The Centre for Responsible Business (CRB) and the SME Climate Hub have partnered on an initiative to accelerate action on net zero by MSMEs. The objectives of the initiative are to create awareness and undertake capacity building for MSMEs about GHG emissions and potential measures to reduce the same and to encourage MSMEs to initiate action on GHG emissions reduction.
MSMEs, being the backbone of any economy, are critical drivers for countries to deliver on their climate and sustainability commitments. They account for 30% of India's GDP and 49.5% of exports. At the same time, they also generate around 110 million tonnes of CO2 equivalent, according to a report by the Centre for Study of Science, Technology & Policy (CSTEP).
To address this challenge, MSMEs must transition towards more sustainable and low-carbon business models. As India is committed to achieving net zero by the year 2070, MSMEs can play a very important role.
There is a strong business case for MSMEs to adopt sustainable practices, more so in emerging markets like India. This case is driven by buyers requirements (especially in global value chains), increasing consumer awareness, more investments available for sustainable enterprises, and tightening regulations both at the domestic and international levels.
However, MSMEs also face the challenge of low awareness about recent trends in sustainability, limited access to finance, outdated technology when considering sustainable investments. Despite these challenges, SMEs are making sustainable choices to build their resilience and to achieve competitive advantage.
The SME Climate Hub helps MSMEs through its suite of free tools which are available on the Hub s website. The tools include a carbon calculator, an interactive training program on integrating climate aspects in business strategy and operations and a reporting tool to gauge progress. Indian MSMEs can sign up on the Hub to access these tools and to join a global initiative to achieve net zero. It starts with commitments made on the Hub.
The attached PDF provide more details on why MSMEs need to embark on their net zero journey and how they can leverage on the SME Climate Hub.
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