Biocon S&P Global ESG score improves to 69 for 2024
Bengaluru: Biocon Limited, a global biopharmaceuticals company, has announced its Environmental, Social and Governance (ESG) scores as assessed by S&P Global’s Corporate Sustainability Assessment (CSA) for 2024.
Biocon achieved a notable improvement with an S&P Global ESG Score of 69 in 2024, up 6 points from 63 in 2023. This places the Company in the 98th percentile among its global biotechnology industry peers. Biocon achieved an ESG Score of 76 in the Environmental Dimension, 74 in the Social Dimension, and 62 in the Governance & Economic Dimension.
Biocon’s subsidiary Biocon Biologics Limited, which also participated independently in the assessment for the first time, reported an S&P Global ESG Score core of 53.
The S&P Global ESG Score measures a company’s performance on and management of material ESG risks, opportunities, and impacts informed by a combination of company disclosures, media and stakeholder analysis, modelling approaches, and in-depth company engagement via the S&P Global CSA. The assessment serves as a crucial reference for stakeholders in making informed business and investment decisions.
Siddharth Mittal, CEO & Managing Director, Biocon Limited, said: “The 6-point increase in Biocon's S&P Global ESG score to 69 for 2024 is a testament to our efforts in embedding sustainable practices throughout our operations. As part of Biocon’s comprehensive ESG strategy, we have set definitive targets for reducing GHG emissions and freshwater consumption, as well as increasing circular economy waste management. Achieving these goals is one of our most important corporate priorities.”
Shreehas Tambe, CEO & Managing Director, Biocon Biologics Limited, said: “As a purpose driven organization, ESG is at the foundation of what we do and guides our business practices. I am proud to share that we achieved an ESG score of 53 in the first year that Biocon Biologics participated independently in the S&P Global Corporate Sustainability Assessment. We are actively working to minimize the environmental impact of our business while expanding access to lifesaving medicines for patients and are committed to upholding the highest standards of governance.”
"Building upon its robust ESG governance structure, Biocon has consistently integrated sustainability principles into its strategic development and daily operations. The latest S&P Global scores reflect the Company’s progress across all three ESG dimensions. In the Environmental Dimension, Biocon improved its score to 76 from 69, demonstrating strong performance in environmental policy and management, energy efficiency, and water management. The Company bettered its Social Dimension score to 74 in 2024 from 62 in 2023 due to notable progress in human capital management practices. Biocon scored 62 in the Governance & Economic Dimension, showcasing its commitment to ethical business practices and transparency & reporting," the release stated.
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