What can the public expect from COP28, the global climate change festival?

COP28 scheduled for November 30, 2023, one can expect it to be a crucial international conference where world leaders, negotiators, and experts gather to discuss and address global climate change issues. COP focus on key topics such as emissions reduction commitments, climate financing, adaptation strategies, and international cooperation to tackle climate change.

Krÿstähl prepared a brief comparison of past three COP meetings, to analyse what public, society and global community can expect from COP28.

TABLE-1: Comparative Account of COP25, COP26 and COP27

DETAILS	COP25 (2019)	COP26 (2021)	COP27 (2022)
Date and Location	December 2-13, 2019, Madrid, Spain	November 1-12, 2021, Glasgow, United Kingdom	November 6-20th 2022, Sharm El Sheikh, Egypt
Key Themes	Addressing unresolved issues from previous COPs, including Article 6 and loss and damage.	Focusing on enhanced climate action and ambition, adaptation, finance, and global collaboration.	Together for Implementation, and with a view to renewing and extending the agreements reached in the historic Paris Agreement.
Global Temperature Goal	Limiting global temperature rise well below 2degrees Celsius above pre-industrial levels,	Emphasizing efforts to limit global temperature rise to 1.5 degrees Celsius.	The Agreement includes the goal of limiting the global average temperature increase to well below 2°C above pre-industrial levels and pursuing efforts to millet it to 1.5 degree C.
Nationally Determined Contributions (NDCs)	Countries submitting updated NDCs outlining their climate action plans.	Countries expected to enhance and submit more ambitious NDCs.	Responding to the call for increased ambition in 2030 climate India updated NDCs in Aug.2022, and embarked on new initiatives in renewable energy, e-mobility, ethanol blended fuels, and green hydrogen and alternate source of energy.
Financial Commitments	Discussions on financial support for developing countries for mitigation and adaptation.	Focus on developed countries meeting and exceeding financial commitments.	It was noted by everyone that the countries must first meet the current commitment to secure $100 billion /annum, of climate finance a year and double global adaptation finance.
Adaptation Measures	Agreements and discussions on supporting vulnerable nations in adapting to climate change.	Addressing adaptation needs of vulnerable nations and implementing adaptation strategies.	COP27 closed with a breakthrough agreement to provide loss & damage funding for vulnerable countries hit hard by floods, droughts and other climate disasters. According to the UNFCC, there was “significant progress on adaptation” with more than $230 million of new pledges made to the Adaptation Fund.
Technology Transfer	Discussions on facilitating the transfer of environmentally sound technologies.	Emphasis on technology transfer to developing nations for sustainable development.	Highlighted the importance of cooperation on technology development and transfer and innovation in implementing the join work program activities. Focus onPoznan Strategic Programme on technology transfer at 61st session (Nov.2024) with aim of supporting the implementation of relevant activities/prioritized in developing countries NDC, NAPs, technology need assessments and technology action plans and Long term strategies.
Outcome Documents	Madrid outcome documents, addressing various aspects of climate action.	Glasgow Climate Pact, containing commitments and decisions reached during COP26.	Sharm el-Sheikh Implementation Plan  containing the commitment and decisions reached during COP27

Embracing Environmental, Social, and Governance (ESG) principles is not precisely a business strategy; it's a powerful commitment to mitigating climate impact. By encouraging environmental stewardship, giving priority to social responsibility, and upholding strong governance, we can encourage positive change and guide the way towards a climate friendly sustainable future for our planet.

Be the leaders united in the pursuit of environmental security for the next generation, in the choices they make at COP28. Political and government leaders in COP wield their will and power to shape a legacy of resilience and sustainable development for the world, where the breath of progress harmonizes with the breath of nature.

“In the arena of COP28, let the actions of national leaders echo the urgency of this moment, forging a path that transcends borders and transforms challenges into opportunities for a planet that thrives, not just survives. COP28’s commitment shall ensure a secure and vibrant future for generations to come”- stated Dr Shalini Sharma. 

