NEW DELHI, Nov 29: Commitments at the climate conference in Paris should be made taking into account the domestic development realities and high costs of transition to low-carbon growth, CII said.
The industry body said it hopes that governments will continue to exercise their responsibility to arrive at a consensus on post 2020 climate agreement.
In order to avoid serious consequences to the planet and life-forms, quick action both on parts of governments and business is required, it added.
“Solutions will mainly come from business. Business should also take the responsibility of saving the planet from serious consequences. There are many opportunities beyond the limits of governments that business can certainly tap into,” it said.
However, CII added that for some “transformative solutions, business may need stability and direction from international negotiation processes. The Paris Round should ensure that future policy direction will enable positive returns on investment”.
The global climate conference will be held in Paris from November 30 to December 11 to achieve a legally-binding universal agreement on climate change.
CII Director General Chandrajit Banerjee said: “The key challenge for the Paris Round is to lay a clear foundation for real and long-term global action. However, the high costs of transition to low-carbon growth must be paid for. Any commitments should be based on historic and future responsibilities within the context of domestic development realities.”
The timely opportunity to mitigate and adapt to climate change in a reasonable manner may soon be “an illusion”, CII said, adding that “the world has already reached almost 1°C of warming. Its impacts are being felt in the form of drought, heat waves and extreme precipitation”.
“Business is keen to do its part on mitigation and development of climate-friendly solutions. But some of that work requires access to technology and investments. The Paris COP should give signals to boost business and investor confidence on climate action,” added Banerjee.
The industry body is also sending a 19-member CEOs delegation to Paris for participating at COP21. The delegation is led by CII President Sumit Mazumder.
The industry delegation will participate in a series of events including the launch of the International Solar Alliance by Prime Minister Modi, said CII. (PTI)
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