News

RBI to Establish Data Repository for Climate Change Risk
WriteCanvas News

RBI is stepping up its green initiatives.

The Reserve Bank of India (RBI) has plans to establish a data repository for climate change risk.

“Climate change is emerging as a significant risk to the financial system world over. This makes it necessary for regulated entities to undertake robust climate risk assessment, which is sometimes hindered by gaps in high-quality climate-related data. To bridge these data gaps, the Reserve Bank proposes to create a data repository, the Reserve Bank – Climate Risk Information System (RB-CRIS),” said Shaktikanta Das, Governor, RBI.

The portal will be available in two sections, to fill in the gaps in the fragmented data that is currently available on climate.

The first component will be a publicly accessible Web-based directory on the RBI website that lists a variety of data sources, including meteorological and geographic data.

A data portal containing datasets (processed data in standardized formats) will make up the second section. Mr Das said that only regulated entities would have phased access to this data portal.

“It is crucial for regulated entities to undertake climate risk assessments for ensuring stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high quality data relating to local climate scenarios, climate forecasts, and emissions,” he said.

The Green Backdrop:

It must be noted that the RBI published the guidelines for accepting green deposits from regulated businesses in April 2023. As per the guidelines, the goal was to support and expand the nation’s green financial ecosystem.

According to the framework, regulated businesses can provide green deposits to clients, safeguard depositors’ interests, assist clients in achieving their sustainability goals, resolve concerns about greenwashing, and support the expansion of credit available for green initiatives.

Michael Patra, Deputy Governor, RBI, had in June 2024 asserted that the bank was considering offering green deposit coverage.

He said, “We are exploring appropriate coverage for green deposits, climate-risk based differential premiums and funding needs for climate sustainability.”

RB-CRIS follows the discovery that climate change poses a serious global risk to the financial system. The goal of this project is to improve climate risk assessments by offering standardized, high-quality data, Mr Das said.

Tags: #Sonal Desai, Climate Change, Climate change risk, Data, Data repository, Green deposits, Green initiatives, Michael Patra, News, RB-CRIS, RBI, Renjini Liza Varghese, Reserve Bank – Climate Risk Information System, Reserve Bank of India, Shaktikanta Das, WriteCanvas

« HAI, GSTC Partner to Promote Sustainable Tourism

IREDA to Establish Retail Subsidiary »

News

TGI Launched in Mumbai
WriteCanvas News

The Godavari Initiative (TGI) was recently established in Mumbai to tackle significant issues concerning the health of the Upper Godavari River basin.

Mukesh Kumar Sinha, Chairman, Godavari River Management Board (GRMB), launched the initiative in the city. TGI aims to create a resilient ecosystem that balances community well-being with ecological integrity while ensuring water security.

It is supported by Diageo India, GSK, Hinduja Group, Alliance for Water Stewardship, and CSRBOX.

The initiative will benefit 23 million people across nine districts in Maharashtra. The project will use technologies like data and analytics to shape strategies and monitor progress. The TGI will also establish a Fellowship program to ensure effective implementation.

Hina Nagarajan, MD & CEO, Diageo India, said, “We are delighted to be the founding partner for The Godavari initiative to drive collective action to address the broader systemic water risks in water-stressed basins. This initiative is a step forward in preserving water for life, a key priority under our Society 2030: Spirit of Progress Plan and in line with UN’s Sustainable Development Goals. Such partnerships are key to achieving a net positive water impact and we look forward to collaborating with corporates, government agencies and civil society organisations on this initiative.”

Rozina Rupani, Lead, The Godavari Initiative said, “Under TGI, we are essentially shaping a collective call to action. In the face of a rapidly warming planet and expanding water-stressed areas, it is imperative to weave together diverse streams of resources, expertise, and the commitment of key stakeholders to address the health of a very crucial river ecosystem in India.”

Tags: #Sonal Desai, Alliance for Water Stewardship, Chairman, CSRBOX, Data, Diageo India, Godavari River Management Board (GRMB), GSK, Hina Nagarajan, Hinduja Group, Mukesh Kumar Sinha, News, Renjini Liza Varghese, Rozina Rupani, TGI, The Godavari Initiative, Water security, WriteCanvas

« Women Can Register Workplace Harassment Complaints With the She-Box

Biocon to Achieve Gender Parity by 2030 »

Blog

Are women really safe at the workplace?
Sonal Desai

This article may sound like a rant against the whole society. However, it may reflect the underlying element of anger, frustration, and helplessness that women feel at the workplace concerning their safety.

On the one hand, reports suggest that India requires more participation from women in the workforce. On the other hand, and more appalling, the BSE 30 companies recorded 932 complaints by women of harassment at the workplace in FY24, up from 664 in FY23.

India faces increasing concerns about women’s safety due to rising incidents of harassment, violence, and rape. The main concern is workplace safety. There are many government policies and initiatives to improve women’s safety. These include the Nirbhaya Fund, One Stop Centres, 181 Women Helpline, Nirbhaya Squad, Meri Saheli, Himmat App, Safetipin App, Raksha App, Nirbhaya App, GPS Trackers, Panic Button on Phones, and Affordable GPS Necklaces. And YET, In 2024, India ranks 128th out of 177 countries in women’s safety, highlighting the urgent need for reform.

So, where are women safe?

India must urgently address the issue of boosting women’s workforce participation to unlock a $14 trillion contribution to its economy, according to a report by The/Nudge Institute.

The current female labor force participation rate (LFPR) stands at 37%, but to achieve the desired economic impact, India needs to nearly double its LFPR to 70% by fiscal year 2047.

The report highlights the critical role of women in achieving India’s $30 trillion economy by 2047, stating that an additional 400 million women must join the workforce to contribute the targeted $14 trillion.

However, with only 110 million projected female entrants by then, integrating an additional 145 million women becomes imperative.

The report suggests policy reforms, skill development programs, and changing mindsets to address gender equality, job security, and sectoral disparities.

Additionally, the COVID-19 pandemic has exacerbated existing challenges, forcing many rural females back into work due to income loss or job loss by primary earners.

Concerns of women in the workplace:

43% of women experienced non-inclusive behaviors like harassment or microaggressions. Nearly half had concerns about their safety at work or safety while travelling to work, according to a Deloitte 2024 Women @ Work report.

India’s largest companies have reported a 40.4 per cent surge in sexual harassment complaints during FY24, indicating an emerging trend towards enhanced corporate transparency.

Data from Complykaro, an advisory firm specializing in the Prevention of Sexual Harassment of Women at Workplace (POSH) compliance, shows 268 more cases filed compared to the previous financial year.

The increase is attributed to growing awareness among women professionals regarding the POSH law and also efforts by companies to foster a culture that supports reporting such incidents.

The majority of complaints are from the banking and technology sectors, both of which have a younger workforce and a higher proportion of female employees.

How to stop this menace?

Applying the HEMA report, which is paving the path for improving the treatment of Malayalam actresses in the film industry, can be one of the pivots. I believe that the film industry pan India must take comparable measures that transcend regional boundaries.

The same is also applicable to the business sector. The `Me Too’ Movement which started with a bang, saw heads roll, but could not continue. It is now a distant memory of one more women’s lib movement, now subsided to the periphery of a male-dominated, hierarchical, patronizing society. One in which women are not even safe at home, in their neighborhood, or with `trustworthy’ relatives.

Our take:

We don’t hold the moral compass.

We can take a slight banter in our stride. We are women. But do men know, when and where to stop?

I guess women will have to take the baton: Be proud of who you are; we are not inferior to anybody—be it a homemaker or a working woman.

Define boundaries with men including husband, son, male relatives and friends about what is and what is not acceptable (after all, the first lesson in discipline always starts at home)

Nobody is born entitled. You have to earn the respect.

The lessons must be repeated in educational institutions.

It is important to be sensitive towards both: young boys and girls.

No man is born misogynistic; let’s not transform decent human beings into demons or devils as they grow.

Let’s start fair and transparent communication at home; nothing is a taboo.

Let’s have fair and transparent corporate policies.

Let’s sensitize the men and women in khakhi, especially the ones registering the case

I am not a feminist. I believe in equal rights and equal opportunities for all. But I am certainly against Misogyny—the long-standing sexism that maintains patriarchal social roles by denying women the same social status as men.

Otherwise, there is no point in talking about DEI and sustainability, if we can’t make women feel safe.

Tags: #Sonal Desai, blog, BSE 30 companies, Compliance, Complykaro, Data, DEI, Deloitte, HEMA report, POSH, Prevention of Sexual Harassment of Women at Workplace, Renjini Liza Varghese, sustainability, The/Nudge Institute, Women in the workforce, Workplace safety, WriteCanvas

« Ultratech Cement Secures $500 M SLL

Disparity Between Available Finance and Municipal Spends Impacting Indian Cities »

News

Renewable Energy Growth Rate Must Triple to 16.4% by 2030
WriteCanvas News

The renewable energy segment must exceed record growth rate in the remaining seven years to meet the COP28 energy target set by the UAE Consensus.

