasingly important. To collect and analyze data, various frameworks are used, which requires hiring individuals with backgrounds in computer science, mathematics, or engineering for entry-level and mid-level positions.
As a result, investors and hedge funds are utilizing ESG data to identify investment opportunities with lower risk by assessing a company’s favourable environmental and ethical factors.
Also, organizations are looking for applicants who possess management and environmental studies, wind and solar energy, and economics and law.
There are many certification courses available in this field today, including courses on sustainability accounting and reporting.
Roles in ESG
Here are some of the most common ESG job roles, responsibilities, and salaries.
Business landscapes are shifting towards sustainability and responsible practices as ESG jobs grow in number. The demand for ESG professionals has risen as companies increasingly prioritize environmental, social, and governance factors, offering promising career opportunities to individuals who are committed to driving long-term value and creating positive impact.
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