Latest news with #ClimateFinanceTaxonomy
Time of India
26-06-2025
- Business
- Time of India
Gender equality In Indian workplaces remains uneven
India is facing increasingly grave consequences of climate change, with approximately 5.4 million people internally displaced due to floods, droughts or erratic weather. Ranked sixth globally in terms of climate vulnerability, India must navigate the challenge of balancing development with sustainability. India accounts for 7.4% of global emissions, making it the world's sixth largest emitter. The primary sources are electricity and heat production, followed by the transport sector, which contributes 12.9% of emissions. Although renewables now contribute 47.4% of installed capacity, coal use continues to rise - production has grown 58% between FY 2013-14 and FY 2022-23, still fuelling over 70% of CO2 emissions. In response, India introduced the Panchamrit strategy at COP26, which outlines key climate goals for 2030 and 2070. These include installing 500 GW of non-fossil energy capacity, sourcing 50% of energy from renewables, reducing carbon emissions by 1 billion tonnes, cutting carbon intensity by 45%, and reaching net-zero emissions by 2070. Regulatory mechanisms are being put in place to support these targets. These include a carbon market framework, GHG Emission Intensity Target Rules for high-emission sectors, and a Climate Finance Taxonomy to steer investment into sustainable projects across nine national missions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Were So Beautiful Before; Now Look At Them; Number 10 Will Shock You Reportingly Undo Environmental disclosures through frameworks such as Business Responsibility & Sustainability Reporting (BRSR) are now mandatory for the top 1,000 listed companies. Compliance with international standards like the Global Reporting Initiative (GRI), the Task Force on Climate-related Financial Disclosures (TCFD), and the Sustainability Accounting Standards Board (SASB) is increasing. Mahindra & Mahindra (M&M) has emerged as a frontrunner in corporate climate action. The company aims to be carbon neutral by 2040 and has committed to substantial reductions in Scope 1, 2, and 3 emissions. M\&M's efforts include using 100% renewable energy by 2030, expanding its electric vehicle fleet, and afforestation through Project Hariyali, which has planted over 1 million trees. Start-ups are also contributing to the climate movement. Takachar, for example, has developed portable technology that converts agricultural waste into bioproducts, offering alternatives to harmful stubble burning and opening new revenue streams for rural communities. Despite these advances, challenges remain. While 92% of SMEs surveyed consider ESG a priority, over half cite cost as a major barrier. Other obstacles include fragmented regulations, limited resources, and insufficient awareness. Overcoming these will require coordination among businesses, regulators, and civil society. The Times of India, over the years, has launched hugely impactful campaigns and organised summits with powerful messaging and impact on the social sector. To recognise and reward work in the CSR (Corporate Social Responsibility) and ESG (Environmental, Social, and Governance) space, The Times of India is holding a two-day Social Impact Summit on July 11 and 12, 2025, in Mumbai. The event, presented by Malabar Gold & Diamonds, has Ernst & Young as the knowledge partner. The Summit will see business leaders, NGOs, and policymakers address these issues. As Madhav Pai, CEO of WRI India, recently remarked this decade presents a crucial opportunity for India to steer its infrastructure investments toward climate resilience and low-carbon growth.
