A comparative overview of ESG adoption and consumer perceptions in Bangladesh, India, and Sri Lanka
| Feature | Bangladesh (findings) | India | Sri Lanka |
|---|---|---|---|
| Business attitudes towards ESG | |||
| Key focus | Social responsibility (employee training, community engagement), environmental sustainability (reducing impact) [our study] | Growing focus on all ESG aspects [Securities and Exchange Board of India (SEBI), 2021. Business Responsibility and Sustainability Reporting (BRSR)] | Emphasis on social equity, community engagement and sustainable tourism and agriculture [Central Bank of Sri Lanka, 2020. Sustainable Finance Roadmap for Sri Lanka] |
| Sectoral influence | Manufacturing sector (RMG) dominant (63.10%) [Our Study] | Manufacturing and service sectors [Federation of Indian Chambers of Commerce & Industry (FICCI), 2023. India ESG Summit Report] | Tourism and agriculture [Sri Lanka Tourism Development Authority (SLTDA), 2022. National Sustainable Tourism Strategy for Sri Lanka] |
| ESG drivers | Global Trends, SDG 12 [Our Study] | Regulatory Mandates (e.g., SEBI guidelines), Investor Pressure [Securities and Exchange Board of India (SEBI), 2021] | Sustainable development goals [Central Bank of Sri Lanka, 2020] |
| ESG reporting | Emerging [our study] | More developed [Securities and Exchange Board of India (SEBI), 2021] | Developing [Central Bank of Sri Lanka, 2020] |
| ESG and financial performance | Positive correlation, particularly for environmental practices [our study] | Positive link [Crisil, 2022. ESG and Financial Performance in India] | Positive link [United Nations Environment Programme Finance Initiative (UNEP FI), 2021. Sustainable Finance in Sri Lanka] |
| Regulatory framework | Developing [our study] | Relatively mature [Securities and Exchange Board of India (SEBI), 2021] | Developing [Central Bank of Sri Lanka, 2020] |
| Specific references | Kabeer et al. (2020) highlighted the importance of social responsibility and Garg (2021) support the finding of growing awareness of the environmental impact of business operations | Kabeer et al. (2020) analyzed India’s e-waste challenges and proposes solutions like strong leadership, policy enforcement (EPR) and industry collaboration for effective e-waste management | Central Bank of Sri Lanka (2020). Sustainable Finance Roadmap for Sri Lanka. This document outlines the national strategy for promoting sustainable finance, which includes ESG considerations. It reflects the government’s focus on integrating sustainability into the financial sector. Also, for the consumer preference for sustainable products, Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023, Consumer Preferences for Sustainable Products in Sri Lanka, gives important insight |
| Consumer perceptions on sustainable business practices | |||
| Consumer awareness | High (73.7% familiarity) [Our Study] | Growing [Nielsen, 2022. Indian Consumer Sustainability Report] | Growing [Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023. Consumer Preferences for Sustainable Products in Sri Lanka] |
| Willingness to pay premium | Relatively high (56.6%) [Our Study] | Increasing [Kantar, 2023. Sustainability Sector Index: India] | Varies, price sensitivity strong [Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023] |
| Key influencers | Young Adults (18–44) [Our Study] | All age groups, but younger consumers are important [Nielsen, 2022] | All age groups [Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023] |
| Primary information sources | Social Media (24.28%), Company Websites (20.05%) [Our Study] | Social Media, digital platforms [Kantar, 2023] | Varies, traditional and digital media [Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023] |
| Valued sustainable product attributes | Energy Efficiency (25.18%), Eco-Friendly Packaging (15.25%) [Our Study] | Eco-Friendly, ethically sourced [Kantar, 2023] | Local, Eco-Friendly [Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023] |
| Knowledge gaps | Significant (23.75% unaware of brand efforts) [Our Study] | Present [Kantar, 2023] | Present [Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023] |
| Ethical consumerism trend | Emerging [our study] | Stronger [Kantar, 2023] | Emerging [Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023] |
| Progress in ESG | Growing [our study] | Significant [Securities and Exchange Board of India (SEBI), 2021] | Growing [Central Bank of Sri Lanka, 2020] |
| Key similarities | Increasing ESG awareness, influence of social media, price sensitivity, progress towards SDG 12 | Increasing ESG awareness, influence of social media, price sensitivity, progress towards SDG 12 | Increasing ESG awareness, influence of social media, price sensitivity, progress towards SDG 12 |
| Key differences | RMG sector influence, willingness to pay premium, pace of regulatory development [our study] | More developed regulatory framework [Securities and Exchange Board of India (SEBI), 2021] | Focus on tourism/agriculture, price sensitivity [Institute of Policy Studies of Sri Lanka (IPS Sri Lanka), 2023] |
| Feature | Bangladesh (findings) | India | Sri Lanka |
|---|---|---|---|
| Key focus | Social responsibility (employee training, community engagement), environmental sustainability (reducing impact) [our study] | Growing focus on all | Emphasis on social equity, community engagement and sustainable tourism and agriculture [ |
| Sectoral influence | Manufacturing sector ( | Manufacturing and service sectors [ | Tourism and agriculture [ |
| Global Trends, | Regulatory Mandates (e.g., | Sustainable development goals [ | |
| Emerging [our study] | More developed [ | Developing [ | |
| Positive correlation, particularly for environmental practices [our study] | Positive link [ | Positive link [ | |
| Regulatory framework | Developing [our study] | Relatively mature [ | Developing [ |
| Specific references | |||
| Consumer awareness | High (73.7% familiarity) [Our Study] | Growing [ | Growing [ |
| Willingness to pay premium | Relatively high (56.6%) [Our Study] | Increasing [ | Varies, price sensitivity strong [ |
| Key influencers | Young Adults (18–44) [Our Study] | All age groups, but younger consumers are important [ | All age groups [ |
| Primary information sources | Social Media (24.28%), Company Websites (20.05%) [Our Study] | Social Media, digital platforms [ | Varies, traditional and digital media [ |
| Valued sustainable product attributes | Energy Efficiency (25.18%), Eco-Friendly Packaging (15.25%) [Our Study] | Eco-Friendly, ethically sourced [ | Local, Eco-Friendly [ |
| Knowledge gaps | Significant (23.75% unaware of brand efforts) [Our Study] | Present [ | Present [ |
| Ethical consumerism trend | Emerging [our study] | Stronger [ | Emerging [ |
| Progress in | Growing [our study] | Significant [ | Growing [ |
| Key similarities | Increasing | Increasing | Increasing |
| Key differences | More developed regulatory framework [ | Focus on tourism/agriculture, price sensitivity [ | |
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