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CEO Forum on Climate Change to make important declaration today

By TIOL News Service

NEW DELHI, NOV 05, 2020: THE private sector is poised to join hands with Government of India in its fight against climate change.

A ‘Declaration of the Private Sector on Climate Change' is slated to be signed and released during the high-level virtual event being organized under the Chairmanship of Union Environment Minister, Shri Prakash Javadekar, today.

Key industry leaders from the steel, cement, power, pharmaceuticals etc. sectors will deliver statements to reinforce their commitment to the cause of climate change and share their vision for climate action in the post-2020 period.

India is a signatory to the Paris Agreement under the United Nations Framework Convention on Climate Change. 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 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.

The private sector plays 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.

A coordinated response by the Government and private sector on climate change 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 India CEO Forum on Climate Change is all set to forge long standing and sustainable partnership between the Government and private sector in the field of climate change.


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