The IRENA’s Renewable Energy Statistics 2024 reveal that despite renewable energy’s rapid growth, the world may still fall short of the triple renewables target set at COP28.

The global renewable energy capacity must increase at a minimum annual rate of 16.4% by 2030 to maintain current trends.

Key findings:

The renewables capacity increased by 14% in 2023, resulting in a remarkable 10% compound annual growth rate (CAGR) from 2017-2023.

The increasing use of renewable energy is predicted to surpass installed power capacity globally, as non-renewable capacity additions continue to decline over time.

IRENA’s 1.5°C Scenario predicts a 13.5% missed tripling target of 11.2 TW in 2030 if the 14% increase from last year persists.

The global renewable energy target of 7.5 TW will be missed by nearly one-third if the historical annual growth rate of 10% is maintained.

Data reflects regional disparities:

The 2022 data on power generation revealed regional disparities in the use of renewable energy sources.

Asia leads in renewable power generation with 3 749 TWh, followed by North America with 1 493 TWh. South America’s hydropower recovery and solar energy usage led to a 12% increase to 940 TWh.

In 2022, Africa’s renewable power generation reached 205 TWh, despite a moderate 3.5% growth, highlighting the continent’s significant potential and urgent need for sustainable development.

Stakeholders’ comment:

Francesco La Camera, Director General, IRENA, said, “Renewable energy has been increasingly outperforming fossil fuels, but it is not the time to be complacent. Renewables must grow at higher speed and scale. Our new report sheds light on the direction of travel; if we continue with the current growth rate, we will only face failure in reaching the tripling renewables target agreed in the UAE Consensus at COP28, consequently risking the goals of the Paris Agreement and 2030 Agenda for Sustainable Development.”

“Consolidated global figures conceal ongoing patterns of concentration in geography. These patterns threaten to exacerbate the decarbonization divide and pose a significant barrier to achieving the tripling target,” he added.

“Today’s report is a wake-up call for the entire world: while we are making progress, we are off track to meet the global goal of tripling renewable energy capacity to 11.2 TW by 2030. We need to increase the pace and scale of development.”

Dr Sultan Al Jaber, President, COP28, said, “This necessitates increasing collaboration between governments, the private sector, multilateral organisations, and the civil society. Governments need to set explicit renewable energy targets, look at actions like accelerating, permitting and expanding grid connections, and implement smart policies that push industries to step up and incentivize the private sector to invest. Additionally, this moment provides a significant opportunity to add strong national energy targets in NDCs to support the global goal of keeping the 1.5°C target within reach. Above all, we must change the narrative that climate investment is a burden to it being an unprecedented opportunity for shared socio-economic development.”

Tags: #Sonal Desai, 2030 Agenda for Sustainable Development, Climate investment, COP28, Data, Dr. Sultan Al Jaber, Francesco La Camera, IRENA, NDCs, Paris Agreement, Renewable energy, Renewable Energy Statistics 2024, Renjini Liza Varghese, Sustainable Development, UAE Consensus, WriteCanvas

« remove Launches India Initiative

72% Global FIs to Invest $500,000 in ESG Technology »

News

How Prepared Are the Indian CFOs for Climate Reporting and Compliances?
WriteCanvas News

One in five CFOs in large enterprises is prepared to meet upcoming requirements to report and seek external assurance on climate-related risks and opportunities.

An Accenture survey indicates that despite the majority of executives anticipating an increase in sustainability reporting requirements in the coming years, well-prepared executives are more likely to view sustainability as a potential opportunity for their companies.

The company has released the report during a period of increasing global sustainability regulations and legislation. These include EU’s CSRD regulation and CBAM, and the US SEC’s climate disclosure rules; measures to enhance market transparency, set carbon content-based import prices, and provide grants for sustainable activities.

Key findings:

According to the survey:

90% of respondents agreed that ESG issues will be a major focus for them over the next five years.
Nearly 85% of respondents said they expect mandatory disclosure to increase over the next three years.
Over 80% of respondents indicated that they are under pressure from three or more stakeholder groups to take sustainability-related action. The most frequently mentioned groups exerting pressure are shareholders, board members, and regulators.
Just 22% of CFOs reported feeling well prepared to disclose on climate-related risks and opportunities and to seek external assurance on their disclosures.
Additionally, only 10% of CFOs felt well prepared to meet these reporting requirements in all sustainability areas, such as resource use and circularity.

These results suggest that finance executives are feeling the pressure of the changing regulatory landscape. The findings suggest that even though finance executives are under increasing pressure to address sustainability issues, most do not yet feel ready to meet many of the new requirements.

Ratings per ESG measurement:

The study found a wide range of preparedness across the nine capabilities.

In this, it rated 12% of businesses as weak, 73% at a moderate level, with some having automated ESG data capture and most approaching the integration of ESG into their management systems, and 15% as having strong capabilities, including gathering comprehensive ESG data, automatically monitoring quality, utilizing ESG data to enhance business decision making, identifying potential ESG risks with predictive analytics, and developing complementary skills within their finance and sustainability teams.

According to the survey, 68% of the “weak” group’s companies reported finding it difficult to strike a balance between profitable growth and sustainability, compared to only 20% of the “strong” group. Additionally, “strong” companies were more than twice as likely (20%) to already view sustainability as a significant value driver for their organizations than the “weak” group (9%).

The study revealed a noteworthy association between businesses that perceive sustainability as a potential area for growth and opportunity and those that are well-prepared for ESG measurement and management.

How prepared are the Indian CFOs?

Indian Chief Financial Officers (CFOs) are the most optimistic in the APAC region, with 94% of them expressing confidence in their country’s economic future, according to the most recent Deloitte Asia Pacific (APAC) CFO Survey 2023 which was released in September last year.

Indian CFOs, also demonstrated an urgency when it came to putting in place suitable processes to comply with climate requirements. Approximately 59% of Indian CFOs plan to implement the required processes in the future, and 37% have already done so. Twenty-two percent of Indian CFOs were found to be adequately prepared to handle ESG challenges, according to the survey.

Using more sustainable materials (55 percent), encouraging or requiring suppliers and business partners to meet specific environmental sustainability criteria (53 percent), and adopting public policy positions that promote sustainability and actions to address climate change (65 percent) were the top three proactive sustainability initiatives by Indian CFOs.

Our take:

India is at the cusp of entering the ESG/sustainability mainstream. Global compliances and domestic mandates such as the BRSR Core are promoting the community to closely monitor the corporate ESG strategy, compliance and reporting. They are working closely with the BU Heads as well as the ESG teams and external partners to not just understand the new concepts, but also the ramification of non-compliance and the financial impact on the business!

The regulatory mandates in India have evolved to be more supportive and balance growth and sustainability.

Tags: #Sonal Desai, Accenture, BRSR Core, CBAM, CFOs, Circularity, Climate Reporting and Compliances, Climate-related risks, CSRD, Data, Deloitte, Deloitte Asia Pacific (APAC) CFO Survey 2023, ESG, ESG measurement and management, Indian CFOs, Renjini Liza Varghese, Sustainability reporting, WriteCanvas

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Less Than 10% ESG Heads are Data Custodians: ASSOCHAM-WriteCanvas Survey
WriteCanvas News

The S Factor fosters a positive organizational culture that values fairness, inclusivity, integrity, and respect, improving employee morale and productivity.

Significant findings on the Prominence of the S Factor include:

Data Custodian: Only 6% of corporate ESG heads are responsible for environmental, social, and governance data, compared to 94% of business unit heads responsible for vertical data and data security.
Equal Opportunities: This aspect stands out as the most prominent in the organization, comprising nearly half (47.1%) of the S Factor emphasis.
It suggests a strong commitment to providing fair and equal opportunities to all individuals within the organization, regardless of their background, gender, or other factors.
Gender Representation: With a notable emphasis of 23.5%, gender representation underscores the organization’s focus on achieving balance and inclusivity in its workforce.
This indicates efforts to ensure equal participation and representation of both genders across all levels and roles.
Inclusive Infrastructure: At 11.8%, the organization is committed to fostering inclusivity through infrastructure and facilities accessible to all employees.
This may include initiatives to accommodate diverse needs and create an environment where everyone feels valued and included.
Pay Parity: The emphasis on pay parity (11.8%) highlights the organization’s commitment to ensuring fairness and equity in compensation practices.
It suggests efforts to address and minimize gender pay gaps and promote equal pay for equal work across the organization.
Work Conduct & Privacy: While comparatively lower at 5.9%, the focus on work conduct and privacy underscores the organization’s attention to maintaining ethical standards and respecting individuals’ privacy rights.
This may involve implementing policies and practices to uphold integrity, confidentiality, and professionalism.

