Climate Change | Volition LLP https://volitionllp.com Environment & Finance Sun, 03 Mar 2024 16:44:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://volitionllp.com/wp-content/uploads/2020/05/cropped-vol-icon-32x32.png Climate Change | Volition LLP https://volitionllp.com 32 32 Cabinet approves India’s Updated Nationally Determined Contribution https://volitionllp.com/cabinet-approves-indias-updated-nationally-determined-contribution/ Wed, 03 Aug 2022 14:33:03 +0000 https://volitionllp.com/?p=6122 Cabinet approves India’s Updated Nationally Determined Contribution to be communicated to the United Nations Framework Convention on Climate Change.

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India’s Updated Nationally Determined Contribution approved by Cabinet to be communicated to the United Nations Framework Convention on Climate Change

 

  • Approval translates Prime Minister ‘Panchamrit’ announced at COP 26 into enhanced climate targets.
  • A step towards achieving India’s long term goal of reaching net-zero by 2070.
  • India now stands committed to reduce Emissions Intensity of its GDP by 45 percent by 2030.
  • Prime Minister’s concept of mass movement for ‘LIFE’– ‘Lifestyle for Environment’ as a key to combating climate change”.

T he Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has approved India’s updated Nationally Determined Contribution (NDC) to be communicated to the United Nations Framework Convention on Climate Change (UNFCCC).

The updated NDC seeks to enhance India’s contributions towards achievement of the strengthening of global response to the threat of climate change, as agreed under the Paris Agreement.  Such action will also help India usher in low emissions growth pathways.  It would protect the interests of the country and safeguard its future development needs based on the principles and provisions of the UNFCCC.

India at the 26th  session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Glasgow, United Kingdom, expressed to intensify its climate action by presenting to the world five nectar elements (Panchamrit) of India’s climate action. This update to India’s existing NDC translates the ‘Panchamrit’ announced at COP 26 into enhanced climate targets. The update is also a step towards achieving India’s long term goal of reaching net-zero by 2070.

Earlier, India submitted its Intended Nationally Determined Contribution (NDC) to UNFCCC on October 2, 2015. The 2015 NDC comprised eight goals; three of these have quantitative targets upto 2030 namely, cumulative electric power installed capacity from non-fossil sources to reach 40%; reduce the emissions intensity of GDP by 33 to 35 percent compared to 2005 levels and creation of additional carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent through additional forest and tree cover.

As per the updated NDC, India now stands committed to reduce Emissions Intensity of its GDP by 45 percent by 2030, from 2005 level and achieve about 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. Today’s approval, also takes forward the Hon’ble Prime Minister’s vision of sustainable lifestyles and climate justice to protect the poor and vulnerable from adverse impacts of climate change. The updated NDC reads “To put forward and further propagate a healthy and sustainable way of living based on traditions and values of conservation and moderation, including through a mass movement for ‘LIFE’– ‘Lifestyle for Environment’ as a key to combating climate change”. The decision on enhanced NDCs demonstrates India’s commitment at the highest level for decoupling of economic growth from greenhouse gas emissions.

India’s updated NDC has been prepared after carefully considering our national circumstances and the principle of common but differentiated responsibilities and respective capabilities (CBDR-RC). India’s updated NDC also reaffirms our commitment to work towards a low carbon emission pathway, while simultaneously endeavoring to achieve sustainable development goals.

Recognizing that lifestyle has a big role in climate change, the Hon’ble Prime Minister of India, at COP 26, proposed a ‘One-Word Movement’, to the global community. This one word is LIFE…L, I, F, E, i.e. Lifestyle For Environment. The vision of LIFE is to live a lifestyle that is in tune with our planet and does not harm it. India’s updated NDC also captures this citizen centric approach to combat climate change.

The updated NDC also represents the framework for India’s transition to cleaner energy for the period 2021-2030. The updated framework, together with many other initiatives of the Government, including tax concessions and incentives such as Production Linked Incentive scheme for promotion of manufacturing and adoption of renewable energy, will provide an opportunity for enhancing India’s manufacturing capabilities and enhancing exports. It will lead to an overall increase in green jobs such as in renewable energy, clean energy industries- in automotives, manufacturing of low emissions products like Electric Vehicles and super-efficient appliances, and innovative technologies such as green hydrogen, etc.

Implementation of NDCs

India’s updated NDC will be implemented over the period 2021-2030 through programs and schemes of relevant Ministries /departments and with due support from States and Union Territories.

The Government has launched many schemes and programs to scale up India’s actions on both adaptation and mitigation. Appropriate measures are being taken under these schemes and programs across many sectors, including water, agriculture, forest, energy and enterprise, sustainable mobility and housing, waste management, circular economy and resource efficiency, etc.

As a result of the aforesaid measures, India has progressively continued decoupling of economic growth from greenhouse gas emissions. The Net Zero target by 2030 by Indian Railways alone will lead to a reduction of emissions by 60 million tonnes annually. Similarly, India’s massive LED bulb campaign is reducing emissions by 40 million tonnes annually.

