Private Sector in India commits to address Climate Change

Climate change is one of the most pressing issues of contemporary times. United Nations Framework Convention on Climate Change (also known as UNFCCC), is at the helm of coordinating issues related to climate change and is constantly organizing conferences to be updated with the way climate change is progressing to guide Member-States as to how to tackle these issues. Another global organization at work to tackle this issue is the Non-Aligned Movement (NAM) which has been advised by UNFCCC to implement policies that give priority to climate financing, protecting forests, supporting agriculture and involving technology in such a way that it helps sustainability to prevail. Among NAM Member States, India has been a pioneer in framing policies that encourage use of renewable sources like solar energy, hydro-energy and wind energy. In a laudable initiative, the Indian private sector is stepping up the efforts to address the issue of climate change.

A portion of India’s most significant private sector companies have sworn to work with the Indian Government to deal with climate change and construct a sustainable economy, thus helping the nation accomplish its objectives under the Paris Agreement. CEOs of companies such as Reliance Industries Ltd, Tech Mahindra, Dalmia Cement, Ambuja Cement, Dr. Reddy’s, Sun Pharma, and Adani Transmission, among others, had a virtual conversation with Union Environment Minister Prakash Javadekar at the India CEO Forum on Climate Change.

Javadekar, while addressing the forum, recommended to the corporate world to proliferate and report to the Government what steps and activities they are taking towards decarbonization and bring to the Government’s notice regarding polluting activities to take action. He further expressed that “We have to be on the same page regarding our insistence on financial and technological support from the advanced economies so that India can also catch up and march ahead.”

Following the discussion, a ‘Declaration of Private Sector on Climate Change’ was issued and signed by 24 key industry commanders promising to make a fundamental move to help India accomplish its objectives under the Paris Agreement.

The corporate sector assured and lends their support towards a harmonized response by the Government and private sector on climate change, which will help secure the nation’s interest and make sure that India is on the right path towards meeting its climate change commitments under the Paris Agreement.

The declaration obligates to seek development, exchange, and implementation of the best practices and strategies on GHG emulsion reduction and building climate resilience as a feature of a sustainable development approach.

Moreover, it additionally promises to work with the Government on reasonable and attainable initiatives with benefits for climate change and sustainable development. By sanctioning the declaration, it showcased the authority and resolve of the private sector in creating a collective, reliable and efficient climate change response to help battle climate change with benefits for the present and future generations.

The companies acknowledged that India is focused on fighting climate change and has exhibited commendable leadership in tackling the issue.
The declaration stated that the private sector has a crucial part in creating low-carbon and sustainable economies without jeopardizing collective and holistic growth aspirations. Likewise profited by India’s cooperation in the Clean Development Mechanism of the Kyoto Protocol and going ahead with Article 6 of the Paris Agreement, the private sector offers further opportunities to meet climate change and sustainable development goals.
India is a party to the United Nations Framework Convention on Climate Change (UNFCCC). The Convention’s goal is to accomplish stabilization of GHG concentrations in the environment that would forestall perilous anthropogenic obstruction with the climate system.

India has further ratified the Paris Agreement. The agreement intends to augment the convention’s implementation as per the principles of equity and common yet differentiated responsibilities and respective capacities (CBDRC-RC) in the light of various national conditions. India put forward its aspiring nationally determined contributions (NDCs) in 2015 under the Paris Agreement for the post-2020 period with three quantitative objectives: Lessening in the emission intensity of Gross Domestic Product (GDP) by 33 to 35 percent by 2030 from 2005 level, accomplishing around 40% cumulative electric power installed limit from non-fossil fuel- based energy assets by 2030 and creating an added carbon sink of 2.5 to 3 billion tons of carbon dioxide equal through additional forest and tree cover by 2030.

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