India ranks sixth globally in corporate climate action, with 127 companies committed to science-based target initiative or SBTi net-zero targets, a report by ICRA ESG Ratings.
- These companies are primarily from non-hard-to-abate sectors like textiles, software, and pharmaceuticals, stated a report by ICRA ESG Ratings.
- Out of these 127 companies with net-zero commitment from India, around 7 per cent belong to high emissions sectors like construction materials and mining and the rest hail from sectors like textiles, software and services, typically considered to be having low to medium level of carbon footprint.
- While India ranks sixth, the United Kingdom leads globally with the highest number of companies committed to SBTi net-zero targets.
- In contrast, China, despite being the largest emitter, has a lower share of companies with such commitments.
Science-based target initiative or SBTi
- The science-based target initiative or SBTi is a voluntary target-setting initiative whereby companies can commit to setting science-based targets and have their objectives independently assessed and validated.
- Commitments and target taking are done through stated sector wise guidelines by SBTi.
- The SBTi is incorporated as a UK charity, with a subsidiary SBTi Services Limited.
- Partner organizations who facilitated SBTi’s growth and development are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).
