A new report talks about the authoritative evaluation of corporate progress on climate change in India and shows that the companies are largely deploying energy efficiency mechanisms to achieve their goals.
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.
Further, Indian companies have shown increasing confidence in disclosing their GHG emissions, targets, commitments and associated progress towards targeted reductions. This is reflected in the disclosure scores for Indian companies, with over 20 companies being part of the Climate Disclosure Leadership Index (CDLI) for this year. In summary, from the analysis of 2013 responses, it is expected that Indian companies will adopt a more strategic and long term approach to address the climate challenge in the coming future.
For full report, click here