Climate change: SME Climate Hub, a global non-profit initiative that helps small and medium-sized businesses take a climate-friendly business approach and become future-resilient through sustainable measures, has launched a dedicated homepage on its web portal for Indian MSMEs. The aim is to encourage Indian MSMEs to commit to the cause of halving their carbon emissions before 2030 and achieving net zero emissions before 2050.
The Hub is an initiative founded by the non-profits We Mean Business Coalition, Exponential Roadmap Initiative and the United Nations Race to Zero campaign in collaboration with Oxford University and Normative. The Race To Zero is a global campaign to attract support from businesses, cities, regions, investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth, according to the UN Climate Change.
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UN Climate Change is the United Nations entity tasked with supporting the global response to the threat of climate change.
“MSMEs in India drive economic growth and are pivotal players in reaching the nation’s goal of net-zero emissions by 2070. No matter the size, small businesses have the power to make a difference and be the agents of change India needs,” according to SME Climate Hub.
The Hub will offer joining MSMEs access to free tools, guides and courses to help them measure their carbon emissions and reduce their carbon footprint and support India’s overall net zero target. India, at the 26th session of the United Nations Framework Convention on Climate Change (COP 26) in November 2021, had announced its target to achieve net zero by 2070.
Net zero refers to striking a balance between the amount of greenhouse gas emitted and removed from the atmosphere.
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The participating MSMEs are expected to take the following steps within six months of making the commitment: First, quantify their current greenhouse gas emissions, for example, by using the Business Carbon Calculator on the SME Climate Hub or an external tool of comparable accuracy.
Second, set short- and medium-term goals for emission reductions, such as switching to renewable energy and reducing business travel emissions, in line with the commitment to halve emissions by 2030 and reach net zero by 2050 at the latest. Third, develop a plan to achieve emission reduction targets; fourth, take concrete action to reduce emissions from the identified key areas and fifth, encourage businesses within their network to take action.
According to the Hub, 203 Indian MSMEs are currently part of the initiative.