New Delhi 19th June 2023: Aspire Circle and Aspire Impact, impact leadership & ecosystem development pioneers in India have a comprehensive market-sizing study titled The Size of ESG, Sustainability and Impact Measurement & Management Market, authored by Amit Bhatia & Harpreet Kaur Ghai. Based on a sample of 550+ organizations and using bottom-up forecasting method, it is the world’s first market-sizing study for the integrated ESG, Sustainability, & Impact sector. Of the 550 plus players profiled, more than 50 were based in India. The publication of this study on IMM is also significant and timely in light of a series of inaccurate and misleading ESG ratings and scores given by some of the top global rating agencies to top multinational companies in recent years.
Aspire Circle and Aspire Impact, established in India in 2007 and 2020 respectively, under the aegis of their Impact Future Project have recognized that IMM has globally grown from $2 billion in 2010 to $7.7 billion in 2020, a 4X growth in 10 years. IMM is expected to continue the trajectory and with 15% CAGR, deliver a whopping $31.2 billion IMM market 2030. Notably, India will be a significant IMM market in Asia-Pacific, along with Singapore.
“We are very delighted to release this market-sizing study on the global IMM market, a first for the world.This report creates a $7.7 billion IMM umbrella that unites ESG, Sustainability & Impact intermediaries; segments the IMM industry into five distinct sub-sectors;andforetells the imminent consolidation by analyzing 80+ M&A deals worth over$100 billion. Finally, IMM can play a significant role in India and other emerging markets,driving inclusive growth, achieving SDGs, and her 2070 net-zero target,” said Mr. Amit Bhatia, Founder and CEO, Aspire Impact.
Sir Ronald Cohen (President & Co-Founder- GSG) has authored the Foreword, and global Impact leaders like Cliff Prior (CEO- GSG), Fran Seegull (CEO-US Impact Investing Alliance), Prof. Rosemary Addis, University of Melbourne, Navneet Munot (MD & CEO HDFC Asset Management), Visalakshi Chandramouli, Managing Partner- Tata Capital Healthcare Fund, and, Anurag Pratap, VP & CSR Leader- Capgemini- sponsor of IFP, all published messages in the research publication. Capgemini has been dedicated to supporting Aspire in conducting ground-breaking research within the impact economy ecosystem since 2020, showcasing their commitment to advancing research initiatives in this field.
Navneet Munot, co-author of the report, said, “The need to act now, to care for the planet and create far-reaching positive impact, above and beyond, is now an urgent necessity. This Impact Future Project report is an important contribution to the sustainability movement-a valuable resource for anyone who wants to geta comprehensive overview of the ESG, Sustainability & Impact.”
Harpreet Kaur, co-author of the report, said, “Given the nascent nature of the global IMM industry, both for-profits and non-profits are somehow struggling to navigate through the complex array of new regulations, reporting standards, tools and methods that are cropping up today fairly frequently. This study is not only an important exercise in market-sizing but also serves as a ready reckoner of sorts for anyone looking to understand how the IMM and its different segments work.”
Earlier in 2020, Aspire Circle and Aspire Impact, both founded by Amit Bhatia, had launched India and the Global South’s first set of Impact Standards for corporations and non-profit using an independent, standards-based 4P (Product, People, Planet & Policy) framework with 150 plus KPIs. For its part, the Indian government modified the erstwhile Business Responsibility Reporting (BRR) into Business Responsibility & Sustainability Reporting (BRSR) in 2021-22, which was initially voluntary, but has been made mandatory for top 1000 listed companies from FY 2022-23 onwards. Aspire Impact will launch its ESG Impact Ratings & ESG Risk Ratings during FY24.
