Environment, Economy, and Equity: Key Concerns of Sustainability

At the 19th Sustainability Summit organized by the Confederation of Indian Industry (CII) on 17 September 2024 in New Delhi, Shri Bhupender Yadav, Minister for Environment, Forest and Climate Change, addressed the critical concerns of sustainability. Highlighting India’s achievements in the realm of environmental stewardship, Shri Yadav expressed pride in India having achieved 2 out of 3 quantitative NDC (Nationally Determined Contributions) targets of the Paris Agreement nine years ahead of schedule, under the leadership of Prime Minister Shri Narendra Modi.

Energy as the Foundation of Development

Elaborating on the subject of sustainability, Shri Yadav stressed that energy is at the core of the global development model, and there is no turning back from this path. “For achieving a dignified life for all, access to energy is basic,” he noted, adding that the debate should shift from emission management to evaluating the cost of per capita emissions. The Minister emphasized that sustainability is a social goal, encompassing the three key concerns of environment, economy, and equity.

A Balanced Approach to Sustainability

Government policies, schemes, programs, and initiatives must adopt a balanced approach that considers these three dimensions. The Minister also discussed the changing demographic and consumption patterns, calling for a transition from mindless utilization to mindful consumption.

Involving the Youth in Sustainable Initiatives

Shri Bhupender Yadav, Minister for Environment, Forest and Climate Change shared that the Government has been actively engaging students in its efforts to promote sustainable living through the concept of LiFE (Lifestyle for Environment). These initiatives focus on themes such as saving food, water, and energy, managing e-waste, adopting healthy lifestyles, and enforcing a complete ban on single-use plastics (SuP). These ideas, he said, will inspire innovative business models and entrepreneurial ventures among young minds, driving future start-ups.

Building a Circular Economy and Climate Resilience

Shri Bhupender Yadav, Minister for Environment, Forest and Climate Change furtherdiscussed the sustainability of the economy, referencing the waste management regulations already introduced to the industry through Extended Producer Responsibility (EPR). However, he acknowledged the need for further research in sector-specific waste management, increasing the recyclables market, improving access to technology, and building skills for a circular economy. The Minister called upon CII to intensify its work in these emerging areas.

Launch of the CII Report on Climate Resilience 

During the special plenary session, Shri Yadav launched the CII Report on Building Climate Resilience for Indian Industry, which includes a Physical Climate Risk Assessment Framework (PCRAF). This tool is designed to help Indian industries prioritize adaptation actions across sectors and regions to mitigate risks from extreme weather events such as floods, droughts, heatwaves, and cyclones.

The report offers several key recommendations for the Government, including the development of an open-access dashboard for monitoring climate and extreme weather events, the creation of green and climate-resilient industrial parks, and an increase in funding for adaptation projects.  

Industry’s Role in Climate Resilience

Mr. Sanjiv Puri, President of CII and Chairman & Managing Director of ITC Limited, congratulated the Minister for leading innovative initiatives aimed at adopting sustainable practices and promoting a circular economy. Mr. Puri emphasized the need for a sophisticated AI-based risk assessment tool that utilizes past and present data to forecast extreme weather events and other climate-related risks. He suggested that such a public utility could help the general population understand risks in specific geographies.

MoEFCC’s Efforts in Sustainability

Speaking on the Ministry of Environment, Forest and Climate Change’s (MoEFCC) initiatives, Mr. Chandrajit Banerjee, Director General of CII, acknowledged that India has become a significant player in sustainability. He attributed this to the Government’s innovative and path-breaking initiatives, which have catalyzed growth in sustainability-focused policies and behaviors.

The Sustainability Summit: A Platform for Global Change

Since its inception in 2006, the CII Sustainability Summit has served as a platform for deliberations on global regulations, policy reforms, and exemplary sustainability practices. The 19th Sustainability Summit: Driving Change for a Sustainability Conscious World focuses on tangible actions for driving sustainable change across industries and societies.

Building Climate Resilience: A Key to the Future

The CII Report on Building Climate Resilience for Indian Industry developed a Physical Climate Risk Assessment Framework (PCRAF) to assess and quantify climate risks for Indian businesses and their value chains. This framework helps industries identify risks from extreme weather events and provides guidance on adapting across sectors and regions. Though the framework is primarily designed for industry use, it can also serve as a foundation for a national strategy to manage climate risks.

The report highlights the role of industry in attracting private capital, conducting site-specific studies to inform investments, and building resilient infrastructure. The study recommends further incentivizing the use of this framework (PCRAF) to enable Indian industries to play a key role in climate resilience.

Moving Forward: Strengthening Climate Forecasting and Social Resilience

Looking into the future, the report calls for strengthening extreme-weather forecasting capabilities, regularly reviewing and updating building codes and regulations, and establishing standards for extreme weather resilience. It also stresses the importance of integrating health and essential services into resilience and recovery planning, and enhancing social resilience to ensure communities can effectively respond to and recover from climate-related events.