Business
Companies committed to cut emissions represent $38 trillion economy
A record number of companies are committing to and setting science-based climate targets, according to a new research by the Science-Based Targets Initiative (SBTi), the global body enabling businesses to set emissions reduction targets in line with science.
The SBTi has launched its third annual assessment of the initiative’s impact since its launch in 2015. The 2021 Progress Report ‘Scaling Urgent Corporate Climate Action Worldwide’ reveals that the SBTi has entered a period of exponential growth with SBTi companies now representing over a third of global market capitalization, worth $38 trillion, up from 20 per cent in 2020.
In 2021, the number of SBTi companies doubled to 2,253, including 1,082 companies with approved targets and 1,171 that committed to set science-based targets. These companies cover 70 countries and 15 industries, with the growth rate averaging at 110 new companies per month in 2021, compared to 31 in 2020. These figures include 117 financial institutions, which have committed to set science-based targets since 2015.
Between January and March 2022, almost 500 companies have set or committed to set science-based targets.
Luiz Fernando do Amaral, CEO of the SBTi, said: “The world today is faced with many challenges, there’s the devastating Russian war in Ukraine, the ongoing pandemic and the increasingly urgent climate crisis. At this critical time, we cannot let ourselves be divided.
“In the face of these existential crises, the SBTi will continue to work with governments, companies and NGOs, through strong collaboration, healthy debate and scientific research to reinforce 1.5 degrees Celsius corporate climate action as the new normal.
“The science is clear, we are already experiencing the impacts of climate change, and continuing on the current trajectory equals catastrophe. This report shows that the value the SBTi brings to society is more needed now than ever before, we must continue to drive the exponential growth of science-based targets and make them abusiness as usual’ for companies and financial institutions worldwide.”
As the first assessment of the SBTi’s progress since the COP26 climate summit in Glasgow, the report’s findings evidence a growing wave of international momentum towards science-based targets.
The necessity of this momentum is reflected in the latest UN Intergovernmental Panel on Climate Change (IPCC) WGIII report, which concluded that peak global emissions along with rapid and urgent reductions is required before 2025 to keep global heating under 1.5 degrees Celsius.
In October 2021, the SBTi launched the Net-Zero Standard, the world’s first framework for corporate net-zero target setting in line with climate science. It includes the guidance, criteria, and recommendations companies need to set science-based net-zero targets consistent with limiting global temperature rise to 1.5 degrees.
The Net-Zero Standard has accelerated the shift towards 1.5 degrees aligned targets as the new normal for corporates. The report indicates almost 80 per cent of 587 new targets approved in 2021 were aligned with a 1.5 degrees trajectory.
In April 2022, the initiative celebrated a round of new, net-zero approved targets with the total number of companies committed to the Net-Zero Standard surpassing 1,000.
The SBTi’s ‘ambition update’ also announced that the global initiative will only accept target submissions aligned with 1.5 degrees from July 2022, driving companies to go further and faster with their emissions reductions.
Lila Karbassi, Chair of the SBTi board and Senior Programme Officer at the UN Global Compact, said: “The global economy must halve emissions before 2030 to reach the Paris goal of 1.5 degrees Celsius, and it is currently not on track to do so.
“This goal is reflected in the most recent IPCC report, which poses a clear message, we must implement rapid and urgent emissions reductions or face planetary catastrophe. The climate action we’re seeing from companies is grounds for optimism, but we must all go further and faster to close the emissions gap.”
Business
India Set To Lead The World In 6G, Says Telecom Minister Jyotiraditya Scindia
In a bold declaration at the inaugural address of the Indian Mobile Congress 2024 (IMC) on Tuesday, Union Telecom Minister Jyotiraditya M. Scindia has said that India will lead the world in the adoption of 6G.
In his address at the event, Scindia emphasized that India is now prepared to lead the world in the development of 6G technology.
India’s Technological Rise: From Following to Leading
“It is our belief and commitment that India, which followed the world in 4G and marched with it in 5G, will lead the world in 6G,” Scindia stated.
The minister highlighted India’s remarkable achievements in the telecommunications sector over the last ten years, the country has become a global leader in innovation and technology.
“It’s a fundamental change in approach towards technology development,” he said, attributing this transformation to Prime Minister Narendra Modi’s leadership.
Telecom Sector Growth Under PM Modi’s Leadership
“Prime Minister who has always put people at the heart of progress Sabka Sath, Sabka Vikas Sabka Vishvas aur Sabka Prayas combined with his second motto, One Earth, One Family and One Future. It is combination of these two mottos that leads India under PM Narendra Modi leadership one of the leading sectors in the committee of Nations,” Scindia said.
Scindia underscored government’s initiatives to bridge the digital divide, particularly through the BharatNet program, the world’s largest rural broadband connectivity initiative to connect every panchayat of the nation. Over the past three years, the government has invested more than USD 10 billion and laid 7 lakh kilometres of fiber across rural India.