India’s climate actions have so far been largely financed from domestic resources. However, providing new and additional financial resources as well as transfer of technology to address the global climate change challenge are among the commitments and responsibilities of the developed countries under UNFCCC and the Paris Agreement. India will also require its due share from such international financial resources and technological support.

India’s NDC do not bind it to any sector specific mitigation obligation or action. India’s goal is to reduce overall emission intensity and improve energy efficiency of its economy over time and at the same time protecting the vulnerable sectors of economy and segments of our society.

We partner with companies to not only assess their carbon strategy and ESG compliance status but work out solutions to determine a target and help them achieve Net Zero.

Source: PIB, 03 Aug 2022

We optimize your operations and supply chain, through ESG strategy aimed at making your business more resilient and sustainable. Contact us today.

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US SEC unveils landmark climate change risk disclosure rule https://volitionllp.com/us-sec-unveils-landmark-climate-change-risk-disclosure-rule/ Mon, 21 Mar 2022 16:24:08 +0000 http://themenectar.com/demo/salient/?p=87 The long-awaited US Securities and Exchange Commission (SEC) draft rule should help investors better understand how climate change will affect the companies they invest in, but it is set to...

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The long-awaited US Securities and Exchange Commission (SEC) draft rule should help investors better understand how climate change will affect the companies they invest in, but it is set to increase the reporting burden for Corporate America.

The US securities regulator on Monday unveiled a landmark proposal requiring U.S.-listed companies to disclose their climate-related risks and greenhouse gas emissions, part of a push by President Joe Biden’s administration to address financial risks created by global rising temperatures.

The long-awaited US Securities and Exchange Commission (SEC) draft rule should help investors better understand how climate change will affect the companies they invest in, but it is set to increase the reporting burden for Corporate America.

Among its key requirements: companies must disclose their own direct and indirect greenhouse gas emissions, known as Scope 1 and 2 emissions, respectively, as well as those generated by suppliers and partners, known as Scope 3 emissions, if material.

More broadly, they must disclose the “actual or likely material impacts” climate-related risks will have on the company’s business, strategy and outlook, which could include physical risks as well as new regulations such as a carbon tax.

The SEC’s chair, Gary Gensler, said the agency was responding to investor demand for consistent and comparable information on climate-related risks that may affect a company’s financial performance.

“Companies and investors alike would benefit from the clear rules of the road,” he said.

Progressives and activist investors have pushed for the SEC to require Scope 3 emissions disclosure as the best way to incentivize companies to produce less carbon dioxide and methane.

Corporations have been pushing for a narrower rule that will not boost compliance costs too sharply. The Scope 3 requirement will include carve-outs based on a company’s size, and will be phased in gradually.

“This proposal will be the light in a pathway toward addressing President Biden’s priority of disclosing climate risk to investors and all areas of our society,” said Tracey Lewis, a policy counsel at Washington-based advocacy group Public Citizen. “There will be a lot of critics. People are going to try to tear it down, even probably from the left.”

The draft proposal will be subject to public feedback and is likely to be finalized later this year.

LEGAL CHALLENGES

Given the expected contentiousness of the proposal, the SEC has spent the past week shoring up the draft against potential legal challenges, especially from the oil and gas lobby, six sources told Reuters.

Corporate groups have argued there is no agreed methodology for calculating Scope 3 emissions and that providing so much detail would be burdensome and would expose companies to costly litigation if the third-party data ends up being wrong.

Any legal challenges will likely argue that the SEC lacks the authority to require Scope 3 emissions data, something the agency’s lone Republican Commissioner has said.

With more than $649 billion pouring in to environmental, social and governance-focused funds worldwide last year, investors have called for companies to provide better climate-change data which is currently disorganized, patchy and difficult to compare.

“We do have information. The problem is that it’s a hot mess,” said Isabel Munilla, director of U.S. Financial Regulation at Washington-based Ceres Accelerator for Sustainable Capital Markets.

These issues show the SEC has sufficient grounding for its rule, say experts.

“I don’t think anyone considering the evidence fairly could have the tiniest doubt as to whether investors have demanded disclosure,” said John Coates, a Harvard University professor who worked on the early stages of the rule during his stint as the SEC’s acting director of corporation finance last year.

 

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COP 26: Glasgow Climate Change Conference https://volitionllp.com/cop-26-glasgow-climate-change-conference/ Fri, 29 Oct 2021 10:01:23 +0000 https://volitionllp.com/?p=6085 COP 26: Glasgow Climate Change Conference The COP 26 UN Climate Change Conference, hosted by the UK in partnership with Italy, will take place from 31 October to 12 November 2021 in...

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COP 26: Glasgow Climate Change Conference

The COP 26 UN Climate Change Conference, hosted by the UK in partnership with Italy, will take place from 31 October to 12 November 2021 in the Scottish Event Campus (SEC) in Glasgow, UK.

