New Delhi [India], October 7 : The Ministry of Coal organised a stakeholders' consultation to deliberate upon CSR framework for Indian Coal Companies on Tuesday at SCOPE Complex, New Delhi.
Senior officers from the Ministry of Coal and representatives of Coal India Limited, NLC India Limited, Singareni Collieries Company Limited and private sector coal companies participated in the consultation, said an official release from the Ministry.
The CSR policies of Coal PSUs have been formulated within the policy directives provided under the Companies Act, 2013, the Companies (CSR Policy) Rules, 2014 and guidelines of Department of Public Enterprises (DPE). Over the years, Coal PSUs have taken remarkable initiatives in the areas of health, education, environment, sanitation, sports, etc. Given the growing presence of private players in the sector, need has been felt for a sector-specific CSR framework for coal companies to serve as a guide to promote responsible and sustainable practices, reducing environmental impact and enhance stakeholder engagement among private as well as public sector coal companies.
Addressing the participants, Rupinder Brar, Additional Secretary, Ministry of Coal, urged the coal companies to converge their CSR, welfare, and sustainability efforts for the benefit of the community and also for business by quantifying these efforts to earn green credits. Emphasising the importance of formulating a dedicated CSR framework for the coal sector, she highlighted the need to prioritise local needs while planning CSR initiatives.
Brar underlined the importance of engaging credible agencies for need and impact assessment to provide in-depth analysis and functional insights for taking up and carrying out impactful CSR activities. She also encouraged the coal companies to collaborate and share knowledge and resources. She urged the coal companies to strengthen their outreach efforts for creating awareness about the good work being done.
The coal PSUs and private sector companies welcomed the initiative and provided significant inputs on key framework elements. They also shared their experiences with major CSR projects, community engagement and lessons learned from impact assessments. During the deliberations it was emphasised that Community benefit should be the ultimate objective and the focus must be on meaningful engagement with local communities to understand their needs and priorities.
Integrating best practices and ensuring transparency and accountability in CSR implementation and reporting are also crucial. The framework should also explore convergence opportunities with government schemes based on local needs and align with reporting frameworks like BRSR, GRI, and SDGs for comprehensive sustainability reporting.
Additionally, stakeholders highlighted the need for Standard Operating Procedures (SOPs) for budget formulation, ensuring sustainability of created assets, a dedicated approach from implementing agencies, and an effective outreach strategy to strengthen CSR activities. These elements will be essential in creating a robust and impactful CSR framework for coal companies.
The consultation was a fruitful exercise and a significant step towards formulation of the framework. It yielded valuable insights, highlighting key areas of focus for the proposed framework.