Our take:

The custodians, or joint custodians, of the data must be the CSOs. For the following reasons:

1. Give each BU the authority to oversee regulatory mandates and compliances.
2. It makes sense for SMEs to be the custodian of sustainability and ESG data.
3. Is able to select technologies to implement ESG strategies and use data to drive them.
4. Select metrics that are in line with the organization’s values and the industry.
5. Consider what your stakeholders anticipate from the ESG reporting, as it can assist them in assessing competitors and making wise decisions.

Interested in learning more?

Download the concise report by clicking below.

https://writecanvas.in/our-templates/

To access the full report, contact us at [email protected].

We believe this research will be a valuable resource for businesses looking to strengthen their ESG practices.

Tags: #Sonal Desai, Assocham, CSOs, Data, Data Custodians, ESG data, ESG Heads, Inclusive Infrastructure, Renjini Liza Varghese, Survey, Vertical data, WriteCanvas

« BMC Debuts Climate Budget with Rs 10,000 Crore Outlay

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News

Varanasi to Launch $3 M City Challenge in June
WriteCanvas News

Varanasi, India’s spiritual capital of India is launching the Varanasi City Challenge next month.

The initiative aims to accelerate sustainable mobility, promote healthier urban environments, and improve people’s access to services.

Varanasi faces safety concerns due to increased crowding. The challenge is aimed at creating innovative solutions using technology and design to make crowded areas safer and more accessible for religious tourists and residents, including vulnerable populations.

Winner of the Toyota Mobility Foundation, Varanasi has already embarked on a vision to transform into a Smart City with the help of integrated smart solutions. The other partners in the project are Challenge Works and World Resources Institute.

Transitioning to a smart city:

As a part of the challenge will focus on expanding access to safe, affordable, and inclusive transportation, with potential solutions incorporating data to create resilient ecosystems or reduce environmental impact through low-carbon and renewable solutions.

These include ICT and e-governance interventions which comprise a command and control centre, data centre, ITMS, CCTV surveillance and video analytics, smart parking management, solid waste management, smart street lighting, environment monitoring, etc.

The Varanasi state and civic administrations will now invite technology and sustainability innovators to help fast-track its objective.

Akshat Verma, IAS, Municipal Commissioner/Chief Executive Officer, Varanasi Municipal Corporation/Varanasi Smart City said, “Participating in the Toyota Mobility Foundation’s Sustainable Cities Challenge presents an exciting prospect for Varanasi. This initiative offers us a valuable chance to explore technical and design-related avenues for enhancing mobility within our city, benefiting both our residents and the growing influx of tourists. By collaborating with innovative minds, we aim to bolster Varanasi’s reputation as a premier global tourist destination. We eagerly anticipate the opportunity to work closely with TMF, their partners, and experts to achieve this goal.”

It must be noted that Varanasi is one of the three cities, chosen from a shortlist of over 150 cities from 46 countries.

Tags: #Sonal Desai, Akshat Verma, Challenge Works, Data, Inclusive transportation, Integrated smart solutions, Renjini Liza Varghese, Smart City, Sustainable mobility, Toyota Mobility Foundation, Varanasi, Varanasi City Challenge, World Resources Institute, WriteCanvas

« ASSOCHAM Webinar on World Environment Day

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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.

Tags: #Sonal Desai, BRSR, Centre for Science and Environment, Compliance, CSE, Data, Nivit Yadav, Renjini Liza Varghese, Reporting guidelines, SEBI, WriteCanvas

« SEBI Outlines Value Chain Disclosure Provisions in BRSR Core

Are corporates using the BRSR loopholes rope to climb up? »

Blog

Heatwaves and the Rising Tide of Climate Casualties in India
Renjini Liza Varghese

Climate change is fuelling a rise in heatwaves, and the human cost, often overlooked, is becoming alarming. While the devastating impacts of monsoon-related floods, landslides, and cloudbursts often dominate the headlines, a silent killer has been steadily rising in India: extreme heatwaves.

The current summer season has seen an increase in heatwaves compared to past years, which is concerning because it indicates that South Asia’s climate crisis is getting worse. 12000 people worldwide lost their lives in climate-related incidents in 2023, a 30% increase over 2022, according to a Save the Children analysis.

In 2023, extreme heat and severe floods ravaged parts of India, with heatwaves becoming significantly more severe. While floods and storms caused the most reported casualties and economic losses, the human cost of heatwaves is undeniable.

The World Meteorological Organization’s (WMO) reports present alarming data. According to the worrisome WMO report “The State of the Climate in Asia 2023,” India has seen a marked rise in climate-related casualties. India reported almost 110 deaths linked to climate change in 2023, a marked increase from the 90 reported in 2022. This is more than just a figure—it’s a representation of lives lost, livelihoods destroyed, and drastically reduced agricultural output.

The Kerala Story:

Five months into 2024, things are still getting worse. Heatwave warnings (also known as orange alerts) and guidelines were issued by several Indian states due to temperatures that have reached over 40 degrees Celsius. These states include Kerala and Maharashtra. The most alarming aspect, however, is the rising death toll.

Kerala, the southernmost state, has already reported heatwave-related deaths, livestock losses, and agricultural produce decline. The state’s animal husbandry department reported a staggering 497 livestock deaths in the last three months alone. Additionally, the Kerala Co-operative Milk Marketing Federation (KCMMF) commonly known as MILMA has recorded a significant dip in milk collection (2 lakh litres). That is not all, the individual cow yields dropped by nearly half their usual yield.

This is just a glimpse into the unfolding tragedy in one state. As reports from other regions emerge, the full scale of the crisis becomes even more apparent, reflecting the harsh reality of the climate emergency we face.

Call for action:

The scorching truth is undeniable: heatwaves are claiming lives with increasing ferocity. But where do we go from here? Are our current policies sufficient to combat this disaster? The answer is a resounding NO. We desperately need more action-oriented policies to safeguard lives, livelihoods, and our very existence from the intensifying grip of climate disasters.

Prioritizing heatwave response: Heat action plans with clear early warning systems, cooling centers, and public awareness campaigns are essential.

Protecting vulnerable populations: The elderly, children and outdoor workers require targeted interventions and social safety nets during heatwaves.

Investing in climate adaptation: Long-term strategies like urban greening, water conservation, and heat-resistant infrastructure are crucial for building a more resilient future.

The way forward:

This is not the time to be complacent. To lessen the catastrophic effects of climate change, we must recognize the increasing number of people who are dying from heat waves and put strong policies into place. Only through decisive action can we hope to protect lives, livelihoods, and our very way of life in the face of this silent but deadly threat.

Tags: #Sonal Desai, Climate Casualties, Climate Change, Climate Crisis, Data, Heatwaves, india, KCMMF, Kerala Co-operative Milk Marketing Federation, MILMA, Renjini Liza Varghese, Save the Children, The State of the Climate in Asia 2023, WMO, World Meteorological Organization, WriteCanvas

« India Auctioned Rs 20,000 Crore Green Bonds in FY24

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News

CSIR Turns on the Climate Clock
WriteCanvas News

The climate clock is ticking in India.

The CSIR installed India’s largest climate clock at its headquarters for Earth Day celebrations, aiming to raise public awareness about climate change’s harmful effects.

The climate clock provides real-time data on global temperature increases, indicating irreversible consequences if they exceed 1.5°C. It also tracks the deadline for achieving zero emissions and the lifelines for key solution pathways, providing crucial global data.

The Intergovernmental Panel on Climate Change (IPCC) warns that global warming beyond 1.5°C will pose a significant threat to over 3 billion people in highly vulnerable areas.

Amid a Climate Emergency, immediate action is crucial to prevent catastrophic climate impacts. The next 7 years offer the best opportunity for transformational global economic changes.

Prof. Chetan Singh Solanki, founder of the Energy Swaraj Foundation, emphasized the need for energy literacy among citizens to minimize energy usage.

Dr. Shailesh Nayak, former Earth Science Secretary and Director of the National Institute of Advanced Studies, delivered a lecture on triggered earthquakes in Koyna, part of the CSIR AMRIT program aimed at gaining insights from top scientists.

Dr. N Kalaiselvi, DG-CSIR, emphasized environmental protection on Earth Day, stating that many CSIR scientists and employees completed Energy Literacy Training and installed Climate Swaraj Foundation-supplied climate clocks in labs.

