Climate Change Data

Environmental Metrics

ESG Focus Areas

• ESG

Environmental Achievements

• Reduced carbon footprint by shifting to a tier-IV data centre, reducing equipment by 60%, and reducing power consumption for computing and cooling; installed high-end energy-efficient printers and implemented secure printing, reducing printer numbers and power consumption by around 41%; shifted signing of all Rating Committee Minutes to e-signing and maintaining records electronically.

Social Achievements

• Provided 5,72,917 mid-day meals; conducted vaccination drives; organised online events; donated Rs 14.7 lakh to distribute Health Mix to Anganwadi Children; contributed Rs 30 lakh to Sri Sathya Sai Health & Education Trust for paediatric heart surgeries; distributed computers to government schools; contributed Rs 30 lakh to sponsor 40 adult cardiac procedures; distributed nutritional health mix to Anganvadi children.

Governance Achievements

• Established a vigil mechanism for Directors and Employees; implemented a cloud-based security gateway/Web proxy - Netskope, resulting in annual savings of around Rs 30 lakh; implemented a comprehensive data platform named ‘Sirius’ for integrated research; formed a Strategy and Investment Committee.

Climate Goals & Targets

Environmental Challenges

• Muted credit growth, fall in capital market issuances and deleveraging; pandemic-induced slowdown in the economy and businesses; work-from-home situation; high mortality rate from the second wave of Covid-19; high commodity price hikes and supply-chain disturbances; elevated crude oil prices amid the Russia-Ukraine rift; slowing global growth, high commodity prices, high consumer price inflation, rising interest rates and volatile financial markets; high raw material/labour costs and rising interest rates; feeble improvement in domestic consumption demand; high inflation; competition from a new credit rating agency; change in regulatory norms for surveillance; change in policy rates and reserve ratios by the Nepal Rastra Bank.

Mitigation Strategies

• Roping in the right talent at key positions; reviewing and toning-up processes; revisiting the brand strategy and presenting a fresh look; augmenting the capital base of some subsidiaries; adopting advanced technologies; ensuring a seamless work experience; focusing on high-growth sectors, aggressive outreach to various categories of investors, renewed efforts to further strengthen key client coverage and a strong emphasis on incentives linked to clear outcomes; reorganisation of rating operations and implementation of various productivity enhancement measures; effective outreach to various investor segments; strengthening of operations and key client management; creating a comprehensive data platform; creating a comprehensive product roadmap; greater outreach activities, creating awareness among investors; scaling up offerings in ESG; developing India’s first tech-enabled, comprehensive data platform; re-engineering the current product suite with technology; building services around data and analytics; offering banking solutions; setting up offshore development centre; leveraging upon the experience of the CareEdge group; utilising technology-enabled analysis; focusing on retention of workforce through employee engagement, training interventions, Rewards & Recognition programme and employee connect communication.

Supply Chain Management

Responsible Procurement

• localised sourcing

Climate-Related Risks & Opportunities

Sustainable Products & Innovation

• ESCO grading, RESCO grading, Expected Loss ratings, Infrastructure investment trusts (InvITs)

Awards & Recognition

• Best Risk Management Implementation: Best Adoption of Tools & Governance (CARE Risk Solutions)

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Increased general government debt-to-GDP ratio (89.4% in FY21), significantly higher than the FRBM target of 60%.

Mitigation Strategies

• Fiscal consolidation, prioritizing expenditures with higher GDP growth multiplier effects to widen the gap between GDP growth rate and interest rate.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Ethics and Anti-Corruption
• Transparency, Accountability & Reporting
• Human Rights Practices
• Risk Management
• Employee Practices and Benefits
• Technological Innovations
• Diversity, Equity & Inclusion

Environmental Achievements

• Reduction in total GHG emissions compared to last year
• Reduced water consumption through sensor-based taps and hand dryers
• Reduced paper usage through IT platforms

Social Achievements

• Multiple CSR programs implemented via partner NGOs
• 16% reduction in attrition rate compared to last reporting year
• Successful implementation of AI program CareEXA
• Employee Engagement Score of 3.71 out of 5

Governance Achievements

• 100% utilization of funds with strict governance around utilization by NGOs
• Succession planning for critical positions
• Adequate resources for Analytics and BD teams

Climate Goals & Targets

Environmental Challenges

• Lack of a comprehensive Human Rights governance structure
• Lack of robust controls across the risk management system
• Inability to meet workforce expectations impacting retention rate
• Pending litigation affecting E-waste disposal

Mitigation Strategies

• Code of Business Conduct & Ethics and Human Resource Practices addressing Human Rights
• Risk Management Committee monitoring and reviewing Risk Management Plan
• Competitive remuneration, employee engagement activities, and flexible work-from-home policy
• Safe disposal of E-waste once litigation is resolved

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Responsible sourcing of office requirements

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: NA

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed