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23/07/2021 - Environment

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July 23, 2021

It is imperative that current economic recovery efforts, both by the public and private sector along with governance processes are required to mainstream climate risks. Explain (200 Words)

Refer - Financial Express

Enrich the answer from other sources, if the question demands.

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IAS Parliament 3 years

KEY POINTS

·        Available climate data supports an increase in the magnitude and frequency of climate-linked events, projected to further affect agriculture productivity, impact infrastructure assets and services.

·        Globally, the private sector has put its weight behind the Task Force for Climate Related Financial Disclosures or TCFD.

·        TCFD is seen as a key platform and framework for businesses to assess, manage, and disclose the financial impacts of climate change.

·        In India, 43 companies have signed up for TCFD, with 72% of the Indian signatories coming on board in 2020 and 2021.

·        Moreover, sustainability reports are largely disparate and do not allow for any comparability or industry bench-marking.

·        Finally, very few companies are quantifying their current and future climate risks in financial terms.

·        SEBI released its latest Business Responsibility and Sustainability Reporting (BRSR) format, and RBI joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS).

·        The BRSR guidelines, applicable to the top-1,000 companies by market capitalisation, require companies to disclose their energy- and water-usage, and report plans around GHG emission reduction.

·        In addition, RBI’s NGFS membership should be the first step for the central bank on applying global best practices on the management of climate risk for the financial sector.

·        Building company resilience to climate change should be viewed as a shared mandate for a more resilient economy.

 

 

AVANTIKA ROUT 3 years

Please review the answer. Thank you.

IAS Parliament 3 years

Avoid listing out points and try to explain them. Keep Writing.

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