StepChange which helps enterprises go net-zero, wins GRI, IFRS certifications

New Delhi, Aug 5 (PTI) StepChange, a leading ESG software solutions firm that helps enterprises reduce their carbon footprint to put them on the path of net-zero, has been awarded certification from the Global Reporting Initiative (GRI) and the IFRS Foundation becoming one of the first companies in the country to get the prestigious recognition.

StepChange, co-founded by MIT graduates Ankit Jain and Sidhant Pai, develops state-of-the-science enterprise sustainability tools for some of the largest enterprises in India. The StepChange platform helps enterprise clients measure, report, and improve their sustainability performance across a variety of metrics, with a particularly deep emphasis on climate metrics.

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

StepChange provides end-to-end solutions – establish a baseline, benchmark, set science-based goals, report, build an action plan for reduction, and track progress towards net zero.

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

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

These accreditations bolster StepChange’s existing offerings, which include a suite of cloud-based and on-prem software tools that help enterprises establish a baseline of their ESG performance, set science-based goals, build roadmaps to achieve them, and create credible pathways to achieving net-zero emissions and managing climate risk.

“Sustainability software can enable far-reaching societal impact, and we are dedicated to ensuring that the tools and solutions we develop are consistent with global best practices while remaining accessible to the relevant decision-makers across India. Adoption of the GRI and IFRS frameworks are a step in this direction,” said Sidhant Pai, co-founder & Chief Science 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, driving the need for robust ESG reporting frameworks.

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

“Adoption of the IFRS Sustainability Disclosure Standards within India’s evolving sustainability ecosystem can lead to significant tangible benefits. The 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, 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 at the heart of the Standards themselves.”

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

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

These solutions, combined with the company’s adherence to international reporting standards, position StepChange as a trusted partner for enterprises looking to navigate the complex ESG landscape and take leadership for the NetZero future.

These certifications provide a robust framework for measuring and reporting on sustainability performance. GRI Standards offer a comprehensive approach to ESG reporting, covering topics such as organizational profile, stakeholder engagement, and environmental and social impacts. The IFRS Foundation, on the other hand, focuses on providing standards for sustainability-related financial disclosures, ensuring that investors have access to material information.

To achieve these certifications, StepChange underwent a rigorous assessment process, demonstrating the platform’s adherence to the highest standards of ESG reporting. The company met stringent criteria set by both GRI and IFRS, including the ability to gather accurate data, keep information relevant and updated, and reduce redundancies and errors.

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