Environmental Responsibility: An Emerging Paradigm of Indian Public Sector -A Case Study

Abstract

Corporate Environmental Responsibility is relatively a new concept which includes different ideas, actions, strategies and ideologies. The concept clearly identifies and explains the role played by the corporations in the current environmental crisis. Its basic premise is that a corporation engages in environmentally beneficial actions to reduce society’s burden on our ecosystem and promote environmental sustainability. Corporate Environmental Responsibility is about managing the use of natural resources in the most effective and efficient manner in order to reduce environmental impacts and financial costs. This study is pertaining to the corporate Environmental responsibilities as a part of corporate social responsibilities of Indian Oil Corporations. It discusses on the amount of direct and indirect energy consumption and CO2 emission created and its responsibilities towards the society are analyzed.The study found that, total Environmental Expenditure is increasing: for Corporate Social Responsibility Expenditure was Rupees 460.37 crore in that Rs.252.48 was spent for Covid 19 (2% of average Net Profit as per Section 135(5)), health and sanitation was Rupees 29.54 crores and for Swatch Bharat was Rs.16.38 crores, It is a welcoming feature and environmental concern of Indian Oil Corporation, otherwise Corporate Social Responsibility.