Embracing Sustainability: Our Unwavering Path
2023 brought bold sustainability commitments. Now, 2024 must deliver tangible climate action. Climate action is no longer an option; it has become a business and community imperative!
As we step into the new year, let's carry forward the momentum from COP28 discussions, fostering global climate action.
Notably, recent research by Ecosystem Marketplace suggests companies participating in voluntary carbon markets are nearly twice as likely to be reducing their own emissions year-on-year. Carbon markets must complement internal decarbonization efforts, not replace them.
At CoreCarbonX, our 2023 milestones demonstrated how specialist advisory services and program implementation can effectively enable organizations' decarbonization and ESG performance improvements. Watch our video on Sowing Seeds for the Future: Our Journey in 2023.
In this newsletter issue, we share key insights from COP28, reflections on India's net-zero journey, and our achievements in partnering for impact.
The climate crisis demands urgent collaboration. Let's make 2024 a landmark year, moving from ambitious pledges to measurable, sustainable outcomes. The time to act is now.
What are your priorities this year? Our team of specialists is ready to help translate vision into action.
COP28 Discussions: Advocating for Change
COP28 witnessed a groundswell of progress under the four pillars: fast-tracking energy transition, securing climate finance, building people's resilience, and championing inclusivity. Over 170 transformative announcements, more than double COP27's, showcased a global surge in climate action.
Multilateral Commitments Take Center Stage:
●??Renewable Energy: The Global Renewables and Energy Efficiency Pledge saw 130 countries commit to accelerating clean energy adoption.
●??Climate Relief: The UAE Declarations garnered support from 78 countries and 40 organizations for initiatives like Climate and Health (141 countries) and Sustainable Agriculture (153 countries).
●??Building Accountability: Initiatives prioritized reconvening and reporting progress at future COPs. The UNFCCC will further ensure transparency by tracking all efforts via the Global Climate Action Portal.
People at the Heart of Resilience:
● ?The Sharm El-Sheikh Adaptation Agenda implementation report and UAE declarations advanced people-focused resilience building.
●? Race to Resilience partners now aim to protect 3.17 billion people from climate impacts.
Ensuring No One is Left Behind:
●??COP28 appointed the first Youth Climate Champion, hosted the inaugural Local Climate Action Summit, and launched initiatives for gender equity, Indigenous peoples, and vulnerable communities.
Refer to the Summary of Global Climate Action at COP 28 for more.
Clean Credit Initiative and Voluntary Carbon Markets
●?COP28 saw the emergence of the Coal to Clean Credit Initiative (CCCI) proposing an innovative 'transition credit' framework to accelerate coal phase-out and clean energy transition.
● While COP28 failed to reach consensus on Article 6 international carbon trading rules, major developments emerged on voluntary carbon market frameworks. As per industry analyst commentary, leading carbon market oversight bodies like VCMI, ICVCM, WMB, CDP, SBTi, and the GHG Protocol collaborated to produce a comprehensive corporate climate action pathway for the whole decarbonization journey. Major carbon standards, including ACR, ART, CAR, GCC, Gold Standard, and VERRA, are aligned to increase carbon market impact and adopt ICVCM’s quality safeguards. These signal the growing integrity and collective endorsement of carbon markets as a critical climate solution that can complement corporate emission reduction efforts across the entire decarbonization journey. Robust oversight and collaborative action on carbon market infrastructure are essential to accelerating net-zero progress.
This surge of ambition at COP28 underlines the growing global understanding of the urgency and feasibility of a low-carbon future. The concrete commitments and initiatives documented above offer a beacon of hope and pave the way for a united global effort to combat climate change and build a sustainable future for all.
Reflections on India’s Net Zero Journey
In 2023, India made decisive progress toward a sustainable energy future vision, driven by a comprehensive strategy outlined in its Panchamrit action plan. The nation has set ambitious emissions reduction targets, aiming to achieve a non-fossil fuel energy capacity of 500 GW by 2030, fulfil half of its energy requirements through renewables, reduce CO2 emissions by 1 billion tons, lower carbon intensity below 45 percent by 2030, and ultimately achieve a Net-Zero emission target by 2070.
India's long-term low-carbon development strategy revolves around seven key transitions, including the low-carbon development of electricity systems, an integrated and inclusive transport system, adaptation in urban design, energy efficiency in buildings, sustainable urbanization, decoupling of growth from emissions, development of a low-emission industrial system, and investments in carbon dioxide removal and related engineering solutions. These transitions are essential for aligning development with environmental sustainability.
Key Policy Developments and Initiatives in 2023:
1. National Electricity Plan 2023 (NEP2023) : The adoption of NEP2023 signifies a commitment to nationwide electrification through clean energy.
2. National Green Hydrogen Mission : Launched to underscore India's dedication to eco-friendly energy, marking a significant step towards a sustainable future.
3. Energy Conservation Act Amendment : Implemented to ensure responsible energy consumption, reflecting a commitment to efficient resource utilization.
4. Carbon Credit Trading Scheme : Proposed to create a market for verified reduction credits, encouraging cleaner practices and fostering green investments.
