India ranks 5th in Carbon Disclosure Project 2019
India is the first developing economy with maximum number of companies committing to the science-based targets.
India secured 5th spot on the annual Carbon Disclosure Project 2019 report which was published by Global non-profit organization. Carbon Disclosure Project, an initiative of the Global Reporting Initiative, is aimed at measuring the carbon reduction activities undertaken by different companies and firms operating in various countries across the globe.
The report surveys corporate commitments to science-based targets (SBT) and evaluates the climate change risk that they are exposed to. In the annual report, the United States of America secured the top spot followed by Japan, United Kindom and France. India secured the 5th spot on the project report.
Major India companies have Committees on Climate Change
The Carbon Disclosure Project Report 2019 said that a total of 58 companies shared details about the environment-related activities undertaken by them in this year. The report also claims that over 98 percent of top Indian companies have formed some type or committee or group within its organization to drive and address climate-related issues.
Investors respond better to companies with disclosed climate change risk
The Carbon Disclosure Project evaluated a total of 6900 companies globally to compile their annual report for 2019. The report also found that investors responded better to companies who have disclosed their environmental activities. The report also claimed that investors also took into account the climate change risk from Indian companies before investing in an organization.
Climate Conscious Investors Trigger Change
The report also showcased the changing mind-set of India Inc with nearly all major companies setting up some form of oversight to evaluate climate risk. The change is driven by increased climate activism between climate-conscious investors and the youth of the country.
India was ranked 5th, ahead of Germany and Sweden. India is the first developing economy with maximum number of companies committing to the science-based targets.
The US topped the annual Carbon Disclosure Project report with 135 companies disclosing their climate-related activities, followed by Japan in the second position with 83 companies and the UK in the third position with 78 countries.
While France was placed fourth with 51 companies disclosing their details, India was placed fifth with 38 companies committing to the science-based targets. In 2018, India had only 25 companies committing to the SBTs.
India is followed by Germany and Sweden with 30 and 27 companies respectively, while Switzerland and Spain had 23 and 22 companies respectively. Netherlands was listed 10th on the list with 18 companies committing to SBT initiatives.