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COP29: Hope for Climate Mitigation and Climate Fund

Sonal Desai


COP29 in Azerbaijan is just three months away.

It is one of the most anticipated climate events in 2024.

More so because I am expecting action and actionable strategies from Baku, as against hollow promises in the past events.

There are couple of reasons, I am placing my bets on COP29:

1. Climate incidents have played global havoc. Disturbing climate incidents have displaced thousands of people as well as animals. The loss and damage are yet to be established.
2. The event has already sparked climate conversations. But more so because, the host country, Azerbaijan is taking the lead in mitigating climate action.

The country aims to reduce emissions by 40% by 2050 through climate mitigation plans, including gas-free power stations, renewable energy, and energy-efficient technologies. With these initiatives, Baku has set the ball rolling for member countries.

India, in particular, which has seen massive destruction because of increased natural disasters will be an active participant.

Here are some reasons why:

Till July 2024, India witnessed over 120 natural disasters ranging from cyclones, floods, flash floods, landslides, insect infestations, forest fires.

• The year 2023 has been the warmest year on record, with 1.48 degrees warmer than the pre-industrial average. The Centre for Science and Environment’s annual Anil Agarwal Dialogue revealed that 109 nations, including India, experienced extreme weather events in 2023, causing losses of 3,287 human lives, 2.21 million hectares, and 124,813 animal deaths.
• A World Bank Climate Change report predicts India’s average temperature to rise by 1.1-4.1°C by the end of the century, influenced by the 21st-century emissions pathway.
• The G20 Climate Risk Atlas highlights India’s already severe climate change impacts, predicting impacts up to 2050 and 2100 on various emission pathways.
• India faces severe climate impacts due to high emissions, with heatwave lengths increasing by 2,515% in 30 years, causing heat-related deaths 25 times higher than in 1990, destroying crops, and costing farmers 15% of income by 2050.
• Increased climate threats, including extreme heatwaves, hurricanes are interrupting the supply chain.

Grim picture?

IT CERTAINLY IS!

Even as the country limps from one tragic incident to normalcy, tragedy strikes another region with an equal or more devastating vigor. This is a continuing trend over the past few years with no solution in sight. Besides, every climate incident poses newer challenges.

WriteCanvas has consistently pointed out the ill effects of ignoring natural warnings (including climate change). I am hoping that the climate conversation at Baku is realistic. It just does not play on the lines of the previous COP editions that provide hope but no conducive solutions to mitigate climate change.

Climate finance at play:

The UNFCCC’s Standing Committee on Finance estimates that developing countries need $5.8-11.5 trillion by 2030 to meet their climate plans.

COP29 also aims to Paris Agreement goals including limiting global warming, adapting to climate change impacts, and mobilizing financing.

Experts augur that the faster India adopts low-carbon policies, it will face lesser climate impacts cascades. Limiting temperature rise to 2°C will see the cost of climate impacts in India drop to just 2% of its GDP by 2050 and 5.18% by 2100. At COP29, all eyes will be on ACT2025.

According to WRI, The Allied Climate Transformation (ACT) 2025 consortium is advocating for strong climate finance and support at COP29, focusing on 3.6 billion people in climate-vulnerable countries.

The consortium aims to meet the needs of developing countries and set an ambitious climate finance goal to support low-emissions economies. Climate-vulnerable nations face widespread devastation from climate change, and a lack of support for climate action is concerning.

The consortium’s Call to Action outlines concrete actions to support these countries, including setting an ambitious climate finance goal and ensuring quality finance, and accountability.

This will take into account the needs and priorities of developing country Parties, and will also include the operationalization of Article 6. Strengthening multilateral financial institutions and climate funds will contribute to creating an international enabling environment for success.

Debuting the New Collective Quantified Goal:

The UN climate conference in Baku will focus on the New Collective Quantified Goal (NCQG) to determine the new amount developed nations must mobilize annually to support climate action in developing countries starting in 2025.