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Krÿstähl

EMAIL: krystahl@krystahl.in 

URL: www.krystahl.in

#COP28 #UNFCCC #ESG #CircularEconomy #SDG2030 #Carbon #GHG #ClimateChange #UN #Governments #PoliticalWill #Economy

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Going for Circular Economy Recognition?

Going for Circular Economy Recognition? 

Words such as sustainability, environment, and energy-conscious business practices, are no longer keywords. Rather, these are terms that organisations across the globe have embraced wholeheartedly. In an era where climate change is getting real and affecting our lives, understanding the role of circular economy and its impact is crucial not just for the economy but businesses and end-consumers as well. 

Circular economy offers unimaginable value proposition to organisations in deriving value from their manufacturing processes and becoming environmentally conscious. Regenerative and restorative processes enables retention of resources and extraction of maximum value. The circular economy is therefore designed to minimise waste, reduce environmental impact, and foster sustainable development.

According to a 2023 circularity gap report, participating in environment-conscious, ethical and circular economy practices itself could fulfil humanity’s needs. The report, however, finds barely 7.2% of the global economy following a circular pattern. Besides rationalizing and reducing procurement costs, regenerative processes are also in line with consumer demand. For example, the packaging with Apple's products is not only environmentally-conscious but has also struck an emotional appeal with its consumers. The new packaging has been emulated by peers and thereby a new practice in the industry. Sustainability, ethical, and environmental-safe manufacturing practices, have been a conscious consumer-choice according to studies by Nielsen (78%) and McKinsey (60%) conducted in 2020. 

For the enterprise though, participating in a circular economy may be more than an after-thought - a compliance norm, in fact. That is given how regulators across the world have increasingly focused on institutionalising ESG compliances and even setting carbon utilisation norms. To regulators and policymakers, green transformation and circular economy practices offer significant economic opportunities. Investments in clean energy, sustainable infrastructure, and eco-friendly technologies can create new industries and jobs, driving economic growth while also fostering environmental stewardship. Shifting towards a greener and more circular model enhances resilience to environmental and economic shocks. Diversification of energy sources, for instance, can reduce vulnerability to fossil fuel price fluctuations, while circular approaches help mitigate the risks associated with resource scarcity and price volatility. Both green transformation and the circular economy aim to create more inclusive and equitable societies. Furthermore, by promoting ethical and fair business practices, these approaches can contribute to social welfare and reduce inequalities.

The road to a green and circular economy augurs well not only from the addition of jobs and economic opportunities but also expansion avenues for the corporate. A textile manufacturer, for instance, could unlock additional value by identifying resources to regenerate, recover, and thereby provide to the circular economy. For reference, 8.5% of global textile waste gets accumulated in India every year. The media, films & fashion and hospitality sector can infuse newer realities by leveraging circular economy and same opportunity is introduced by Krÿstähl’s GreenX™®.

However, converting waste into value may be easier said than done. Such transformative efforts demand a more cohesive approach from internal stakeholders which may be unviable in the absence of expert analysis provided by the sector and practicing experts. 

Certifying an organisation with Re-Circulate™® Label has benefits beyond compliance and process-fault-finding. Such a certification assures circularity status of the company /organisation, thereby yielding a positive ESG report. Besides ensuring quality of a circular product, such labels help organisations provide for a cleaner environment. Krÿstähl’s  Re-Circulate™® program for hospitals, launched along with hospitals like Pranaam Group of Hospital and more, is in progress and supporting the hospitals for its green, circular transition. 

Notably, it enables organisations to export circular products with ease. With the benefits the concept promises, the transformation to the organisation is as profound as the realisation that the earth is round.

