Climate Change: Time for businesses to bring innovation to meet environmental sustainability norms

Everyone was surprised, at the beginning of the year, by the unabashed love expressed by the new US administration for a growth strategy based on coal, oil and gas. This stumped many who were hoping that the Paris Agreement had closed such routes for those who wanted to be global leaders in the clean energy drive.

Given this backdrop, many companies have begun to believe that everything is hunky-dory for those countries that are going to depend on energy derived from fossil fuel as the drivers of growth in the longer term. However, the reality may be different.

The Donald Trump government has not concealed its preference for the use of broader measures when its economic interests are challenged. Also, none of the US oil majors has openly spoken against the Paris Agreement. One can assume that corporates have begun to look at climate change more as a business opportunity than a challenge.

India’s corporate sector has not expressed any expectation or conditions for its involvement in achieving India’s Nationally Determined Contributions (NDCs). Policymakers are yet to signal the terms on which India’s corporate sector would be expected to work for environmental integrity.

Given the nature of India’s NDCs, is there a need or scope for corporate involvement in managing the NDCs at the sectoral or entity level? India’s NDCs (set for 2030) are defined, not at the sectoral level but at an economywide level, leaving the question of sectoral actions or measures undefined.

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