Why the private sector needs to get involved to save the planet from climate change
Climate change is not a singular problem – it affects every country on the planet. It disrupts national economies, affects lives and communities. It is time for the world to adopt a unified, global perspective towards the prospect of climate change – simply because the time to act is now. The effects of climate change are increasingly visible: changing weather patterns, rising sea levels and severe, extreme events which are happening far more frequently. Greenhouse gas emissions are at their highest levels in history and the world’s average surface temperature is projected to rise by almost 3 degrees Celsius by the end of this century. This is a major issue and the fallout associated with climate change is only likely to increase.
It is a global issue, but one where everyone needs to stand up and take responsibility. If you take India’s example, the Parliamentary Standing Committee on Agriculture observed that extreme weather events are costing the country $9-10 billion annually. On a global level, the Stern Review on the economics of climate change indicates the costs and risks of climate change to be equivalent to losing 5% of global GDP each year, against the costs of action to reducing greenhouse gas (GHG) emissions of around 1% of global GDP each year . It is, hence, not very surprising that the United Nations’ Sustainable Development Goals and the Paris Agreement have further emphasized the need to tackle climate change for sustainable growth and development.
Yet, we cannot fall into the mistake of believing that the task of confronting climate change is only the responsibility of governments. Climate change is everyone’s problem and such an important task cannot be designated to only one stakeholder. It is imperative that the private sector also gets involved in the task of mitigating this great risk that our planet is facing today. The truth is that scientists are globally agreeing on the effect climate change has on businesses. Global insurance providers are routinely factoring in an analysis of risks and impacts of natural disasters while calculating premiums. In the future, premiums are likely to be based upon an organization’s resilience to climate change.
So how can private sector organizations support their respective governments in this mission? There are plenty of ways. Specifically:
Carbon accounting:
Carbon accounting involves organizations taking a complete inventory of their carbon emissions, for an assessment of the emission mitigation measures to be taken. The India GHG (Greenhouse Gas) Program gives organizations a voluntary framework to measure and manage their greenhouse gas emissions. Compliance with the program enables organizations to formulate strategies to reduce emissions while staying profitable, competitive and sustainable.
Efficient energy usage:
An intelligent energy conservation policy and green workspaces are two systematic ways to reduce a company’s carbon footprint. Green workspaces that monitor energy usage, optimize natural light, use energy-efficient LED lights also further an organization’s energy-saving efforts. Organizations can reduce GHG emissions by operating from Leadership in Energy and Environmental Design (LEED) certified green buildings
Water conservation and waste management:
Eco-friendly sewage treatment plant, recycling of water and organic waste composting are a few of the initiatives that organizations can initiate in the fight against climate change.
Renewable energy:
Zero-emission renewable sources of energy are a promising tool to slow down climate change. Beside the positive environmental impact from a reduced use of fossil fuel, renewable energy will also reduce the world’s reliance on these kinds of fuels.
Ultimately, the mission to combat climate change can only be successful if private sector organizations also align themselves with the challenges and put themselves on the road to transformation. Managing climate change will allow organizations to manage business risk and ensure continuity.
DISCLAIMER: The views expressed are solely of the author and ETEnergyworld.com does not necessarily subscribe to it. ETEnergyworld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.
About Warren Harris
Warren Harris is the Chief Executive Officer (CEO) and Managing Director of Tata Technologies. He has been with Tata Technologies and its predecessor companies for more than 25 years.
Source: energy.economictimes.indiatimes
