The Carbon Disclosure Project (CDP) and Accenture releases its ‘2013 CDP India 200 Climate Change Report’, highlighting the authoritative evaluation of corporate progress on climate change in India.
Majority of 93 per cent of Indian companies reporting to the Carbon Disclosure Project are implementing emissions reduction initiatives and benefiting to the tune of INR 800 crore annually. Data analysis shows that the companies are largely deploying energy efficiency mechanisms to achieve their goals: 69 per cent of emissions reduction initiatives are focused on improving energy efficiency, contributing to 40 per cent of the total GHG emissions saved by Indian companies in 2012.
Combined with efforts like low carbon energy installations and a more strategic, long-term approach, substantial reductions of carbon emissions can be achieved in the future.
The report is co-written by CDP, formerly known as the Carbon Disclosure Project, and the Sustainability practice of the leading Management Consulting firm Accenture. It provides authoritative evaluation of corporate progress on climate change in India.
This report analyzes responses from the top 200 Indian companies by market capitalization, collected by CDP at the request of 722 institutional investors representing US$87 trillion in invested capital. This is a record number of investors now using CDP for insight on corporate environmental performance, as carbon dioxide in the atmosphere passed the landmark level of 400 parts per million and the world prepares for the Conference of Parties (COP) in Poland following the Intergovernmental Panel on Climate Change’s (IPCC) 5th assessment report which strengthens the scientific case for climate change action.
This year, 55 companies (27.5 per cent) responded to CDP compared to 53 in 2012. These companies reported annual financial savings of INR 800 crore for a total one time investment of INR 40 billion. The emissions reduction initiatives saved annually about 2.5 million metric tons CO2e.
The quality of the information provided by the companies has improved substantially with 60 per cent of responding companies seeking third party data verification this year compared to only 16 per cent in 2012. The improvement in disclosures has also led to a significant increase in number of Indian companies included in the CDP’s Climate Disclosure Leadership Index (CDLI), rising this year from 16 to 20 companies.
“CDP is pleased to record great improvement in quality of information which is sure indicator that many major companies are embarking on the rewarding journey towards sustainable use of resources,” said Damandeep Singh, Director CDP India. “ICT leads the CDLI pack and we are glad to see healthy participation from other sectors such as financials, materials as well as an oil & gas company.”
“We are living in a world where global sustainability issues around energy and water security and climate change are dominating everyday headlines,” said Avinash Vashisht, Chairman and Country Managing Director, Accenture India. “With such climate related events on the rise affecting the country’s growth, a rapidly developing economy like India requires a comprehensive carbon abatement, mitigation and adaptation strategy.”
“Accenture India is pleased to be the official writer of the 2013 CDP India 200 Climate Change Report,” said Sanjay Dawar, Managing Director and Management Consulting Lead, Accenture India. “ We are the global implementation partner for CDP’s reporting platform and database – the largest source of primary corporate climate change information in the world. Our strong partnership with CDP stems from common goals; namely, helping companies integrate climate change into business strategies and operations.”