In light of the worldwide effects of COVID-19, the COP Bureau of the UNFCCC, with the UK and its Italian partners, had decided to re-schedule the conference initially slated for November 2020. Rescheduling the conference ensures that all parties can focus on the issues to be discussed at this vital conference and allows more time for the necessary preparations to take place.

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Framework to Manage Plastic Waste – EPR https://volitionllp.com/framework-to-manage-plastic-waste-epr/ Mon, 05 Oct 2020 07:19:14 +0000 http://themenectar.com/demo/salient/?p=82 The Government of India introduced Framework for Extended Producer Responsibility under the Plastic Waste Management Rules, 2016. Which brings plastic producers, importers and brand owners under the regulation.

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What are Plastic Waste Management Rules, 2016?

As per the Rules, the generators of waste have been mandated to take steps to minimize generation of plastic waste, not to litter the plastic waste, ensure segregated storage of waste at source and handover segregated waste to local bodies or agencies authorised by the local bodies. The rules also mandate the responsibilities of local bodies, gram panchayats, waste generators, retailers and street vendors to manage plastic waste. The Rules mandates several new provisions including the provision of Extended Producers Responsibility.

What is Extended Producer Responsibility?

“Extended Producer Responsibility” may be defined as a policy principle to promote total life cycle environmental improvements of product systems by extending the responsibilities of the manufacturer of the product to various parts of the entire life cycle of the product, and especially the take-back, recycling and final disposal of the product.

Who needs to comply with EPR?

As per the Rules, “producer” is defines as persons engaged in manufacture or import of carry bags or multilayered packaging or plastic sheets or like, and includes industries or individuals using plastic sheets or like or covers made of plastic sheets or multilayered packaging for packaging or wrapping the commodity. Therefore, responsibility of working out the modalities for waste collection system based on Extended Producers Responsibility lies with the manufacturers, importers and users. In the rules, the primary responsibility for collection of used multi-layered plastic sachet or pouches or packaging is of Producers [manufacturers, importers and users(brand owners)], Importers and Brand Owners who introduce the products in the market.

They need to establish a system for collecting back the plastic waste generated due to their products. The rules mandate the producer (manufacturers, importers and users(brand owners)) to apply to the Pollution Control Board or the Pollution Control Committee, as the case may be for grant of registration. (The registration procedure is illustrated in following sections) Fundamentally, Producer is defined in such a way that, the definition covers all manufacturers, importers and users (brand owners) as producer.

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Tracking Environmental Performance: Why it Matters https://volitionllp.com/tracking-environmental-performance-why-it-matters/ Tue, 15 Jan 2013 06:23:38 +0000 http://themenectar.com/demo/salient-blog/?p=2671 As businesses around the world face increasing pressure to reduce their environmental impact, tracking environmental performance has become a critical part of sustainable business practices.

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As businesses around the world face increasing pressure to reduce their environmental impact, tracking environmental performance has become a critical part of sustainable business practices. In this blog, we’ll explore the importance of tracking environmental performance and some of the ways businesses can do so effectively.

Why Track Environmental Performance?

Tracking environmental performance allows businesses to identify areas where they can reduce their environmental impact, increase efficiency, and improve sustainability. By measuring and reporting on environmental metrics such as greenhouse gas emissions, water usage, and waste generation, businesses can set targets for improvement and track their progress over time.

In addition to improving environmental performance, tracking environmental metrics can also provide financial benefits. For example, reducing energy usage can lower utility bills, while improving supply chain efficiency can reduce costs and increase profitability.

How to Track Environmental Performance

There are several methods businesses can use to track their environmental performance, including:

  1. Conducting Environmental Audits: Environmental audits can help businesses identify areas where they can improve their environmental performance. These audits can cover a range of environmental metrics, including energy usage, water consumption, and waste generation.
  2. Implementing Environmental Management Systems (EMS): An EMS is a framework for managing environmental responsibilities and risks. It typically involves setting environmental objectives, implementing processes to achieve those objectives, and monitoring progress over time.
  3. Using Environmental Reporting Tools: There are a variety of tools available to help businesses track their environmental performance, including software that automates data collection and reporting.

Benefits of Tracking Environmental Performance

There are several benefits to tracking environmental performance, including:

  1. Improved Sustainability: Tracking environmental performance allows businesses to identify areas where they can reduce their environmental impact and improve sustainability.
  2. Compliance with Regulations: Many businesses are subject to environmental regulations that require them to report on their environmental performance. Tracking environmental metrics can help businesses ensure they are in compliance with these regulations.
  3. Enhanced Reputation: By tracking environmental performance and reporting on their sustainability initiatives, businesses can enhance their reputation and attract environmentally conscious customers and investors.

In conclusion, tracking environmental performance is a critical part of sustainable business practices. By measuring and reporting on environmental metrics, businesses can identify areas where they can reduce their environmental impact, increase efficiency, and improve sustainability. This can lead to financial benefits, compliance with regulations, and an enhanced reputation.

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