Mon. Oct 18th, 2021
 
How Businesses Can Start Acting On Climate Change

How Businesses Can Start Acting On Climate Change

The recently released  IPCC report on climate change has issued “a code red warning to humanity”. The key takeaway from the report is that the condition of the Earth is rapidly deteriorating, there is no getting away from climate change and this is happening because of human “influence.” While it warns about extreme weather events like heatwaves, heavy rainfall, floods, droughts, and cyclones, many of which are already being witnessed across the world and in India. It also says we could limit global warming to 1.5 degrees by 2040. If we do that, the changes taking place in the world could be slowed down and even stopped from getting worse.

 

This warning should make India take a relook at its climate mitigation efforts and accelerate them many folds if it wants to achieve the NDC (Nationally Determined Contributions) targets it has committed to. Ideally, it should go beyond these objectives to ring-fence the country from future disasters. Though the IPCC report is purely science-based and silent on the role businesses can play, it is a sector that can greatly help to reach this goal.

How Businesses Can Start Acting On Climate Change

How Businesses Can Start Acting On Climate Change
How Businesses Can Start Acting On Climate Change

 

To achieve its Paris commitment, India needs to ensure that it has a few things in place by 2030. These include increasing its cumulative electricity generation installed capacity from non-fossil energy sources to 40 per cent and lowering the emissions intensity of its GDP by 33-35 per cent compared to 2005 levels. It must also create an additional carbon sink of 2.5- 3 billion tonnes through additional forest and tree cover.

 

Besides these international commitments, the government has also set ambitious domestic targets for renewable energy, air quality and others. How are all these to be achieved? It goes without saying that all government policy and actions have to be directed towards reaching these goals. State governments and municipalities too will have to be nudged and incentivised to think global and act locally on both emission reduction and biodiversity enhancement. One section that can play a stellar role in the process are businesses, both big and small. By striving towards emission reduction and net-zero goals, they could come closer to achieving their own goals and participate in those of the nation.

 

Similarly, sectors like real estate, power, automobiles, aviation, oil, gas, steel, and IT could be studied closely and given sufficient incentives to bring down their emissions sector-wise. This will help us in meeting national targets and also bringing the world closer to its net-zero ambition.

Subhangee Guha

Break the Newz.

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