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EMAIL: krystahl@krystahl.in

URL: www.krystahl.in >Services > Re-Circulate™®

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ESG AND CORPORATE GOVERNANCE : SIGNIFICANCE & SOLUTIONS

ESG AND CORPORATE GOVERNANCE : SIGNIFICANCE & SOLUTIONS

Krystahl (A JV of Sanshodhan and GICE&SDGs)

Hyderabad 500091, INDIA

EMAIL: krystahl@Krystahl.in , URL: www.krystahl.in  

ESG stands for Environmental, Social, and Governance and refers to non-financial metrics that assess a company's impact on the environment, society, and governance. Corporate governance refers to the systems and processes by which a company is directed, managed and lead for the growth. ESG and corporate governance are closely related.

ESG and corporate governance are becoming increasingly important as consumers, investors, and regulators demand greater accountability from companies. Integrating ESG considerations into corporate governance practices can help companies manage risks, improve their reputation, and increase their long-term financial performance. At the same time, good corporate governance practices can ensure that a company's ESG efforts are transparent, accountable, and sustainable. Good corporate governance practices, if aligned with the ESG considerations, can enhance a company's multi-dimensional sustainability and long-term success.

Corporate governance is very important for ESG funding because it provides assurance to investors that a company's ESG efforts are well-managed, transparent, and aligned with the company's overall strategy. Good corporate governance practices provide the structure and systems needed to effectively manage ESG risks and opportunities. For example, a strong governance structure can ensure that a company's ESG efforts are integrated into its business strategy and that ESG metrics are consistently tracked and reported. This can help to build trust with investors and other stakeholders, and can increase the company's overall competitiveness and long-term success. Investors are becoming increasingly interested in investing in companies with strong ESG profiles, and corporate governance is seen as a key factor in determining a company's overall sustainability and risk profile.

The corporate governance status in India has improved significantly in recent years. The Indian government has implemented a number of reforms to enhance corporate governance, including the introduction of new laws and regulations, as well as the establishment of independent regulators to enforce these rules. For example, the Companies Act of 2013 introduced new requirements for independent directors, better disclosure and transparency, and strengthened the role of audit committees.

The Securities and Exchange Board of India (SEBI) has implemented new rules for corporate governance, including the listing regulations and the Corporate Governance Voluntary Guidelines (2009). In year 2019, Ministry of Corporate Affairs (MCA) introduced National Guidelines for Responsible Business Conduct (NGRBC). In May 2021, SEBI introduced a mandated for top 1000 listed companies, to report on ESG parameters, and introduced the standard format- BRSR, for annual reporting. 

Still there are some challenges in this area, like lack of accountability among some directors and executives, weak enforcement of corporate governance rules, and limited public awareness of the importance of corporate governance. The continued development of the corporate governance framework in India is important for attracting investment, building trust, and promoting sustainable and responsible business practices.

Audits play an important role in ensuring the effectiveness of a company's corporate governance practices. An audit can help to evaluate a company's governance structure, processes, and controls, and provide assurance that they are functioning as intended. There are several types of audits that can be performed to assess a company's corporate governance, including:

1. Financial audit: A financial audit is an independent examination of a company's financial statements to ensure that they are accurate and comply with accounting standards.

2. Internal control audit: An internal control audit evaluates a company's internal controls, including its risk management processes, compliance procedures, and financial reporting systems.

3. Compliance audit: A compliance audit assesses whether a company is following applicable laws, regulations, and ethical standards.

4. ESG audit: An ESG audit evaluates a company's environmental, social, and governance practices, and provides assurance that they are consistent with best practices and meet stakeholder expectations.

By performing such audits, companies can identify potential weaknesses in their governance processes and make improvements as and when needed. The results of an audit can also provide valuable information to stakeholders, such as investors and regulators, interested in the company's governance practices. Overall, audits are an important tool for promoting transparency and accountability in corporate governance. They help companies to improve their governance processes, manage risks, and demonstrate their ESG commitment to responsible business practices.

Copyright@Krystahl

DATE: 4 FEB. 2023

Website UPCOMING: www.Krystahl.in

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