A Longitudinal Analysis of Renewable Energy Adoption in NSE FMCG Index Firms in the Post BRSR Period in India

Abstract

The study assesses the corporate engagement in sustainability reporting by evaluating the reported progress in renewable energy adoption by focusing on the intersection of the two key dimensions of SDG 12.6.1 which focuses on the number of companies publishing sustainability reports and SDG 7.2.1 which focuses on renewable energy share in total final energy consumption with respect to the Business Responsibility and Sustainability Reporting (BRSR) provisions in Indian context. A longitudinal analysis was carried out using a balanced panel approach for a dataset consisting of 15 companies that are a part of NIFTY FMCG Index for FY23-FY25. Census sampling technique was used with companies drawn based on their consistent and reliable BRSR disclosures. ANOVA was used to test the patterns in renewable energy consumption and moderating effect of market capitalization which showed significant increase in the mean share of renewable energy from 45.8% in Y1 to 55.2% in Y3.  No significant influence of market capitalization was observed on renewable energy adoption by FMCG companies which indicates on the possibility of no role of firm size on energy choices.