The World Resources Institute (WRI) and the CII Sohrabji Godrej Green Business Centre (CII – Godrej GBC) have announced a new national initiative to advance climate-friendly, sustainable enterprises in India. The new Green Business Initiative will launch two programs in India to advance sustainable enterprises and facilitate the development of corporate greenhouse gas inventories and subsequent investments in greenhouse gas mitigation projects. The initiative was launched during the Green Business Summit 2005 organized by the CII - Godrej GBC on December 8-9, 2005, in Hyderabad.
India is the 5th largest emitter of greenhouse gases, contributing to almost six per cent of the world’s total greenhouse gas emissions. Since the Indian government is not part of global negotiations to reduce greenhouse gas emissions under the Kyoto Protocol, the opportunities pursued by the Green Business Initiative would be voluntary measures businesses could take based on their own benefits analysis.
The greenhouse gas project will be a three-year program to develop a voluntary Greenhouse Gas (GHG) reporting platform for Indian businesses, following the internationally accepted Greenhouse Gas Protocol (www.ghgprotocol.org) developed by WRI and WBCSD (World Business Council for Sustainable Development). It will assist businesses in India to prepare GHG inventories, identify GHG reduction opportunities, and participate in programs to reduce emissions. At the same time the program should benefit corporate bottom lines through reductions in energy costs, improvements in process efficiency, and potential financing from GHG market mechanisms.
“This program will provide tools and training to Indian businesses, helping them to apply accounting approaches to quantify GHG emissions, identify reduction opportunities, and attract new technologies and investments,” said Jamshyd Godrej, Chairperson of CII - Godrej GBC.
As a second component of the initiative CII and WRI will also promote sustainable enterprises and build public-private partnerships to attract significant investment in green technology, following WRI’s New Ventures model (www.new-ventures.org). New Ventures India will be a center of sustainable entrepreneurship, designed to meet the needs of Indian entrepreneurs and help them overcome common business challenges to deliver environmental and social benefits as well as economic development.
The GHG Protocol, first launched in 2001, has become the most widely used global standard for corporate accounting of greenhouse gas emissions. It was developed by over 500 experts from businesses, non-governmental organizations (NGOs), and governments. It has been adopted by over 150 companies, including industry associations representing pulp and paper, aluminum, and cement, and enjoys the support of NGOs and governments alike. Numerous climate initiatives, including reduction programs, trading schemes, environmental standards, and registries have based their measurement and reporting guidelines on the GHG Protocol.
New Ventures supports sustainable enterprises by accelerating the transfer of capital to outstanding companies that incorporate social and environmental benefits. The program is building a pipeline of sustainable small and medium enterprises (SMEs) through its centers for entrepreneurship in China, Brazil, Mexico, Indonesia, and now in India. New Ventures provides all of its finalists with professional business consulting. The more than 100 SMEs that are part of the New Ventures Portfolio have attracted significant investment capital, increased sales, created jobs, and become leaders in their sectors. Since 1999, New Ventures has hosted nine investor forums that have facilitated investments of more than $12m to its companies.