StepChange: GRI & IFRS Certified ESG Software for Net Zero Emissions: Rediff Moneynews

New Delhi, Aug 5 (PTI) StepChange, a leading ESG software solutions company that helps businesses reduce their carbon footprint to achieve net zero emissions, has been certified by the Global Reporting Initiative (GRI) and IFRS Foundation, becoming one of the first companies in the country to receive this prestigious accolade.

StepChange, co-founded by MIT graduates Ankit Jain and Sidhant Pai, develops cutting-edge corporate sustainability tools for some of India’s largest enterprises. StepChange’s platform helps corporate clients measure, report, and improve their sustainability performance across multiple metrics, with a special focus on climate metrics.

“Earning the GRI and IFRS certifications is a testament to our team’s hard work and dedication to delivering best-in-class ESG solutions. These certifications not only validate our platform’s capabilities, but also position us as a trusted partner for organizations looking to navigate the complex landscape of sustainability reporting,” said Ankit Jain, Co-Founder and CEO, StepChange.

StepChange offers a comprehensive solution: set a baseline, benchmark, set science-based targets, report, develop an emissions reduction action plan and track progress towards net zero.

Jain was previously CEO of Ola Electric and vice president of Ola Cabs.

The GRI and IFRS certifications reaffirm StepChange’s commitment to providing high-quality, comprehensive ESG reporting tools and services at a time when the Indian market is witnessing a growing demand for sustainability solutions.

These accreditations strengthen StepChange’s existing offering, which includes a suite of cloud-based and on-premises software tools that help companies establish a baseline of ESG performance, set science-based goals, create plans to achieve them, and create credible pathways to achieving net zero emissions and managing climate risks.

“Sustainability software has the potential to enable far-reaching societal impact, and we are committed to ensuring that the tools and solutions we develop are aligned with global best practices while remaining accessible to relevant decision-makers across India. Adopting the GRI and IFRS frameworks is a step in this direction,” said Sidhant Pai, Co-Founder and Chief Scientific Officer, StepChange.

The ESG landscape in India is rapidly evolving with the government, regulators and investors placing increasing emphasis on sustainable business practices. The Securities and Exchange Board of India (SEBI) has mandated Business Responsibility and Sustainability Reporting (BRSR) for the top 1,000 listed companies, fuelling the need for a robust ESG reporting framework.

Moreover, the Reserve Bank of India (RBI) has proposed guidelines for climate-related financial disclosures, further underlining the importance of ESG issues in the financial sector.

“Implementing IFRS Sustainability Disclosure Standards in India’s emerging sustainability ecosystem can deliver significant, tangible benefits. These standards are designed to help companies provide investors with transparent, comparable and decision-useful information about their sustainability risks and opportunities,” said Caterina Rossi, Sustainability Standards Integration Manager at the IFRS Foundation.

Aditi Haldar, Director, GRI South Asia Network, said, “Through the GRI Licensing Software and Tool Program, GRI ensures that software and tools accurately incorporate the GRI Standards, adhering to the best practice principles that underpin the Standards themselves.”

GRI’s expert analysts have thoroughly tested and verified the authentic representation of GRI standards in the StepChange tools’ functionalities. “We are pleased that StepChange has successfully passed our licensing process and is now part of our licensing program,” said Haldar.

GRI and IFRS certifications support StepChange’s existing offerings, which include the ESG Accelerator and NetZero Navigator. The ESG Accelerator is designed to help companies establish a baseline for their ESG performance, set science-based goals and build a plan to achieve them, while the NetZero Navigator provides a comprehensive roadmap to achieving net zero emissions and managing climate risks.

These solutions, combined with the company’s adherence to international reporting standards, make StepChange a trusted partner for companies looking to navigate the complex ESG landscape and take a leadership role in achieving a NetZero future.

These certifications provide a solid framework for measuring and reporting sustainability performance. GRI standards offer a comprehensive approach to ESG reporting, covering topics such as organizational profile, stakeholder engagement, and environmental and social impact. On the other hand, the IFRS Foundation focuses on providing standards for sustainability-related financial disclosures, providing investors with access to relevant information.

To achieve these certifications, StepChange underwent a rigorous evaluation process, demonstrating the platform’s compliance with the highest standards of ESG reporting. The company met strict criteria set by both GRI and IFRS, including the ability to collect accurate data, maintain relevant and up-to-date information, and reduce redundancies and errors.

By leveraging StepChange’s certified platform, organizations can streamline their ESG reporting process, reduce the time and resources needed to respond to compliance requests, and demonstrate their commitment to sustainable practices.