5. Incentives for carbon capture, usage, and storage : Amongst various climate action programs, the budget proposed tax credits for carbon capture, usage, and storage (CCUS) investments, providing a boost to the nascent carbon industry.
6. Green Initiatives by the Government:Initiatives like the National Mission for a Green India , the mangrove restoration initiative (MISHTI) , and Amrit Darohar were launched, demonstrating a holistic approach to environmental conservation.
7. Green Credit Program :The Ministry of Environment introduced the Green Credit Program, a market-based mechanism incentivizing voluntary environmental actions.
8. PM-KUSUM Yojana : Strengthened to include de-dieselization of the farm sector, ensuring water and energy security for farmers, increasing their income, and addressing environmental pollution.
9. PM-PRANAM Scheme : The scheme's primary objective is to advocate for the balanced use of fertilizers, emphasizing the integration of bio-fertilizers and organic fertilizers into traditional agricultural practices.
10. Global River Cities Alliance (GRCA) : GRCA was launched at COP-28 in Dubai, led by India, to enhance river management and inspired by India's own River Cities Alliance, founded by the National Mission for Clean Ganga (NMCG) and the National Institute of Urban Affairs (NIUA).
Despite these commendable efforts, challenges persist. India's climate programs lack clear timelines for fossil fuel phase-out, renewable energy capacity targets are unspecified, adaptation goals lack mechanisms, and there is insufficient accountability on climate financing. Additionally, varying interpretations of climate finance data, resistance to mandated coal phasedowns, and sensitivities around methane emission reductions from agriculture present hurdles.
However, amidst these challenges, India's resolute strides in 2023, marked by visionary policies, the expansion of green programs, and growth in rooftop solar, offshore wind, and clean energy transmission, are noteworthy. As the global community seeks substantial commitments for urgent climate action, India's progress stands as a beacon, propelling the world towards a sustainable energy future.
CoreCarbonX : Our impact accelerated 2X with our team in 2023!
As countries and companies pledged net zero, we enabled practical transition plans across rice farming, clean cookstoves, natural farming, EVs, renewable energy, food processing, industrial parks, and more.
Through partnerships with policymakers, farmers, rural communities, and industries, we drove meaningful climate progress in 2023.
We are thankful to our clients, partners, and 350+ dedicated team members for the momentum.
Here's a look at the impact we have created over the year 2023.
●??Improved CookStoves : CoreCarbonX and Vida Carbon collaborated to supply 60298 energy-efficient cookstoves to rural and remote households in Odisha and Jharkhand. The initiative targets distributing 1 million clean cookstoves, replacing traditional chullahs, and reducing firewood usage by 60% to 70%.
●??Natural Farming : Partnering with local farmers and NGOs, initiatives have been established in Andhra Pradesh and Odisha to improve soil fertility and environmental health by reducing GHG emissions and also promise the enhancement of farmer's income.
●?Agroforestry Carbon Sequestration Project: We are working on developing sustainable agroforestry projects in Andhra Pradesh, Jharkhand, Telangana, Odisha, West Bengal, and other locations. Integrating trees into agricultural landscapes improves soil health, enhances biodiversity, and mitigates carbon emissions, thereby promoting sustainable land use.
●??Mangroves Restoration Project : Projects related to afforestation and reforestation of mangroves leading to sequestering carbon and protecting coastal areas from erosion, providing habitat for marine life, and supporting local livelihoods. CCX has worked on mangrove restoration in Ennore Creek in Tamil Nadu.
●??Sustainable Industrial Park :?Leveraging a new generation of Industrial park for inclusive and sustainable development, CoreCarbonX is working on development of six industrial park by the Telangana State Industrial Infrastructure Corporation (TSIIC).
●??Sustainable Rice Production : Working with thousands of farmers in reducing methane emissions from rice fields by adopting Alternate Wetting and Drying Methods. These projects employ water-efficient cultivation practices, resulting in reduced methane emissions and lower energy consumption, thus yielding both economic and environmental benefits.
Our Notable Events: Making Strides Towards a Sustainable Future
In 2023, CoreCarbonX achieved significant milestones by actively organising stakeholder meetings and also participating in top-tier events, engaging global industry experts, fostering grassroots initiatives, and playing a pivotal role in shaping discussions on ambitious net-zero goals and sustainability across various sectors.
Core Carbon Sustainable Rice Initiative
Stakeholder Consultation Meetings Under Gold Standard
领英推荐
April–November 2023
Venue: Odisha, Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and West Bengal
CoreCarbonX has consulted a number of 1000 stakeholders in the states of Odisha, Andhra Pradesh, Telangana, Karnataka, and West Bengal in its journey towards reducing methane from rice fields and adopting sustainable rice cultivation practices in the rice fields.
Solar Power Training Session
06–10 November 2023
Venue: Hyderabad
CoreCarbonX was a part of a five-day training program on “Solar Farming” organized by the National Institute of Agricultural Extension Management to create awareness of Solar Farming and initiatives in the Agricultural Sector. CCX Vice President, Mr. Karthik Rao S, has shared his insights on “CCX Models and Success Stories of Solar Farming”.