Adopting the NCQG is crucial for the Paris Agreement. The COP29 Presidency aims to agree on an ambitious NCQG, considering the needs and priorities of developing country Parties, and facilitating transparency and accessibility.

The top negotiating priority is agreeing on a fair and ambitious NCQG on climate finance, considering developing country needs.

Strengthening multilateral financial institutions and climate funds, and mobilizing the private sector and philanthropy for climate action are also crucial in adopting the NCQG and implementing the Paris Agreement.

Our take:

COP29, we hope, will lay out actionable roadmaps for the pressing issues of Climate Fund mobilization and lack of action in the Paris Agreement. We also hope the world leaders align in their climate language, fast-tracking in actions, and accountability that measure impacts.


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Tightening loose-ends in BRSR

WriteCanvas News


Even as SEBI has mandated the top 1000 listed companies to report their green performances through BRSR, many corporates have been found lacking.

A new survey by the Centre for Science and Environment (CSE) reviewed 28 reports submitted by 14 top companies.

The survey comes on the heels of a recent NSE circular that highlighted the shortcomings in BRSR reporting by the top 1,000 listed companies.

According to CSE, The current BRSR questionnaire format leads to incomplete submissions, hindering the creation of a reporting structure for informed investor decision-making.

What is wrong with the current reporting guidelines?

The current BRSR format presents challenges in understanding the rationale behind parameter values and number changes.

For example, lack of consolidated company data vs unit-specific data.

Companies tweaking the questionnaire: Companies often provide data selectively and adjust information rows for convenience, but deciding how to present the data should not be their responsibility. Companies can share key indicators like water withdrawal, consumption, and discharge voluntarily under ‘Leadership Indicators’, but these can be moved to the ‘Essential Indicators’ category for mandatory data.

CSE Recommendations:

The CSE assessment suggests that a company’s sustainability can be more effectively assessed by identifying low-performing units and creating plans to improve their performance across multiple metrics.

These include:

Opt for a sector-specific approach: The current SEBI-developed disclosure format lacks sector-specific guidelines, affecting investors’ understanding of environmentally conscious businesses. A sector-specific approach, similar to international frameworks, could provide a comprehensive understanding of investment opportunities in specific industries.

Update the BRSR guidance document: In July 2023, the BRSR questionnaire and format underwent review, but the guidance document was not updated simultaneously, resulting in insufficient information on the air emissions submission format.

Include table formats to enable data capture: Businesses should be limited in their data display options, allowing for specific table formats. SEBI may provide a protected spreadsheet for the BRSR questionnaire, but not format editing.

Non-hazardous and hazardous wastes should be accounted for separately: SEBI requests data on waste generation, but only asks about management and disposal methods, not recycling, reuse, or disposal of waste. SEBI should investigate waste production and disposal in top three waste streams, including hazardous and non-hazardous materials, plastic, e-waste, biomedical waste, and non-manufacturable waste types.

Mandate specific energy and water consumption data: The company is tasked with reporting on the optional energy and water intensity parameter included in the BRSR format. The CSE recommends companies provide data on their energy consumption (SEC) and water consumption (SWC) in kilowatt or megawatt/tonne of the product. The data provided will undoubtedly indicate a company’s overall energy and water efficiency in its manufacturing process.

Lead quotes:

“The BRSR framework is the first attempt by any regulatory authority or agency in India to mandate the sharing of such detailed environmental performance and compliance data in the public domain,” notes Nivit Yadav, Program Director, Industrial Pollution, CSE. “In today’s era of climate change, where resource availability is becoming a serious issue, sharing of such data in a transparent manner should be one of the key drivers in decision-making by investors.”

“Yet, we believe there is much room for improvement in the BRSR framework. Our goal is to contribute to its strengthening in order to guarantee higher-calibre reporting from the companies. Periodically, SEBI reviews the guidance note and BRSR format. We hope that when SEBI reviews it again, it will take into account the suggestions made by CSE, which can aid in gathering more insightful data.

The BRSR framework is the first attempt by any regulatory authority or agency in India to mandate the sharing of detailed environmental performance and compliance data in the public domain.

 


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