Climate crisis to cost $100 billion to Indian firms in next 5 years: Report
Top Indian companies estimate an economic impact of about ₹7.14 lakh crore (nearly US$100 billion) over the next five years from the risks posed by the climate crisis, according to a report by CDP (formerly Carbon Disclosure Project), an organisation that works on a global disclosure system for investors, companies, cities, states and regions.
The report, titled “Building Back Greener”, said the numbers were based on responses by 42 of 220 Indian companies that responded to investor requests and disclosed climate data. Of the 220 companies that were covered by CDP, 60 are among BSE’s top 200.
The report also highlighted that growing disclosure requirements were prompting more Indian businesses to wake up to the threat of the climate crisis, and commit to reducing their carbon footprints.
Around 88% of 67 large companies covered by CDP reported incentivising top management for climate-related actions; 99% of the responding sample have board-level oversight of climate-related issues, the report said. Out of the 220 companies covered by CDP’s disclosure project 67 are large businesses and the rest are micro, small and medium enterprises.
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