15th Sankalp Global Summit
19 October 2023
Venue: Mumbai
Ms. Kavita Sahany , Lead-Strategic Communication and Government Relations, CoreCarbonX, spoke about the ‘untapped potential of blue carbon’. The focus of her speech remained on understanding the potential of blue carbon in India and also exploring the various benefits of water resources in carbon sequestering.
6th International Rice Congress
16–19 October 2023
Venue: Manila, Philippines
CCX was a part of the 6th International Rice Congress in Manila, Philippines, which was convened by the International Rice Research Institute (IRRI). The theme of the event was “Accelerating Transformation of Rice-Based Food Systems: From Gene to Globe,” where our MD and CEO, Mr. Niroj Mohanty , spoke about the AWD method and reducing methane emissions during rice production.
TiE Hyderabad OpenMic
31 August, 2023
Venue: Hyderabad
Mr. Niroj Mohanty , MD and CEO, CoreCarbonX, graced the panel at the TiE Hyderabad OpenMic event, where a diverse array of companies showcased their innovations in Climate Tech, Food, and Agri Tech.
TISS and the ICCSA Foundation Conference on Methane Emission from Landfill and Waste Sector
11–12 August 2023
Venue: Mumbai
Mr. HRISHIKESH MAHADEV R , Director and Head of Global Strategy at CCX, took the stage at the prestigious 2-day ‘Methane Emission from Landfill and Waste Sector’ conference hosted by the?Tata Institute of Social Sciences ?(TISS) and the?ICCSA Foundation ?and spoke on the strategies of methane mitigation and management in the waste sector.
Carbon Forward Asia Conference 2023
02-03 May 2023
Venue: Singapore
CCX was a part of pathbreaking discussions about India’s carbon market at the Carbon Forward Asia 2023 conference on May 2–3 in Singapore. CoreCarbonX MD and CEO Niroj Mohanty was a part of the panel discussion on “The Birth of Another Giant Compliance Market: Recent Developments in India,” scheduled for May 2, 2023.
Fund Raising and Financial Management for WASH MSMEs and Startups
16 October 2023
Venue: Hyderabad
Core CarbonX presented a case for “Carbon Financing: Challenges and Opportunities” at ASCI College Park Campus, Banjara Hills, Hyderabad Training Program, and a review meeting for Mahabubabad under “Fund Raising and Financial Management for WASH MSMEs and Startups."
Mr. @Ashish Chaudhary made a presentation and was part of a panel on “Catalytic Capital for Accelerating WASH?Innovations.”.
CoreCarbonX in the Spotlight
CoreCarbonX was featured in IndiaTimes and MSN News for an insightful article titled "How Nature-Based Solutions Are Empowering Climate Resilience and Environmental Friendliness." As greenhouse gas emissions escalate, surpassing critical climate thresholds, CoreCarbonX experts Niroj Mohanty (MD) and Kavita Sahany (Lead Strategic Communications) emphasized the urgent need for solutions harmonizing human progress with environmental sustainability.
The article explores CoreCarbonX's role as a trailblazer, delving into a spectrum of nature-based solutions—from carbon sequestration to biodiversity conservation—that assist corporations in achieving climate goals. It underscores the transformative potential of aligning with nature, implementing sustainable solutions, and mitigating the impacts of climate change for a more sustainable future where humanity and nature coexist harmoniously.
Curious to delve deeper into the power of Nature-Based Solutions? Read the full article and share your thoughts in the comments below!
Other notable programs that received media attention last year!
Looking Ahead: Focused areas for 2024
As we reflect on the year gone by, we extend our heartfelt gratitude to the individuals, organizations, and partners whose unwavering support amplified our impact in creating a better world. Your collaboration has been instrumental in our journey toward positive change. Looking ahead to 2024, we anticipate the implementation of more impactful policies. Our focus will be on pioneering initiatives in
We eagerly anticipate your continued support as we embark on another year dedicated to advancing sustainability and making a lasting difference. Together, let us forge ahead, inspired by the shared vision of a brighter, more sustainable future.
Learn more about CoreCarbonX
CoreCarbonX (CCX) has been leading the way in driving transformative change for almost two decades. Our goal is to improve our country's global standing by achieving net-zero objectives. CCX is committed to sustainability and has guided private sector entities and government organizations worldwide in adopting eco-conscious practices.
Our services cover a wide range of sectors, such as energy, climate change, forestry, biodiversity, agriculture, wastewater management, socio-economic capacity development, geospatial technologies, Urban and Industrial Area development, fashion and textiles, companies, and industry development. Our efforts have led to the successful execution of projects across the globe, helping to mitigate the adverse effects of climate change. Extending beyond borders, our services and their global impact can be felt from India to Kabul, Samoa, Myanmar, Bhutan, Africa, and 12 different countries across the world.
We offer advisory services such as ESG consultation, circular economy, net-zero, sustainable solutions, program management, study, and insight. In the realm of asset management, CCX pioneers initiatives like plastic credit and carbon credit. We also employ auditing, planning, and geospatial analysis services to help ensure a lasting positive impact on a worldwide scale.
Would you like to connect to learn more about options for optimising your company’s performance on the sustainability matrix? Talk to our experts today! ?