Tags: #Sonal Desai, Chetan Singh Solanki, Climate clock, Climate emergency, CSIR, Data, Dr. N Kalaiselvi, Dr. Shailesh Nayak, Earth Day, Energy Swaraj Foundation, Intergovernmental Panel on Climate Change, IPCC, National Institute of Advanced Studies, Renjini Liza Varghese, WriteCanvas, Zero emissions

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50 Percent Large US Firms Depend on Spreadsheets to Manage ESG Data
WriteCanvas News

Fifty percent of large US firms dependent on spreadsheets to manage ESG data are ramping up their ESG data and reporting capabilities.

A professional services firm KPMG US survey reveals that most large companies feel confident that they are ahead of the curve in managing ESG data.

KPMG US polled 550 board members, executives, and managers at public and private businesses for its most recent study. Of these, roughly two-thirds had revenues of $1 billion or more, primarily from North America and Europe and a variety of industry sectors.

The majority of large companies are ramping up their ESG data and reporting capabilities, the authors note. Many are planning to increase investments in sustainability-related software and workforce capabilities over the next few years.

However, nearly half report that they are still using spreadsheets to manage ESG data, the authors note.

The difference in perception and the real level of readiness:

The KPMG study showed a discrepancy between businesses’ perceived and real levels of readiness for ESG reporting.

Though 83% of respondents claimed their companies were ahead of their peers in terms of sustainability reporting, many still seem to rely heavily on manual data collection.

47% used spreadsheets are the most commonly used ESG data management system
47% use spreadsheets and ERP systems
38% use spreadsheets, ERP systems with ESG modules
37% use specialized ESG software solutions
33% use ESG data management solutions

Enhancing ESG data management:

Even though almost half of businesses still use spreadsheets to compile their ESG data, the majority have plans to improve their ESG reporting capabilities soon.

58% intend to use artificial intelligence and machine learning to improve their data consolidation and analysis over the next three years
49% are currently offering management and employee training to improve the quality of their ESG reports

The survey indicates that businesses are prioritizing enhancing their ESG capabilities due to increasing regulatory pressure to disclose sustainability information.

90% plan to increase their ESG investments over the next three years
37% will invest in data collection and management tools as a top priority
38% will invest in employee training and education
43% will invest in dedicated ESG personnel

Capacity building:

The survey said that many organizations see developing ESG capabilities as a crucial tool for improving organizational performance and meeting compliance requirements.

The survey revealed that 45% of respondents believe enhancing ESG data management and reporting capabilities is the most effective method for integrating sustainability goals with business objectives.

ESG skills, including data analytics, sustainability management, risk assessment, and carbon emissions reporting, emerged as high skills. 83% of companies predicted increased ESG responsibilities in non-ESG roles.

Challenges:

The study highlighted the significant challenges businesses must overcome to integrate a sustainability strategy into their broader corporate goals.

44% of respondents cited “insufficient resources or capacity to collaborate effectively” as the biggest obstacle
19% of respondents mentioned competing priorities or budgetary constraints
21% said it was difficult to calculate the return on investment for ESG activities
Respondents mentioned internal silos and poor departmental communication as another major obstacle to sustainability integration

Notably, more than 75% of respondents stated that they anticipate organizational restructuring to better align sustainability goals with overall business strategy to achieve better coordination, with 33% anticipating a “major restructuring.’

Quotes:

Tegan Keele, Climate Data & Technology Leader, KPMG US, said, “Artificial intelligence and machine learning technologies can help organizations gain valuable insights from disparate data and make more informed decisions. However, they are not a silver bullet for sustainability reporting or for setting a strategy that adds value to the business. Judgment calls like which data to use, which sources to collect the data from and the type of controls that need to be in place require a cohesive strategy. The strategy should be driven by the organization and informed by the technology rather than driven by it.”

Maura Hodge, ESG Audit Leader, KPMG US, said: “Timely and accurate reporting of sustainability information is key for businesses to meet regulatory reporting guidelines. However, compliance alone should not dictate an organization’s strategy – focusing on the core elements of ESG that will drive financial value over the long-term is paramount.”

Rob Fisher, ESG Leader, KPMG US, said, “Sustainability touches every part of the business, making it very difficult for large organizations to organize around and very easy to have a ‘check the box’ mentality and focus solely on compliance. The organizations that view new reporting requirements as more of an expansion of their broader sustainability strategy and who continue to invest in the right people and technology to make progress on that strategy will be better positioned to both realize and communicate the full value sustainability initiatives can bring to their business.”

Tags: #Sonal Desai, Audit, Data, ESG data, ESG data management solutions, ESG reporting, KPMG, Maura Hodge, Renjini Liza Varghese, Rob Fisher, Spreadsheets, Sustainability reporting, Tegan Keele, WriteCanvas

« Four government initiatives in sustainable energy sector this week

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News

New Platform to reduce Sustainability Disclosures Gap between Private and Public Enterprises
WriteCanvas News

MSCI has launched a new platform that will allow private companies to self-report their sustainability and climate disclosures to investors.

The platform allows companies to securely report data to investors, approve or decline requests from GPs and lenders, and proactively provide data to active market participants.

Launched amid increased global demand for sustainability reporting, the platform offers investors insights into private company sustainability practices, similar to public company assessments.

The platform uses the ESG IDP template, a tool created by Apollo Global Management and Oak Hill Advisors, to standardize ESG disclosures for private markets. The tool also provides users with access to an AI-powered, carbon measurement and reporting tool provided by Climate Management & Accounting Platform (CMAP) provider Persefoni.

Eric Moen, ESG Head, MSCI, said, “As companies’ sustainability and climate considerations are increasingly being used in capital allocation, lending, and other decision-making processes, investors need an efficient and effective way to share and analyze this critical data.”

Kentaro Kawamori, CEO and Co-Founder, Persefoni, said, “This collaboration targets a pivotal area in today’s corporate sustainability efforts. It closes the carbon emissions reporting gap for both public and private companies. This initiative represents a material stride towards enhancing transparency in private assets, a sector where data accessibility has traditionally been challenging.”

Tags: #Sonal Desai, Carbon emissions, Data, ESG IDP template, MSCI, Platform, Renjini Liza Varghese, sustainability, Sustainability and Climate Disclosures, Sustainability reporting, WriteCanvas

« HDFC Bank Raises $300M Through Maiden Sustainable Finance Bond

Google, HSBC to Offer Venture Debt financing Option to GCR-Sustainability Companies »

Blog

Climate action: Adapting or Mitigating?
Renjini Liza Varghese

A crucial question recently struck me after a conversation with an industry expert: are we truly tackling climate change through mitigation, or are we merely adapting to its consequences?

While both perspectives have merit, the reality is unsettling – most current efforts lean heavily towards adaptation, a reactive approach to immediate and near-term crises.

This isn’t to downplay the importance of resilience. Responding to floods, droughts, and other climate events is vital. However, it shouldn’t overshadow the urgent need for proactive mitigation strategies. We must move beyond short-term fixes and implement a long-term vision with concrete deadlines. Sadly, COP28, which concluded in Dubai on December 8th, 2023, lacked this crucial element.

The gap in mitigation action stems from a confluence of factors. These include:

Data Gaps: While scientific evidence paints a clear picture of the climate crisis, we lack micro-geographical data for enabling communities to effectively prepare for local impacts.

Flawed Strategies: Many countries, regardless of their development status, have nominal mitigation plans riddled with loopholes that allow them to avoid accountability for missed targets.

Technological Lag: Despite efforts to develop climate prediction tools, a significant gap remains. Initiatives like India’s focus on precise climate forecasting for extreme weather events represent promising steps.

Unreliable Finance: While financial commitments are made, developed nations often fall short in mobilizing the necessary climate funds. The newly established “damage and loss” fund offers a glimmer of hope, but its scope is limited. Green funds, too, face challenges like greenwashing, making it difficult to track their actual utilization in mitigation efforts.

Implementation Delays: Reports before COP28 highlighted widespread lags in countries meeting their climate goals. A drastic course correction is needed, demanding a top-down approach that prioritizes community-level benefits while fostering global collaboration and joint action.

Bridging these gaps requires a multi-pronged approach:

Strengthening Green Initiatives: Investing in green technologies, renewable energy, and sustainable practices is essential.
Maximizing Green Funds: Effective allocation and utilization of these funds, along with robust monitoring mechanisms, is crucial.
Leveraging Native Knowledge: Indigenous communities hold invaluable knowledge about living in harmony with nature. Incorporating their wisdom can empower local adaptation and resilience.
Micro-data Driven Strategies: Focusing on acquiring and utilizing geospatial data will equip communities with the precise information they need to prepare for and manage local climate impacts.

Above all, we need a collective commitment to move beyond adaptation and embrace mitigation. I believe that the year 2024 will be a turning point, marked by the emergence of innovative technologies and a renewed focus on mitigation. Let’s work together to ensure that this year becomes a defining moment in our collective fight against climate change.

