24 Key Industry Sign Declaration of the Private Sector on Climate Change

A ‘Declaration of the Private Sector on Climate Change’ was signed by 24 Key Industries at the India CEO forum on Climate Change on 5th November 2020 and released by Shri Prakash Javadekar, Minister of Environment, Forest and Climate Change.

India is on the way forward towards achieving its commitments done at the Paris agreement and the country is acting on its Nationally Determined Contributions (NDC’s). India is among the few countries which is 2 degrees compliant and has taken many decisive actions, in fighting Climate Change, not only at the government level but even at the private level, which shows our commitment and resolve. The private sector is poised to join hands with Government of India in its fight against climate change.

The Declaration of the Private Sector on Climate Change signed by 24 key industry captains and Ministry of Environment, Forest and Climate Change at the virtual India CEO forum on Climate Change, by private sector companies, voluntarily, is a historic step.
Shri Prakash Javadekar, Minister of Environment, Forest and Climate Change

India is a signatory to the Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC). As part of its Nationally Determined Contribution (NDC), India has three quantitative climate change goals viz.

Reduction in the emissions intensity of Gross Domestic Product (GDP) by 33 to 35 percent by 2030 from 2005 level,
Achieving about 40 percent cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030,
Creating an additional carbon sink of 2.5 to 3 billion tonnes of carbon dioxide equivalent through additional forest and tree cover by 2030.

The event saw CEO’s and various heads of key industries like TATA, Reliance, the Adani group, Mahindra, Sun pharma, Dr. Reddy’s etc. listing out various clean processes and initiatives they have taken and their agenda towards further decarbonisation post 2020. The corporate sector espoused confidence and expressed their support towards a coordinated response by the Government and private sector on climate change which will help protect the country’s interests and ensure that India is on track towards meeting its climate change obligations under the Paris Agreement.

The private sector plays a pivotal role in creating low-carbon sustainable economies and has embarked on a number of voluntary actions on climate change that can contribute towards achieving India’s NDC goals. The private sector also benefitted from India’s participation in Clean Development Mechanism of the Kyoto Protocol and going forward Article 6 of the Paris Agreement offers further opportunities for meeting the climate change and sustainable development objectives.

DECLARATION OF PRIVATE SECTOR ON CLIMATE CHANGE

RECOGNIZING that India is committed to the cause of climate change and has demonstrated exemplary leadership in addressing the challenge;
UNDERLINING that the private sector has a pivotal role in creating low-carbon and sustainable economies without compromising collective and holistic growth aspirations;
RECALLING that India is a Party to the United Nations Framework Convention on Climate Change (UNFCCC) and the objective of the Convention is to achieve stabilization of Green House Gas (GHG) concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system;
RECALLING that India has ratified the Paris Agreement which notes that the purpose of the Agreement is to enhance the implementation of the Convention in accordance with the principles of Equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), in the light of different national circumstances;
RECALLING that India has submitted ambitious Nationally Determined Contribution (NDC) in 2015 under the Paris Agreement for the post-2020 period with eight goals including three quantitative goals viz. reduction in the emissions intensity of Gross Domestic Product (GDP) by 33 to 35 percent by 2030 from 2005 level, achieving about 40 percent cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030, and creating an additional carbon sink of 2.5 to 3 billion tonnes of carbon dioxide equivalent through additional forest and tree cover by 2030;
RECOGNIZING that in addition to being involved in Government initiatives on sustainable development, the private sector has embarked on a number of voluntary actions on climate change that can contribute towards achieving India’s NDC goals;
RECOGNIZING that the private sector benefitted from India’s participation in Clean Development Mechanism of the Kyoto Protocol and going forward Article 6 of the Paris Agreement offers further opportunities for meeting the climate change and sustainable development objectives;
RECOGNIZING that a coordinated response by the Government and private sector on climate change that protects the country’s interests and ensures that India is on track towards meeting its climate change obligations under the Paris Agreement is the need of the hour, we will further commit to:
- a. Set achievable GHG emissions reduction as well as energy efficiency improvement goals and voluntary targets within our own companies through a range of solutions including, but not limited to:
  - – promotion of renewable energy:
  - – enhanced energy efficiency:
  - – enhanced material efficiency:
  - – improved processes and technologies;
  - – water efficient processes;
  - – sustainable and green mobility:
  - – research and development:
  - – planned afforestation;
  - – waste management & recycling
- b. Develop and submit an annual report to Ministry of Environment, Forest and Climate Change (MoEFCC) providing qualitative and quantitative information on the contribution of the private sector.
- c. Pursue the development, exchange and implementation of best practices and strategies on GHG emission reductions and building climate resilience as part of a sustainable development approach.
THEREBY we encourage other private sector players to work with us on measures that both tackle climate change and build sustainable economies;
FURTHERMORE We also pledge to work with the government on realistic and achievable initiatives with benefits for climate change and sustainable development.
BY ENDORSING the declaration, we demonstrate the leadership and resolve of the private sector in formulating a collective, strong and effective climate change response to help combat climate change with benefits for the present and future generations.