Chennai, July 31 (Representative) As the world is witnessing more extreme weather events, including intense heat waves, heavy flooding, Simon Emmanuel Kervin Stiell, Executive Secretary, United Nations Framework Convention on Climate Change (UNFCCC) said keep this in mind, the COP 28 which is going to be held in Dubai this year, will be the most “significant COP” since the 2015 Paris Agreement. “We are currently at 1.1 degrees Celsius in the world, with floods, droughts, heat, and vector borne diseases being witnessed every day in many parts of the world. Keeping this in mind, COP 28 to be held in Dubai this year will be the most significant COP since the 2015 Paris Agreement,” Simons said while addressing a session on India’s Vision for Climate Action: Embracing the Global Perspective organised by the Confederation of Indian Industry (CII) in Chennai. “We have work cut out for us for COP 28 in Dubai. We look to our respective Governments for leadership, and there is a fundamental responsibility that lies there. There is this inter-governmental process that we have that demonstrates that we are far from there,” he added. “This year, July has been the hottest month in our history. We expect the next year to be hotter, with new records being broken every year. This is going to be the new norm as we tackle how to align the rising temperature and remain within the 1.5-degree Celsius target ” he said. While asked about the $100 billion in climate finance, which is a bone of contention between developed and developing nations, Simon said, “Incidentally, $100 billion is not sufficient and the required funds would run to several trillion dollars” Emphasising that there are many gaps that need to be filled, Simon said, “As we take stock of where we are, it is The global stock take that gives us this opportunity to respond to those gaps and the pathways to course correct ourselves from the 1.5-degree Celsius world that we are moving towards by 2050 to a 1.1 degree Celsius world “.
” Now that we know the challenges and the opportunities that are in front of us, can we get 197 countries who are party to the Paris Agreement to agree within the negotiated process on those actions that are needed for this reset,” Simon Emmanuel pointed out. He also called upon the business community to hold its responsibility towards the environment and climate change in the interests of not only shareholders but also in terms of a sustainable future. “As we transition into this new economy that is taught on sustainable principles and doing the right thing, it presents opportunities to improve your bottom line, create new jobs, new financial streams, and new economic opportunities,” he said. “We want businesses to work on what they are doing, what targets they are setting, and what transition plans they are putting in place to ensure we not only meet net zero commitments but also make business sense. India’s level of ambition, energy, and positivity that exists within the business community and at the government level is visible, and we would like UNFCCC to work together and better,” he said. Srivats Ram, Vice Chairman, CII Tamil Nadu State Council & MD, Wheels India Ltd in his remarks highlighted the role Renewable energy to meet the net zero target. “Renewable energy is more cost effective and businesses have largely embraced this. A recent study by CII shows India Inc has made significant efforts to integrate sustainable business practises into the operations of companies,” he said. “There are 147 Indian companies that have committed to science-based targets, and 56 out of these have also come up with net zero emission targets. This is bound to increase with corporate governance, and their customers also expect them to follow suit. In 2021, Rs 5400 crore was spent by leading companies to look at reducing 5.5 million metric tonnes of carbon emissions,” Ram said.
“While consumption of renewable energy is likely to grow, manufacturing companies need to look at process changes to reduce the amount of emissions generated, with energy sources needing to change and manufacturing to become more energy efficient. To support this, the Government of India unveiled the green hydrogen project last year and the FAME India policy too. As the Indian industry is picking up steam, one of the challenges is to implement this across the board and take MSMEs along,” he pointed out. “The UNFCCC is leading this entire global combat and consensus building against climate change. The G20 also plays a vital role in shaping up climate conversations across the world and its adoptions. There have been progressive conversations on how we can support climate finance and mitigation finance,” Kavin Kumar Kandasamy, CEO, Proclime said in his theme address. “Most of the corporations have some sort of commitment and have excelled in looking at their own processes in terms of climate change. Sadly, only 9% of India’s CSR is moving towards climate change. Climate change is an urgent issue, and it is imperative that we see if we can support grants and mechanisms for this initiative,” he added. “Statistically, India contributes only 7.5pc of the global emissions, though it contributes to 17pc to the global population. Though India, compared to other countries, is in a better place, the country needs to proactively look at how it can reduce its emission target by 2070,” he said.