Tags: #Sonal Desai, Climate Action, Climate adaption, Climate Change, Climate Crisis, climate fund, Climate mitigation, Data, Green fund, Renjini Liza Varghese, technology, UN, UNFCCC, United Nations, United Nations Convention on Climate Change (UNFCCC), WriteCanvas

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Cyclone Michaung and the Urgent Need for Improved Disaster Management
Renjini Liza Varghese

Cyclone Michaung, which recently ravaged the southern Indian state of Tamil Nadu, serves as a stark reminder of the increasing frequency and intensity of climate-related disasters.

As we witness the heart-wrenching scenes of destruction, displacement, and despair, it’s crucial to introspect and address the glaring gaps in our disaster preparedness and response mechanisms.

I am not surprised by the number of natural calamities hitting the country; many of these are a culmination of emissions leading to climate change.

India has faced climate disasters almost every month across different parts of the country. I recall here a report published by a New Delhi-based think tank, CSE, on climate, “India witnessed climate incidents every 2 days in the first nine months of 2023.”

In the case of Mihaung, I understand it is too early to assess the damage in Tamil Nadu. Partially because the cyclone is still active, and is now heading towards Andhra Pradesh. It may take weeks before we get our hands on the broader damage assessment. However, going by the historical data, I am sure it will climb to several crores of rupees.

While India has made advancements in climate disaster prediction, it consistently falls short in effectively managing these events. This failure stems from a combination of factors, including:

Inadequate Awareness: Many communities lack basic awareness about climate risks and preparedness measures.
Data Deficiency: The absence of comprehensive climate data hampers effective planning and resource allocation.
Untrained Local Officials: Local administration personnel often lack the necessary training to handle climate emergencies.
Bureaucratic Hurdles: Multi-layered decision-making processes hinder prompt and decisive action.

These shortcomings result in devastating consequences, including loss of lives, livelihoods, and property, disproportionately affecting the marginalized and economically vulnerable.

The recently established Loss and Damage fund at COP 28 offers a glimmer of hope for developing nations like India to rebuild post-disaster. However, accessing this support may take months.

To truly address the climate crisis, we must initiate comprehensive reforms, starting with:

Enhanced Disaster Management Plans: Develop detailed and localized disaster management plans tailored to specific regions and risks.
Frontline Worker Upskilling: Provide comprehensive training to frontline personnel involved in disaster response and relief efforts.
Sustainable Town Planning: Implement sustainable urban planning principles that integrate climate resilience measures.
Climate Awareness Campaigns: Conduct extensive awareness campaigns to educate communities about climate risks and preparedness.
Local Climate Data Repositories: Establish local climate data repositories to inform decision-making and preparedness strategies.

Effective disaster management is not solely the responsibility of the government. It requires a collective effort involving the corporates, technology companies, and individuals.

The time for complacency is over. We must adapt to the climate-vulnerable reality we face and work together to build a more resilient future.

Tags: #Sonal Desai, Climate Change, Climate-related disasters, COP 28, Cyclone Michaung, Data, Disaster management, Loss and Damage Fund, Renjini Liza Varghese, WriteCanvas

« EY Global Climate Risk Barometer: Businesses Neglecting Climate Strategy

Hospitals: The New Victims of Emissions? »

News

EY Global Climate Risk Barometer: Businesses Neglecting Climate Strategy
WriteCanvas News

The EY Global Climate Risk Barometer indicates some improvement in climate reporting quality, but not enough to meet climate commitments. Despite improvements in reporting, businesses continue to neglect adequate climate strategy and action.

The three focus areas:

This year’s report delves into three new areas that will significantly influence the reporting landscape in the coming years. These include:

i. Corporate performance: Just one out of every three companies surveyed revealed quantitative or qualitative links between climate-related impacts in their financial statements when examining the relationship with corporate performance. This suggests that climate risk and impact are not given equal weight when analyzing financial performance.

Analysis:
• 42% organizations did not carry out scenario analysis when considering the company’s value chain and broader market dynamics
• The majority of businesses are still less likely to disclose their strategies on climate-related opportunities (68%) than those on risks (77%), indicating that climate change is still not seen in the context of business growth

ii. Transition planning: Corporates must work on transition planning, the study reported.

Analysis:
• Almost half (47%) do not disclose how they plan to change their operations and business model to comply with the most recent climate recommendations
• Of those who do reveal plans, 53% provided limited details
• The industries with the most intricate plans are those most vulnerable to climate change. These include energy (60%), mining (60%), transportation (58%), telecommunications, and technology (57%). In contrast, only 43% of respondents in the agriculture sector revealed any kind of transition plan.

iii. Compliance readiness: The study indicates that businesses with a climate risk-related business growth strategy are better equipped to handle new climate-related reporting requirements, such as IFRS S2.

Key highlights of the EY Global Risk Barometer:

The Barometer for this year indicates a significant mismatch between the climate and corporate strategy of organizations. Even though they have agreed to make climate-related commitments:

• Disclosures have risen from 84% in 2022 to 90% in 2023, indicating a positive trend
• The quality of climate disclosures is still low at 50%, and the only factor contributing to the slight improvement (+6% YoY) is the need to get ready for the new International Sustainability Standards Board (ISSB) regulation’s higher requirements
• Almost half (47%) of the respondents do not have a transition plan to support these
• 74% of responding companies do not disclose the quantitative effects of climate risks
• Even though the quality and coverage of disclosures have improved (+6% YoY and +6% YoY, respectively), especially in developing nations, corporate change is still happening too slowly as disclosure improvements have reached a tipping point
• Reporting granularity and the efficacy of regulations pertaining to them remained lacking
• The US (52%), France (59%), Spain (59%), Germany (62%), and the UK (66%) were the top markets for the quality of climate-related disclosure
• Significant need for improvement in Indonesia (22%) and China (30%), as well as in India (36%)

The way ahead:

The report cites three critical actions that companies should consider taking to support the global climate agenda:

• Mindset shift from burden to action: High-performing businesses leverage disclosure as a catalyst for change. They combine strategy, action plan, and rigorous data disclosure to mitigate climate risk effectively.

• Data-driven carbon agenda: Data should be integrated into risk management, promoting carbon reduction, and not stored in silos.

• Boardroom elevation: Boardrooms should utilize climate data to guide corporate strategy, addressing the impact of climate change from all angles within the company.

Leader speak:

Dr. Matthew Bell, EY Global Climate Change and Sustainability Services Leader, said, “This year’s Barometer report shows there are both leaders and laggards when it comes to disclosure, with complexity existing regionally and across sectors. Unsurprisingly, countries with rigorous disclosure regulation and an engaged investor or policymaker community continue to move forward, drawing on the recent TCFD disclosures and readying themselves for the new ISSB requirements. Markets where there is a lack of any mandatory climate disclosure requirements pull the average down, and until this is addressed, scores will remain low.”

He warned that the EY Global Climate Risk Barometer for this year showed a worrying gap between corporate actions to achieve climate goals and stated ambitions.

The transition to a net-zero economy is crucial for meeting climate obligations. Revealing climate risk should be seen as a competitive advantage and a broader commercial strategy, he said.

“This may be a pivotal moment for leaders who should adopt and deliver real change. Business should shift from a commitment mindset to one of action, where their decarbonization strategy is not only embedded, but executed across their operations,” he said.

Tags: #Sonal Desai, Climate commitments, Climate reporting, Climate strategy, Compliance readiness, Corporate performance, Data, Dr. Matthew Bell, EY Global Climate Risk Barometer, IFRS S2, International Sustainability Standards Board (ISSB), Renjini Liza Varghese, Scenario analysis, Transition planning, WriteCanvas

« Air India Adopts Aerowash for Sustainable Aircraft Cleaning

Cyclone Michaung and the Urgent Need for Improved Disaster Management »

DEI, Women empowerment, Inclusion

How far has India fared in terms of DEI?
Sonal Desai

What is the status quo of DEI in India?

That may be a very difficult question to answer. Different agencies have reported different data. For example, People Matters says that 63 percent of companies hosted events and DEI-related discussions. 50 percent of companies have a DEI mission statement. 49 percent have a DEI strategy in place.

This data can present a different view. For some, it may be a half-glass full, and some may view that as a half-empty glass. But if you consider the two main focus elements of DEI: women and persons with disabilities, the scenario tilts in favor of the former since Women Empowerment is in vogue.

Speakers at a recent webinar organized by the DEI Committee of the Southern region of ASSOCHAM conceded that organizations are a lot more aware of inclusion as a part of what they do for social responsibility. The regulatory mandate provides the impetus.

Leading the charge, Dr. Manasa Nagabhushanam, Chairperson, ASSOCHAM Southern Regional Council on Diversity & Inclusion & Director of Ramaiah Institute of Management, Bengaluru, pointed out the challenges women and persons with disabilities face in getting employment that fits their educational qualifications.