The Hindu
29-05-2025
- Business
- The Hindu
India story is ‘kindness towards friends, might against enemies', says Environment Minister
The 'India story' that propelled the economy 'ahead' of Japan, the United Kingdom and France was a story of 'kindness towards friends, use of might against enemies, and that of democracy walking alongside development', Environment Minister Bhupender Yadav said on Thursday (May 29, 2025). He was speaking at a meeting of business leaders at a conclave of the Confederation of Indian Industry (CII) themed 'Building Trust – India First' He underscored that the essence of the India story lay in 'always keeping India first', being 'assertive and forceful towards all those who planned on hurting Bharat', and ensuring that 'water and blood didn't flow together' [a reference to India suspending the Indus water sharing treaty with Pakistan after the Pahalgam terror attack]. 'Most trusted partner' He said India was the 'most trusted partner' for the world due to its political stability, leadership, values, and commitment to a sustainable world. India is a 'land of development-oriented nature worshippers' and is a 'voice of the Global South'. India's 'unique climate policy architecture' successfully balanced 'development imperatives with ambitious climate goals'. From 2022 to 2024, India's recycling sector attracted investments totalling ₹10,000 crore, reflecting industry commitment to sustainable practices. The circular economy sector is projected to be worth $2 trillion by 2050, creating approximately 10 million jobs, he said at a session on 'India's Climate Policy Architecture: Pathways for Emerging Economies'. The government had introduced 'Extended Producer Responsibility' (EPR) guidelines for various sectors, including tyres, batteries, plastics, and e-waste, to promote recycling and sustainable consumption. The government has released the Draft Framework of the Climate Finance Taxonomy, outlining methodologies for classifying activities under adaptation and mitigation, he noted. Moreover, the development of the first National Adaptation Plan, to be submitted to the United Nations Framework Convention on Climate Change (UNFCCC), focuses on enhancing adaptive capacity, strengthening knowledge systems, and reducing exposure to climate risks, said Mr. Yadav.
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Business Standard
11-05-2025
- Business
- Business Standard
Green taxonomy: More resources will flow to climate-friendly projects
The draft taxonomy, launched with the aim of directing capital flows towards sustainable and climate-aligned activities, is thus a welcome development Business Standard Editorial Comment Mumbai Listen to This Article As India faces a mounting climate challenge, access to finance, advanced technologies, and critical mineral resources assumes greater importance. The draft 'Climate Finance Taxonomy', recently released by the Department of Economic Affairs, Ministry of Finance, comes in as a much-needed framework during these critical times. Given the increased climate vulnerability, particularly in sectors like agriculture and water resources, and the need to increase per capita energy consumption from a paltry 16.7 gigajoules (GJ) in 2022-23 to 45.7-75 GJ per year, India needs a cumulative $2.5 trillion to meet its Nationally Determined Contributions (NDC) targets till 2030. But at the same
Time of India
07-05-2025
- Business
- Time of India
Government releases draft framework of India's Climate Finance Taxonomy, aims to mobilize capital for climate actions
AI generated image NEW DELHI: Acting on the government's 2024-25 budget announcement, the finance ministry on Wednesday released a draft framework of India's Climate Finance Taxonomy which aims for enhancing the availability of capital for climate adaptation and mitigation . It'll serve as a tool to identify activities consistent with a country's climate action commitments and green transition pathway in sync with the long-term goal to become 'net zero' by broad objective of the framework is to facilitate greater resource flow to climate-friendly technologies and activities, enabling achievement of the 'net zero' through various mitigation (emission reduction) actions while also ensuring long-term access to reliable and affordable ministry has sought stakeholders' views/suggestions on the framework. It will be finalised after examining those views and suggestions.'The Taxonomy shall be consistent with the developmental goal of 'Viksit Bharat' to be achieved by 2047,' said the 32-page draft. It also underlined the requirement of billions of dollars annually in India for adaptation and energy for adaptation action is vital for addressing climate change impacts, building resilience and achieving India's development goals. Preliminary estimates indicated that about $206 billion (at 2014-15 prices) would be required from 2015 to 2030 to implement adaptation actions in agriculture, forestry, fisheries, infrastructure, water resources and per NITI Aayog's India Energy Security Scenarios (IESS) 2047, the total investment required for energy transition is estimated at $250 billion per year till 2047.'The framework will deal with how to mobilise that much of resources for the country's mitigation and adaptation targets, and also for supporting transition of hard-to-abate sectors such as cement, steel, and aluminium,' said an official, explaining the need to have such a policy document to guide it towards meeting both short-term (2030) and long-term goal ( net zero by 2070 ).The Taxonomy, which will also work on preventing 'greenwashing', is based on eight guiding principles including focus on pathways in the country's context, support to transition activities and promoting the use of indigenous technologies.'It has been formulated on the basis of consultations on the concept note and a review of existing taxonomies (globally). Further refinements will be based on public consultations on the draft framework,' said the document.
