Sanjiv Puri, Chairman of ITC, delivered a crucial message at the B20 Summit, highlighting the urgency of adapting business strategies to address the impact of extreme climate change events. Puri emphasized that the effects of extreme weather events are becoming more severe and frequent and stressed the need for companies, particularly in India, to fine-tune their strategies to address the challenges posed by climate change.
Sanjiv Puri noted that extreme weather events have profound impacts on the environment and human life and require significant attention. He highlighted the disproportionate impact of climate change on the Global South, which also affects the design of urban infrastructure and industrial ecosystems.
While moderating a session at the summit, Puri, who also chairs the B20 Action Council on ESG (Environment, Social, and Governance) in Business, pointed out that climate change adaptation and resilience-building require dynamic and adaptable strategies. He emphasized that this area is receiving a relatively small percentage of capital flows despite its critical importance.
Puri underlined that climate change adaptation is an urgent task that needs immediate attention and collaboration. He noted that failing to address this issue could lead to more expensive sources of funding and greater challenges in the future. He stressed that businesses must adapt to the changing climate dynamics to ensure their sustainability.
Acknowledging the ongoing push for decarbonization, Puri mentioned that the benefits of such efforts might only become apparent decades later. Therefore, adapting to the current climate reality and building resilience are crucial aspects of tackling climate change.
The ITC Chairman also highlighted the impact of extreme weather events on various regions around the world, including Afghanistan, Europe, Africa, Canada, and India. He noted that these events are becoming more frequent, intense, and devastating with time.
Puri’s remarks underscore the pressing need for businesses to incorporate climate change adaptation and resilience-building into their strategies. By doing so, companies can identify risks, mitigate them, and contribute to building a more sustainable and resilient future.
