The Need
Under the 2015 Paris Agreement, 197 countries agreed to try to keep temperature rises "well below" 1.5C to avoid the worst impacts of climate change, & more countries have joined in the initiative
Net Zero is a necessity as 200 companies have pledged to become carbon neutral, governments have imposed rules & regulations to make it compulsory for companies to submit their GHG reports
On May 10, 2021, the Securities and Exchange Board of India (SEBI) issued a circular implementing new sustainability-related reporting requirements for the top 1,000 listed companies by market capitalization. New disclosure will be made in the format of the Business Responsibility and Sustainability Report (BRSR), which is a notable departure from SEBI’s existing Business Responsibility Report and a significant step toward bringing sustainability reporting up to existing financial reporting standards.
The net-zero commitment is part of a strategy of Panchamrit or “five elixirs.” Four out of five of these so-called elixirs are short-term goals that would pave the way for achieving a net-zero emissions target by 2070. The immediate goals are:
- 1.Reaching a non-fossil fuel energy capacity of 500 GW by 2030;
- 2.Fulfilling 50 percent energy requirements via renewable energy by 2030;
- 3.Reducing CO2 emissions by 1 million tons by 2030; and
- 4.Reducing carbon intensity below 45 percent by 2030.
Presenting the government's net zero strategy to the House of Commons in the run up to COP26, the government pledged:
- £620m in grants for electric vehicles and charging points, plus £350m to help the transition from petrol
- £120m to develop small nuclear reactors (no announcement on the go-ahead for the Sizewell C nuclear power station in Suffolk)
- £625m for tree planting and peat restoration
- More money for carbon capture and storage hubs
The Council gave its final approval to the corporate sustainability reporting directive (CSRD).
This means that companies will soon be required to publish detailed information on sustainability matters. This will increase a company’s accountability, prevent divergent sustainability standards, and ease the transition to a sustainable economy.
- The SMEs find it too costly to get their emissions reported and validated
- Companies are confused about which of the recognised standards like GHG Protocol and ISO 14067 and ISO 14040 to go far
- There are a lot of new companies working on automated accounting softwares but are mixing everything, hence companies have no option but to go with the experts companies like Wipro, S&P with a price quote not everyone can afford
- Companies below $10M turnover also want to stand out but since there is no compulsion on them and due to high costs avoid getting into this market
- Data validation is not 100% accurate due to no end to end traceability
With 7 Billion fundings already made this year, according to Forbes latest report supply chains have demanded for another $50Trillion investment to solve all these problems and become net zero.
Solving this $50 Trillion USD bet, we are here to help companies track and reduce their carbon emissions with blockchain verified data such that they can reduce their reporting costs by using VChained Carbon Calculator or any select competitive quotes from the list of available partners and validate your data.
If used with VChained's Traceability module, will have end to end traceability of every product with Blockchain verified data, easing up the validation process as well.
Last modified 5mo ago