Virgo Initiative Helps VT Industry Get Future-Ready

Webinar highlights environmental, social and governance (ESG) impacts on the elevator industry.

Virgo Communications and Exhibitions Pvt. Ltd. and ELEVATOR WORLD India, in association with Total EHS Advisory Services, LLP, recently conducted a webinar analyzing “ESG Impacts on Elevator Industry.” Held on August 11, this was the latest in an ongoing series of awareness initiatives organized by Virgo on aspects impacting the vertical-transportation (VT) industry.  

“ESG is a relatively new topic but also very relevant, and it is estimated that focus on ESG in the industry will become a necessity going ahead.” — Anitha Raghunath, director of Virgo and publisher of EW India

The interactive session was hosted by Anitha Raghunath, director of Virgo and publisher of EW India, who introduced the panelists and outlined the parameters of the session theme. She explained: 

“The idea behind organizing this webinar is to ensure that relevant, necessary topics are brought in and more people can be educated. ESG is a relatively new topic but also very relevant, and it is estimated that focus on ESG in the industry will become a necessity going ahead. It is something that is beyond financial, and more elevator companies should bring in additional aspects of it in the industry.” 

Moderator Anjali Viswakumar, lead of Sustainability Services for Total EHS Advisory Services, LLP, defined ESG data of an organization as the non-financial factors that can evaluate how far advanced or lagging the organization is on the sustainability graph. “The ESG ecosystem includes governing principles, reporting frameworks and rating agencies,” she said. “It is therefore important to align organization goals and focus areas with reporting goals.” 

Viswakumar then quizzed the panelists on a number of aspects, including how individual organizations within and related to the elevator industry prioritize ESG and their experiences and perspectives on how to take the concept forward in the best way possible.     

Manish Mehan, CEO and managing director, TK Elevator (India), pointed out that there is a push toward ESG from investors, as well as other stakeholders. Support from government agencies is also driving this forward. Describing their strategies and efforts, he underlined the need for a holistic approach and said: 

“We have set very high standards, which are not just mandatory but even voluntarily. This includes transparency and reporting as per global reporting standards. The entire ecosystem, end-to-end, needs to work toward one direction. As an organization, we have set some ambitious targets and goals. We have been also working toward training more people, becoming more inclusive and diverse. Even during the pandemic, we have held sessions online and ensured zero pay cuts or layoffs.” 

Jatin Shah, managing director of Technical Due Diligence of Colliers International India, conveyed how Colliers has been taking various steps in this regard, and even published a detailed ESG report earlier this year. He affirmed: 

“We have taken various steps toward environmental responsibility and have various certifications in place. All the corporate and global policies are followed to create a safe and healthy environment for all the stakeholders. There are already various parameters being established this year, and we are committed to a global mission and hope to achieve these targets by next year. As an industry, we are all working together for research, development and training. There is now an importance to setting short-term, as well as long-term, goals.” 

R Shankar, ESG expert with Total EHS Advisory Services, emphasized that when it comes to ESG and its relevance, it has to go through a triple-layer filtration of financial, social and environmental viability. He said: 

“There are various processes and reporting agencies that are working toward sustainability. India is leading sustainability in business processes in a big way, and we are taking a step ahead when it comes to ESG. We have reached a tipping point in climate change, and we have to take a stand. Now, it is also about adapting to climate change and the new scenarios. Also, with the current pandemic situation, the narrative has changed, so goals also need to change. We need appropriate measures for the long term and specific to regional strategies. We need to go beyond benchmarks and strategies.” 

The webinar was well received and appreciated by attendees from the VT industry, chief sustainability officers, CEOs, EHS heads, divisional heads, investment bankers, project developers and other related stakeholders. The panelists were lauded for sharing interesting perspectives with relevant, topical examples. The session was described as “insightful learning on what ESG means apart from the usual commercial returns on investment for which companies are graded,” with many attendees affirming their companies being committed to the ESG concept.