The future of inclusion is very promising and the lines are blurring pointed out Ankit Jindal, Marketing Advisor, NTT DATA Services, whose narrative was laced with practical examples of how DEI is an organic and seamless part of each organization at NTT DATA.

Mythily Ramesh, Co-Founder and CEO, Mahendra NextWealth, also supported her discussion with narratives from her organization’s endeavor to support women (especially in the rural areas). “The aim is to make them independent and self-confident. We have taken the strides, and are seeing results.”

I am taking this as a positive signal, that somewhere we have made a start. With technology as the biggest enabler, organizations are also upgrading infrastructure to accommodate the needs of persons with disabilities. Many organizations have organized special initiatives for women wanting to return to work after a maternity break. Many offer creche facilities, flexible hours, or even part-time work besides continuous training and upskilling programs to provide women equal opportunities to climb the corporate ladder.

I admit that the push for DE&I is growing in both the private and government sectors. The private sector has started making concerted efforts in recent years to support workplace diversity including improved access to physical and digital infrastructure to enable a conducive workplace. The government is also being sensitized toward DEI. I am happy to note that DEI is a strategic policy at the central, state, and local government levels.

However, this is just the beginning and I am sure that soon, DEI will be a part of our parlance, an integral part of our daily lives.

Some concerns:

Women’s labor force participation in India still stands at 22.3% vs the Global average of 47%. Do surveys on women’s participation focus on their mental and physical well-being? Each of these surveys must mention homemakers, who are a vital component of our day-to-day lives. They slave the hardest, work OT, and yet feel guilty as they are not stepping outside their homes to earn! Many of these women have volunteered to take a back seat, and that takes a lot of courage. But as a collective, I believe it is our responsibility to make them feel valued, respected and their work, appreciated.

Similarly on DEI, how many persons with disabilities have jobs that match their skill sets? How many organizations are willing to employ them? Is the HR or the respective business units sensitive toward their needs? Do we understand that they do not need our pity, but empathy, respect, and equal treatment?

As a species human beings first need to remove the mental barrier and stop looking at persons with disabilities as different people. They are people. They have skill sets, are educated and therefore, they have the job. THEY DESERVE IT AS GOOD AS ANYONE ELSE!

Thankfully, there is a rising ecosystem to support DEI. This comprises NGOs, social enterprises schools, and colleges who are preparing and training the talent, making them market-ready.

Tags: #Sonal Desai, Ankit Jindal, Data, DEI, DEI Committee of the Southern region of ASSOCHAM, DEI mission statement, DEI strategy, Dr. Manasa Nagabhushanam, Mythily Ramesh, NTT DATA Services, People Matters, Ramaiah Institute of Management, Renjini Liza Varghese, technology, Women Empowerment, WriteCanvas

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CBAM, Steel industry, Carbon emissions

India to comply with CBAM during the transition phase
Sonal Desai

As India plans its carbon tax, it is likely to accept the EU’s Carbon Border Adjustment Mechanism (CBAM)

India is set to comply with the EU’s default carbon emissions calculations during the transition phase (Jan 2024-June 2024) of CBAM.

CBAM mandates nations to process values for calculating carbon emissions during the production of identified polluting items. India’s steel and aluminum industries may face additional levies of 20-35% if they don’t comply with EU standards. Little wonder, the new mandate may pinch the Indian exporters from sectors such as steel, cement, aluminum, and fertilizer. That doesn’t mean the sectors are insulated, they also will have to follow suit soon.

Meanwhile, India is planning its carbon tax, particularly for exports to European nations.

India, which has set a target to achieve net zero by 2070, aims to reduce the total projected carbon emissions by one billion metric tons and reduce the carbon intensity of its economy by at least 45 percent, by 2030.

It must be noted that CBAM was implemented on October 1, 2023, to increase carbon pricing for EU-produced goods, aiming to level the playing field between EU producers and international competitors.

Carbon taxes on carbon-intensive goods covered under CBAM will not kick in before 2026 and thus EU-based importers only need to report data on the embedded emissions only till the end of 2025.

Also, as of today, India does not have a carbon verification and accreditation system. This may make it difficult for the country to determine its emissions. During the transition, using the EU’s default value for emissions could be more prudent.

Tags: #Sonal Desai, Carbon Border Adjustment Mechanism (CBAM), Carbon emissions, Data, EU, india, Net zero, Renjini Liza Varghese, WriteCanvas

« S&P Global introduces Power Evaluator

IREDA Launches CSR Portal »

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S&P Global introduces Power Evaluator
WriteCanvas News

S&P Global has launched Power Evaluator, a new evaluation tool to deliver deep insight into the true value of asset investments in the power sector. The tool allows users to conduct custom valuations of existing and planned power plant assets, simulate the impact of plant acquisitions and divestments, track portfolio progress to Net Zero goals, and quantify physical and market risks to the US power plant fleet.

Power Evaluator is an innovation of S&P Global Commodity Insights and powered by data from across S&P Global, including power plant assets from S&P Global Commodity Insights, physical and climate risk datasets from S&P Global Sustainable, and ownership data from S&P Global Market Intelligence.

Philippe Frangules, Global Head of Gas, Power & Climate Solutions, S&P Global Commodity Insights, said, “With the introduction of the Inflation Reduction Act, we are seeing an unprecedented interest among market participants to invest in renewable energy and achieve net zero goals. Power Evaluator gives clients the ability to examine, simulate, and track the power landscape from a macro and micro view with an unparalleled range of data, which enables them to make decisions with conviction.”

The new tool is designed to assist investors, renewable developers, power producers, and anyone wanting an edge in understanding the power sector and its path toward a lower-carbon future. With its unique cross-S&P Global data sets, Power Evaluator not only provides unparalleled insights into the energy sector, but it can also help accelerate deal flow and better enable users to measure performance against key sustainability categories.

Power Evaluator offers users customizable metrics and maximum flexibility to achieve their firm’s strategic priorities. Core benefits include its key offerings of:

Multiple price-forecast scenarios
Machine-learning-powered nodal forecasting capabilities
Adjustable operational, financial, and tax assumptions for each asset
Quantifiable physical risks and weather metrics

“Leveraging machine learning technology, the tool brings together billions of interconnected pieces of data like no other product available to provide unique insight into the power sector and allow for real-time customization,” said Stan Guzik, Chief Technology Officer and Head of Customer Applications, S&P Global Commodity Insights.

Power Evaluator is available to customers via the S&P Capital IQ Pro platform, which is the market-leading provider of insights and data on the global energy sector, covering over 4,300 public and almost 200,000 private energy companies worldwide. Power Evaluator on Capital IQ Pro offers expanded workflow capabilities to clients, allowing them to conduct more in-depth research, enhanced assessment of power markets, and financial analysis with more efficiency.

Tags: #Sonal Desai, Data, data analysis, forecast capabilities, Net zero, net zero emissions, physical risks, Power Evaluator, power sector, RE, Renewable energy, Renjini Liza Varghese, S&P Global, Stan Guzik, WriteCanvas

« Skilling young India: National Skill Development join hands with Deakin University

India to comply with CBAM during the transition phase »

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Pests destroy Rs 2 lakh crores worth of crop yield/year in India
WriteCanvas News

According to a CropLife India-Yes Bank report, pests are estimated to cause an annual loss of INR 2 lakh crores worth of crop yield.

The conference:

The entity hosted a national conference featuring key agriculture ministers, government officials, experts, academia, and industry leaders. Yes Bank was the Knowledge Partner for the event.

The National Conference discussed India’s potential as a global food hub, emphasizing the importance of sustainable crop protection solutions. The Inaugural Session discussed the growth of Indian agriculture as the world’s emerging food basket and the crucial role of states. The Plenary Sessions I and II focused on women driving Indian agriculture growth and innovations for new-age farmers, respectively. The Valedictory Session discussed the significant role of agrochemicals in the growth of Indian agriculture.

The report was released during CropLife India’s 43rd AGM.

Report highlights:

In India, pests are estimated to cause an annual loss of INR 2 lakh crores worth of crop yield.

Indian agriculture is providing food to a population of 1.43 billion.

Contrary to popular belief, crop protection usage in India is only 0.37 kg/hectare, compared to 11.24 kg/hectare in Japan.

CropLife India anticipates State Governments to play a crucial role in establishing a public-private pathway for capacity building and awareness creation.

Drone techs are revolutionizing agri-input delivery, application, and market linkage. Agtech is enhancing crop protection solutions and promoting entrepreneurship in rural areas, thereby transforming crop protection and income generation.

India, after China, is now the second-largest exporter of agrochemicals globally. It is a significant player in the global crop protection industry.

India’s crop protection industry is transitioning from a product-centric to a sustainable solution-centric approach, offering beyond-crop protection to farmers.

State governments play a crucial role in facilitating the ease of doing business and the ease of doing agriculture.

