In just three years, Ankit Jain and Sidhant Pai have grown their ESG (Environmental, Social, and Governance) solutions venture, StepChange, into a trusted partner for major corporations, including State Bank of India (SBI), Mahindra Group, Brigade Group, ICICI Bank, and HDFC Bank.
The duo first met at the Massachusetts Institute of Technology (MIT) but pursued separate career paths before reuniting in 2021. Identifying a need for businesses to make data-driven decisions on reducing their carbon footprint, they launched StepChange. Today, the company provides a comprehensive suite of solutions for carbon reduction, ESG compliance, and supply chain emissions tracking. Additionally, StepChange offers specialized tools for financial institutions to assess the climate impact of their investments and lending portfolios.
Driving Sustainability Across Industries
StepChange works with sectors such as automotive, real estate, agriculture, FMCG, and electronics manufacturing to enhance ESG and supply chain reporting. For large service-based companies, the focus is often on managing emissions from real estate assets by tracking electricity and fuel consumption—key to improving operational sustainability.
In the financial sector, StepChange collaborates with eight of India’s top 20 banks, as well as mutual funds and private equity firms, to assess the environmental impact of their portfolios. By helping finance companies increase their green lending, StepChange plays a crucial role in driving portfolio sustainability.
Advanced Climate Risk and Decarbonization Solutions
Beyond emissions tracking, StepChange provides climate risk modeling tools that help businesses anticipate the long-term impact of climate change on their investments. Its software solutions also guide companies on their path to net zero by facilitating effective decarbonization strategies.
A major strength of StepChange lies in its expertise in Scope 3 emissions—indirect emissions across a company’s value chain, which often make up the largest portion of its carbon footprint. “So far, we’ve measured 600 million tons of CO₂e (carbon dioxide equivalent) through our platform,” says Jain. “To put that in perspective, that’s almost 20% higher than the total CO₂e emissions of the UK.”
By enabling businesses to take meaningful climate action, StepChange is driving the transition to a more sustainable and low-carbon economy.