Business Action for Climate Change

The impacts of climate change and extreme weather events have only been intensifying around the globe. The implications are not just grim for the planet, but also for us humans. As the mercury gradually creeps north, we are likely to experience more erratic weather patterns, shifting disease vectors and exacerbating insecurity to essential means for sustaining life, like food and water. Radical transformation at unprecedented pace and scale is required to achieve global climate change mitigation targets.

The deep and systemic socio-economic drift towards climate resilience must be driven through a multilateral partnership, with the corporate sector taking the lead. Businesses are inseparably integrated into the community fabric through innumerable transactions and are equally threatened by climate change. Precedence must be given to socio-environmental interests. And the United Nations Global Compact, with over 10,000 companies within its fold, testifies to the potential of corporate action to solve some of the most pressing problems we are facing at present. Businesses can effectively drive resilience against the vagaries of nature from the forefront through:

Green Products & Responsible Operations

Growing carbon emissions have been one of the major factors contributing to climate change and for businesses, the quantum of operations undertaken and products manufactured have a material impact on the environment. It’s thus imperative that adequate care be taken to identify areas across the value chain that need correction to create eco-friendly processes and green products. Life cycle assessments help map areas that need improvements and by 2030, we at STL hope to cover 100% of our product families ensuring green and clean products and operations. Along with use of renewable energy, zero waste to landfill is another concept which brings in innumerable efficiencies and waste reduction as well as promotes a circular economy. We have prioritized repurposing our byproducts and waste diverting over 21,000 MT through this channel out of the 30,000 MT diverted from landfills this year helping us move toward more circular use of resources.  

Reinforced service infrastructures

Unpredictable weather systems are capable of disrupting power, transportation, communication, financial services and so on, affecting the quality of life for millions around the world. In view of this impending threat, businesses need to increasingly integrate climate change with their strategic plans and operational tactics through products and services that can withstand inclement weather conditions and even social disruptions like the recent pandemic.

Resolute CSR initiatives and community actions

Corporate social responsibility (CSR) initiatives are an excellent tool in the corporate arsenal for driving the sustainability agenda. Now, with climate change and associated events posing a clear and present danger, businesses around the globe need to leverage this tool to reach the grassroots level, educating and preparing those who are likely to be impacted most.

Further, investments through CSR in sustainable agriculture, tech based water conservation and recycling can help strengthen communities against climate change related vagaries. For instance, our social impact program Jaldoot implemented in Maharastra’s Aurangabad division that was in the clutch of severe drought and water crisis since 2005 led to the conservation of more than 785,000 cubic meters of water, improving the lives of over 32,000 villagers and boosting average family income from agricultural activities over 20%. Over 22 check dams were constructed in 16 villages across the region. To ensure sustainability and not just conserve, but enhance ground water levels, we are now working with the World Bank Water Resources Group and Village Social Transformation Foundation to create holistic water conservation programs that do not only look at replenishment, but reduction of fresh water usage for agriculture, afforestation and groundwater recharge through waste water treatment.

A new horizon of opportunities

And the list of ways businesses can act on climate change is endless. With meticulous planning and proper handling, efforts to build climate resilience can yield rich dividends for the businesses, offering more extensive economic, environmental, and social benefits. Embracing climate resilience encourages corporates and stakeholders across their value chains to discover new problem-solving approaches and collaborate, spurring novel research and innovation in the process which is critical to build a better tomorrow.