The attendee voices:

Mr Kakani Govardhan Reddy, Minister of Agriculture, Government of Andhra Pradesh:
“The state government is dedicated to educating farmers about how to better use new technology in agriculture. This has resulted in a number of innovative initiatives like “E-KYC Know Your Crop.” The aim is to give farmers access to crucial digital resources. To further support inclusive agricultural practices, the state is thinking about implementing the State Minimum Support Price Act.”

J. P. Dalal, Minister of Agriculture, Government of Haryana:
“We are encouraging Haryana farmers to diversify their crop portfolios and produce in accordance with market demands. The 550-acre Ganaur market currently being built will be bigger and better than markets in developed nations like Spain and France. The market would give farmers access to facilities for block and tehsil-level grading, packaging, and sorting. It will also assist in the export of high-quality goods to foreign markets.”

Dr. Ashok Dalwai, Chairman, Empowered Committee Doubling Farmers’ Income, Ministry of Agriculture & Farmers’ Welfare, Government of India:
“It is important to encourage data-based research studies and develop public-private partnerships. Providing better technologies to the farmers will help them to increase productivity and production.”

Dr. P. K. Singh, Agriculture Commissioner, Ministry of Agriculture & Farmers’ Welfare, Government of India:
“Adopting the ‘One Health’ approach to balance and optimize the health of people, animals, and the environment is essential for the development of the country. The urgency lies in the role of technology in enabling multiple crop cycles in the same field, educating farmers, and reframing the perception of agrochemicals.”

Dr. S. C. Dubey, ADG (Plant Protection), Ministry of Agriculture & Farmers Welfare, Government of India:
“Agrochemicals are essential for crop loss reduction, productivity increase, and nutrient/water management. R&D investment is crucial for sustainable agriculture, prioritizing environmental sustainability, farmer well-being, and long-term profitability.”

Dr. K. C. Ravi, Chairman, CropLife India:
“The introduction of cutting-edge technologies like artificial intelligence and drones would pave the way for innovation. It would also help introduce new products to address the current and upcoming challenges farmers face. A predictable, stable, and science-based policy and regulatory regime is essential for properly developing the crop protection sector as India becomes a major global food hub.”

Ms Chhavi Rajawat, the first MBA Sarpanch, Sangeeta Bojappa, Dr. Anupama Singh, IARI Scientist, and Nisha Solanki, the first woman drone pilot of Haryana, discussed women’s role in Indian agriculture growth.

CropLife India commitment:

CropLife India is committed to delivering safer crop protection innovations and educating farmers on responsible use while also fostering a science-based, pragmatic, and stable regulatory environment for Indian agriculture.

CropLife collaborates with farmers, scientists, and policymakers to tackle challenges, but research costs have increased, estimated at Rs 2,000 crores. A progressive policy environment fostering innovation is crucial for Indian agriculture’s success and competitiveness.

Tags: #Sonal Desai, Agriculture, Agtech, Chhavi Rajawat, CropLife India, Data, Dr. Anupama Singh, Dr. Ashok Dalwai, Dr. K. C. Ravi, Dr. P. K. Singh, Dr. S. C. Dubey, Drone pilot, Drone-technology, Farmers, IARI, J. P. Dalal, Kakani Govardhan Reddy, Nisha Solanki, Pests, Renjini Liza Varghese, Sangeeta Bojappa, WriteCanvas, Yes Bank

« Delhi Announces Action Point Plan, Upgrades Green War Room

Turning the green tide »

News

25% US Executives Confident of Meeting Sustainability Regulatory Requirements
WriteCanvas News

A survey by KPMG in the US shows that companies expect ESG strategies to impact business and financial outcomes positively. However, only a quarter of the executives or 25%, are confident in meeting sustainability regulatory requirements.

KPMG conducted a study involving over 200 business leaders responsible for their companies’ ESG strategy across industries with over $1 billion in revenue for the KPMG US ESG Survey.

While 67% of those surveyed said they would be required to report on ESG in three or four jurisdictions, 92% of those surveyed worked for companies with North American headquarters.

Key findings:

43% of respondents reported that their companies’ business and environmental goals are now more closely aligned than they were five years ago. The survey found that business leaders see an increasing connection between their sustainability and corporate strategies. At 66%, this result is especially strong for larger businesses (10,000+ employees).

Business leaders identified access to new capital sources (35%), customer retention (34%), and M&A efficacy as the top areas in which ESG adds value to their companies. Of these, 41% reported that ESG engagement adds significant financial value.

The executives expect to generate value in the future as a result of their sustainability efforts in attracting new customers, with 40% expecting greater financial value in 2–5 years, talent recruitment and retention (37%), increased revenue from premium pricing (37%), and lower cost of capital (38%).

Many business leaders have reported refocusing on ESG activities as they anticipate generating value and opportunities from their sustainability strategies. In contrast to a KPMG survey conducted last year that found 59% of respondents planned to pause or reevaluate their ESG efforts due to economic uncertainty, the new survey discovered that 55% actually increased their ESG efforts despite a potential recession, while only about a quarter decreased them, the authors wrote.

The supply chain partners, rather than regulators, were the source of the most pressure on executives to increase transparency about their sustainability efforts and progress. According to 88% of respondents, these stakeholders are demanding “some” or “a great deal” more ESG reporting and transparency, compared to 80% for regulators. Customers (81%), employees (82%), and institutional investors are the other top sources of demand for greater ESG transparency.

Challenges:

Despite increasing pressure from a variety of stakeholders to increase transparency, only about half of respondents (53%) said they were at least somewhat confident in their ability to meet sustainability reporting requirements in the US Additionally, only a quarter said they were confident they could meet future ESG reporting requirements in the US, EU, and other regions, with two-thirds anticipating having to report in three to four jurisdictions.

Additionally, more than 40% of survey participants stated that the SEC’s process for finalizing its own climate-related reporting rules, initially introduced in March 2022, and with the final rules expected later this year, has slowed or stopped ESG reporting.

The completion of environmental reporting data on time for their 10K filings was cited as a primary or very significant challenge by 50% of the respondents. This was followed by the expense of resources and talent to manage reporting (46%) and investing in data collection, management, and reporting (46%). While measuring Scope-3 emissions did not make the top 5 challenge categories, 45% of respondents said that aligning their sustainability strategies with reporting requirements also posed a major or very significant challenge.

Quotes:

Rob Fisher, KPMG UUSESG Leader, said, “These results underscore that ESG provides businesses with a clear opportunity to differentiate themselves and gain a competitive edge. ESG’s wide-ranging impacts and levers make it an incredibly unique coordination challenge for leaders. The risk of falling behind can compound, turning today’s headache into a long-term struggle as competitors pull away. The upcoming reporting requirements should ignite urgency to align one’s reporting with strategy today.”

Maura Hodge, KPMG UUSESG Audit Leader, said, “For many companies, ESG reporting requirements are already here even as we await the SEC’s final rule. While convergence has begun, organizations will undoubtedly struggle to navigate the web of global requirements as we determine the interoperability of the standards. The very cautious confidence among companies on reporting underscores the urgency to align one’s reporting approach with business strategy today.”

Tags: #Sonal Desai, Business strategy, Data, Environmental goals, ESG strategies, Maura Hodge, Renjini Liza Varghese, Rob Fisher, Scope 3 emissions, Sustainability regulatory requirements, WriteCanvas

« Call for joint action to preserve forests

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SDGs

NITI Aayog, UNDP Collaborate to Accelerate SDGs in India
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With an aim to drive sustainable and inclusive development in the country, NITI Aayog and UNDP have signed a Memorandum of Understanding (MoU) to accelerate SDGs in India.

As a part of the MoU—signed for five years, the two entities will monitor and use data driven insights derived from implementing plans and strategies of localized SDGs. Data generated through the tracking mechanism will enable the implementation agencies to brainstorm and develop policies to uplift underdeveloped regions of the country, make them sustainable. Aimed at the regions especially earmarked in the Aspirational Districts and Blocks program, the collaboration will motivate the state and the central agencies to collaborate to achieve common development goals.

BVR Subrahmanyan, CEO, NITI Aayog, said, “With monitoring going beyond districts down to the block level, we see this partnership fostering data-driven policy interventions and programmatic action. This data-centric approach is expected to facilitate more precise and effective policy decisions, contributing to sustainable development.”

Shoko Noda, Resident Representative, UNDP India, said, “Midway to 2030, India’s leadership is critical for making the SDGs a reality. India nearly halved multidimensional poverty between 2015-2016 and 2019-2021, demonstrating that despite complex challenges, accelerating progress towards the Goals is possible. Through this MoU with NITI Aayog, UNDP stands ready to enhance its support for localization of the SDGs, data-driven decision-making through various indices, the Aspirational Districts and Blocks program, and SDG financing. UNDP will also provide support for NITI Aayog’s work on women’s livelihoods, innovation, and Mission LiFE.”

