From shareholders to stakeholders

In part I of a series, the authors discuss evolution of the environmental consciousness of companies

All over the world, business corporations are being made to move beyond immediate financial performance and exhibit their commitment towards addressing environmental, social and governance issues (ESG). The environmental consciousness of companies has evolved over three stages. It has its roots in the momentum created by various international agreements and alliances. The UN Sustainable Development Goals (2006) highlighted the role of business corporations in protecting the environment. The UN Principles of Responsible Investment (UNPRI) and the adoption of the Paris Agreement under the UN Framework Convention on Climate Change (UNFCCC), have made environmental issues a pivotal concern for corporations. This