Digital Payments and UPI: Pillars of India’s Digital Economy
He cited staggering growth in mobile and broadband connectivity, with mobile connections rising from 94 million to 1.16 billion, and broadband users growing from 60 million to 924 million in just a decade. India’s optical fibre cable (OFC) networks has expanded from 11 million kilometers to 41 million kilometres over the last ten years, he added.
The minister further said that this growth is accompanied by the success of India’s digital payment systems, the 4G stack, and the Unified Payments Interface (UPI), which serve as pillars of India’s digital economy are expected to contribute significantly to the global digital infrastructure.
Scindia further noted that the government’s efforts to ensure that policy frameworks keep pace with the rapidly evolving digital landscape. “The recent changes to the Telecommunications act 2023 is a case in point. It has been drawing light upon hither to undressed areas such as a high potential sector of satellite communications, addressing the challenges of the digital leader. The most important being cyber security. The telecom sector much like other growth critical sectors in India is aggressive, is ambitioushe said.
“The telecom sector much like other growth critical sectors in India is aggressive, is ambitious and its outlook in our Journey from Amritkal to Shatabdikal is to lead the world,” Scindia said. By mid-next year, India will have achieved 100 per cent saturation of 4G across the entire country, covering even the most remote villages, the minister said.
He emphasised PM Modi’s vision of India as a first mover in 6G technology, underscoring the nation’s resolve to lead the world in future telecom innovations.
“The attitude put forward by the prime minister of not just embracing, but raising ourselves to becoming the first mover in the 6G technology,” he added.
Business
Indian Markets Gave Better Returns Than China In Last 5 Years, Says Sebi Member
Sebi Whole-time Member Ananth Narayan G on Monday reminded investors that Indian equities have consistently delivered 15 per cent returns over the last 5 years whereas the same has been zero or even negative in China.
Terming the Indian markets “sone pe suhaga” for delivering higher returns for lower risks, Narayan also flagged a few areas of caution for investors and asked them to be conscious of the risks.
“There’s a lot of talk about China markets over the last few days. But over the last five years, while Indian markets have given around 15 per cent compound annual growth rate consistently, Chinese markets are nowhere close to that. It’s almost zero. In fact, in some cases, like in Hong Kong, it’s actually negative,” Narayan said.
Speaking at an event marking the start of the Investor Awareness Week at NSE, Narayan said FY24 was a “remarkable” year for India, with the benchmark indices returning 28 per cent and the volatility just 10 per cent.
“That’s like ‘sone pe suhaga’. It’s like the best of all worlds: low risk and very high return,” Narayan said, underlining that there are side effects of this as well.
Making it clear that it will not be the same going forward and investors should not assume it to be a one-way street, Narayan said such handsome returns can lead to complacency and pointed to a lot of youngsters opening up demat accounts to join the bandwagon.
Educating people about risks is very important, Narayan said, giving the analogy of driving a car. “There has to be a light push on the accelerator to get more investors to provide risk capital for the economic growth, we also need to be aware of risks and use the brakes if need be.” He said that 40 per cent of the small and midcap scrips have shot up by 5 times in the last five years, because of an imbalance between inflow of investor money and supply of new paper.
On its part, the capital markets regulator is trying hard to ensure that fund-raising clearances are done early so that there is a steady stream of quality paper supply in the market.
From a broader, longer-term perspective, Indian markets will only go north from here given the economic growth prospects in the country, Narayan said, issuing specific advice to investors.
Investors need to have the right intermediaries to capitalise on this opportunity presented by India, and not fall for the unregistered and fly-by-night ‘finfluencers’ who might be driven by vested interests, he said.
Using the oft-repeated idiom of “all roads lead to Rome”, Narayan remarked that Rome is not a traveller-friendly place and one may get scammed there as well. Therefore, it is important to seek advice from the right people for the investors, he said.
He also said that it is in investors’ interests to trade less and stay invested for longer for higher returns, and added that studies prove the same.
Sebi, which has flagged certain areas like derivatives recently, is not against speculation or participants taking short-term trades, but it would want investors to understand the risks, Narayan said.
Business
Ratan Tata Rubbishes Rumors Of ‘Critical Health’; Says No Cause For Concern
Tata Group’s Ratan Tata has denied rumours of his critical health that have been reported and have surfaced in the recent hours.
Ratan Tata’s associates took to his official Instagram account to debunk the news of him being ‘Critical’.
In the post, Ratan Tata said, “I am aware of recent rumors circulating regarding my health and want to assure everyone that these claims are unfounded. I am currently undergoing medical check-ups due to my age and related medical conditions.
There is no cause for concern. I remain in good spirits and request that the public and media respect refrain from spreading misinformation.
For more than fifty years, Ratan Tata has led the Indian business community’s entrance hall. The 86-year-old has been suffering from illnesses associated with ageing. Tata has participated in social life to the best of his limited ability despite his health issues.
Recently, on the occasion of Gandhi Jayanti, on October 2, Ratan Tata, expressed his congratulations to the Prime Minister on this occasion. “I congratulate the honourable Prime Minister on the 10-year commemoration of programmes that have benefitted millions in rural India.”
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