Tags: Aspirational Districts and Blocks, BVR Subrahmanyan, Data, NITI Aayog, Renjini Liza Varghese, SDG financing, SDGs, Shoko Noda, Sustainable Development, UNDP, WriteCanvas

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Carbon Footprint

LG Chem Obtains Product Carbon Footprint Calculation Method Certification
WriteCanvas News

LG Chem has received certification for its Product Carbon Footprint (PCF) calculation method from the global testing organization TUV Rheinland.

The move is in response to the growing demand for low-carbon products from global customers and pertinent certification information.

PCF is the value of carbon emissions generated in the entire process of product production, including raw material extraction, processing, transportation, and manufacturing, expressed in product units (1kg, 1m, 1EA, etc). The assessment method follows the international standard (ISO 14067:2018), and includes mandatory criteria such as data collection and calculation methods, and impact assessment.

Through this certification, LG Chem has secured the reliability of its Product Carbon Footprint assessment process, which includes advanced materials and petrochemical products, that it has been independently calculating since 2021, the company said in a press release.

LG Chem plans to implement the Product Carbon Footprint system for products produced at all domestic and international sites by 2025 and continually enhance its capabilities. The certification will help LG Chem to capture the low-carbon and eco-friendly product market.

The company plans to apply the certified PCF method to its internally developed product carbon footprint automation system called Carbon footprint Analysis & Management Platform (Camp). Camp minimizes human errors by selectively extracting necessary data from existing in-house systems such as Enterprise Resource Planning (ERP) without requiring additional input. Moreover, it efficiently assesses reliable Product Carbon Footprint within a short timeframe based on internationally certified methods, enabling proactive responses to the needs of global customers.

Tags: Carbon emissions, Carbon footprint Analysis & Management Platform (Camp), Data, Impact assessment, International standard (ISO 14067:2018), LG Chem, Product Carbon Footprint (PCF), TUV Rheinland, WriteCanvas

« COP28 Unveils Innovative Global Accountability and Inclusivity Program

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Technology, Open source, Climate change, IBM, NASA

How are IBM and NASA leveraging AI to fight climate change?
WriteCanvas News

IBM that had developed AI-based geospatial foundation model from NASA’s satellite model has decided to share the code on open-source AI platform, Hugging Face.

The initiative is an effort from both: IBM and NASA to widen access to NASA’s earth science data for geospatial intelligence and accelerate climate-related discoveries and innovations in Earth science.

It must be noted that early 2023, IBM and NASA collaborated for a project to build an AI model to understand and clearly how Earth’s landscape, and speed up the analysis of satellite images and boost scientific discovery. Another motivator was the desire to make nearly 250,000 terabytes of NASA mission data accessible to more people.

Access to the latest data remains a significant challenge in climate science where environmental conditions change almost daily. And, despite growing amounts of data — estimates from NASA suggest that by 2024, scientists will have 250,000 terabytes of data from new missions — scientists and researchers still face obstacles in analyzing these large datasets, IBM said in a press release.

The project coincides with NASA’s Year of Open Science, a series of events to promote data and AI model sharing. It’s also part of NASA’s decade-long Open-Source Science Initiative to build a more accessible, inclusive, and collaborative scientific community.

Sriram Raghavan, Vice President, IBM Research AI, said, “By combining IBM’s foundation model efforts aimed at creating flexible, reusable AI systems with NASA’s repository of Earth-satellite data, and making it available on the leading open-source AI platform, Hugging Face, we can leverage the power of collaboration to implement faster and more impactful solutions that will improve our planet.”

“AI foundation models for Earth observations present enormous potential to address intricate scientific problems and expedite the broader deployment of AI across diverse applications,” IBM quoted Rahul Ramachandran, IMPACT Manager and a senior research scientist at Marshall, in a company blog. “We call on the Earth science and applications communities to evaluate this initial HLS foundation model for a variety of uses and share feedback.”

“We believe that foundation models have the potential to change the way observational data is analyzed and help us to better understand our planet,” said Kevin Murphy, Chief Science Data Officer, NASA. “And by open sourcing such models and making them available to the world, we hope to multiply their impact.”

The model – trained jointly by IBM and NASA on Harmonized Landsat Sentinel-2 satellite data (HLS) over one year across the continental United States and fine-tuned on labeled data for flood and burn scar mapping — has demonstrated to date a 15 percent improvement over state-of-the-art techniques using half as much labeled data. With additional fine tuning, the base model can be redeployed for tasks like tracking deforestation, predicting crop yields, or detecting and monitoring greenhouse gasses. IBM and NASA researchers are also working with Clark University to adapt the model for applications such as time-series segmentation and similarity research, IBM said in a blog.

Tags: AI-based geospatial foundation model, Climate-related discoveries, Data, Earth science data, Hugging Face, IBM, IBM Research AI, Kevin Murphy, Marshall, NASA, Open-source AI platform, Rahul Ramachandran, Sriram Raghavan, WriteCanvas

« ICICI Bank’s RE Thrust

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News

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The Green Backdrop:

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Blog

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So, where are women safe?

Concerns of women in the workplace:

How to stop this menace?

Our take:

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Key findings:

Data reflects regional disparities:

Stakeholders’ comment:

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Key findings:

Ratings per ESG measurement:

How prepared are the Indian CFOs?

Our take:

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Significant findings on the Prominence of the S Factor include:

Our take:

Interested in learning more?

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Transitioning to a smart city:

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What is wrong with the current reporting guidelines?

CSE Recommendations:

Lead quotes:

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The Kerala Story:

Call for action:

The way forward:

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The difference in perception and the real level of readiness:

Enhancing ESG data management:

Capacity building:

Challenges:

Quotes:

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Cyclone Michaung and the Urgent Need for Improved Disaster Management Renjini Liza Varghese

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EY Global Climate Risk Barometer: Businesses Neglecting Climate Strategy WriteCanvas News

The three focus areas:

Key highlights of the EY Global Risk Barometer:

The way ahead:

Leader speak:

DEI, Women empowerment, Inclusion

How far has India fared in terms of DEI? Sonal Desai

Some concerns:

CBAM, Steel industry, Carbon emissions

India to comply with CBAM during the transition phase Sonal Desai

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S&P Global introduces Power Evaluator WriteCanvas News

News

Pests destroy Rs 2 lakh crores worth of crop yield/year in India WriteCanvas News

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25% US Executives Confident of Meeting Sustainability Regulatory Requirements WriteCanvas News

Key findings:

Challenges:

Quotes:

SDGs

NITI Aayog, UNDP Collaborate to Accelerate SDGs in India WriteCanvas News

Carbon Footprint

LG Chem Obtains Product Carbon Footprint Calculation Method Certification WriteCanvas News

Technology, Open source, Climate change, IBM, NASA

RBI to Establish Data Repository for Climate Change Risk
WriteCanvas News

TGI Launched in Mumbai
WriteCanvas News

Are women really safe at the workplace?
Sonal Desai

Renewable Energy Growth Rate Must Triple to 16.4% by 2030
WriteCanvas News

How Prepared Are the Indian CFOs for Climate Reporting and Compliances?
WriteCanvas News

Less Than 10% ESG Heads are Data Custodians: ASSOCHAM-WriteCanvas Survey
WriteCanvas News

Varanasi to Launch $3 M City Challenge in June
WriteCanvas News

Tightening loose-ends in BRSR
WriteCanvas News

Heatwaves and the Rising Tide of Climate Casualties in India
Renjini Liza Varghese

CSIR Turns on the Climate Clock
WriteCanvas News

50 Percent Large US Firms Depend on Spreadsheets to Manage ESG Data
WriteCanvas News

New Platform to reduce Sustainability Disclosures Gap between Private and Public Enterprises
WriteCanvas News

Climate action: Adapting or Mitigating?
Renjini Liza Varghese

Cyclone Michaung and the Urgent Need for Improved Disaster Management
Renjini Liza Varghese

EY Global Climate Risk Barometer: Businesses Neglecting Climate Strategy
WriteCanvas News

How far has India fared in terms of DEI?
Sonal Desai

India to comply with CBAM during the transition phase
Sonal Desai

S&P Global introduces Power Evaluator
WriteCanvas News

Pests destroy Rs 2 lakh crores worth of crop yield/year in India
WriteCanvas News

25% US Executives Confident of Meeting Sustainability Regulatory Requirements
WriteCanvas News

NITI Aayog, UNDP Collaborate to Accelerate SDGs in India
WriteCanvas News

LG Chem Obtains Product Carbon Footprint Calculation Method Certification
WriteCanvas News

How are IBM and NASA leveraging AI to fight climate change?
WriteCanvas News