Sanjiv Puri warns extreme climate events 'here to stay', companies in India must adapt
climate change events that have plagued the world are ‘here to stay’. Puri further added that companies in India should fine-tune their strategies in accordance to the climate change that has affected existence. Puri said extreme weather events are impacting the earth as well as human life and requires a lot of attention.
Puri emphasised on the impact climate change has, especially on the Global South. This also goes into the design of urban infrastructure and industrial ecosystem, Puri added. This is also an area which is receiving a very small percentage of capital flows.
It is certainly an area that requires lots of attention, Puri said. "This is a dynamic area and will require businesses also to adapt and fine-tune strategies in a dynamic way," Puri said while moderating a session here. Puri, who is also the Chair of B20 Action Council on ESG (Environment, Social and Governance) in Business said, "this has also been flagged that it is an area, which has been not sufficiently covered through the evolving regulation in the ESG frameworks and it need to be done given the urgency." It needs value creation activity and power of collaboration and otherwise the cost of funds will become more and more expensive, he added.
"We have seen the manner in which things have changed between 1.1°C and 1.2°C. Extreme weather events are here to stay," he said. Now decarbonisation is gaining currency and a lot of stuff is happening on that front but benefits of that will be available decades later.
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