In a world buffeted by hurricanes, floods, drought, extreme heat, health emergencies and debilitating water shortages, companies are increasingly being called up to take action.
Governments are considering radical and unprecedented actions like India aims to become 100% e-vehicle nation by 2030 which has thrown the auto industry in whirl of activity. With newer forms of carbon markets and products coming to fore, those who prepare for a carbon constrained world will reap the benefits. National governments have pledged NDCs and are working on operational plans to address climate change while global investors are calling on companies to commit to deeper actions that accelerate a shift away from business-as-usual scenarios.
Carbon Disclosure Project India (CDP India) and ERM have jointly developed the India Climate Change Report 2017. In 2017, 51 Indian companies responded to the CDP Climate Change questionnaire, of which 43 were among BSE Top 200 companies and three from other benchmark samples to whom CDP had sent information requests. In addition, another five companies came forward on their own volition to disclose their climate impact to CDP; these are referred to as Self-Selected Companies (SSC) in the report. The total reported emissions from 51 companies across samples is 275.92 million tCO2e.
The key highlights from 2017 India Report include:
- Businesses are increasingly focusing on setting emissions reduction and renewable energy targets. Energy efficiency continue to be a top choice for emissions reduction initiatives.
- Growing trend of increasing demand for renewable energy for captive consumption.
- Internal price on carbon is being deployed as a risk mitigation tool by companies. In 2017, 40 reporting companies declared an internal price on carbon or intend to put one in place within the next two years.
- Companies are showing increasing awareness on data quality and assurance
- This year’s Climate A Listers are revealed, including Infosys Limited.
ERM in India
For over twenty years, ERM in India has played an integral role in helping Indian and foreign investors assess the environmental, social, health & safety and governance related risks to their investments. Since the signing of the Paris Agreement, an increasing number of clients have engaged ERM for its climate change related risk services. ERM’s expertise in current and future regulatory scenarios emanating from India’s commitment to reduce its GHG emissions has been of particular value to clients.