Mansi Agarwalla
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Coastal cities play a crucial role in the global economy and fulfill vital functions for society as a whole. At the same time, they are also strongly affected by the consequences of climate change. Therefore, their role in global climate adaptation is important. In order to find out how coastal cities are adapting, an international team led by Geographer and Professor Matthias Garschagen from Ludwig-Maximilians-Universität München (LMU) is now analysing the current state of adaptation.

Based on a survey conducted in 199 cities in 54 different countries, researchers investigated whether cities take certain risk factors into account in their adaptation efforts. The most important parameters taken into account include climate-related factors such as sea level rise, storms, floods and heat. The analysis also took into account other aspects such as population, infrastructure and the risk and vulnerability of ecosystems in the affected areas. The climate system is largely inadequate.

Most climate change adaptation measures focus primarily on sea level rise, flooding and, to a lesser extent, storms, cyclones and erosion. Technological and institutional measures, such as large-scale dams or innovations in urban planning, are more common in prosperous regions such as North America and Europe. In less prosperous areas, such as many parts of Africa and Asia, behavioural measures remain the dominant typology, with affected households and businesses largely left to fend for themselves.

Overall, the LMU researchers found that most optimisation systems are inadequate in terms of depth, scope and speed, regardless of the region or its resources. Furthermore, there is little evidence that the measures taken by researchers have led to a lasting reduction in risk.

“Our results show that there is still much work to be done at all levels,” explains Professor Matthias Garschagen. “There has been no far-reaching change that entails fundamental changes in risk management. Cities often try to adapt disaster management based on past experiences, without fundamentally asking themselves whether these approaches will still be viable in the future.”

Global climate change research needs to be carried out in all parts of the world. The research also found that adaptation planning is rarely based on quantitative factors. While cities take into account future natural hazards such as floods and heat waves, they rarely consider future trends in social vulnerability or socio-economic factors such as development and local risks. “But these trends are important, because Lagos or Jakarta are not the same today as they were twenty years ago. There are definitely excellent research applications and we need better conditions and better modelling methods”, says Garschagen. “Another important question is when it is appropriate to abandon coastal protection measures and talk about resettlement of populations instead.”

Matthias Garschagen therefore called for a strong increase in research activity in the Global South. Until now, most research activity has focused on cities in the Global North. He said,“Global climate change research, covering all regions of the world, will enable us to tackle the climate crisis faster and more effectively.”

Story Source:

Materials provided by Ludwig-Maximilians-Universität München. 

Journal Reference:

1. Mia Wannewitz, Idowu Ajibade, Katharine J. Mach, Alexandre Magnan, Jan Petzold, Diana Reckien, Nicola Ulibarri, Armen Agopian, Vasiliki I. Chalastani, Tom Hawxwell, Lam T. M. Huynh, Christine J. Kirchhoff, Rebecca Miller, Justice Issah Musah-Surugu, Gabriela Nagle Alverio, Miriam Nielsen, Abraham Marshall Nunbogu, Brian Pentz, Andrea Reimuth, Giulia Scarpa, Nadia Seeteram, Ivan Villaverde Canosa, Jingyao Zhou, Matthias Garschagen. Progress and gaps in climate change adaptation in coastal cities across the globe. Nature Cities, 2024; DOI: 10.1038/s44284-024-00106-9

2. Ludwig-Maximilians-Universität München. (2024, August 27). Coastal cities must adapt faster to climate change. ScienceDaily. Retrieved September 2, 2024 from www.sciencedaily.com/releases/2024/08/240827104956.htm

Sai Sree Sowmya B

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ESG is an acronym that has been trending recently. ESG stands for Environmental, Social, and Governance. These factors shape the country and the organization's sustainability goals. In this article, let us understand how India is paving its path toward ESG goals and how organizations support achieving this target. Investors, regulators, consumers, and employees are making decisions based on companies that incorporate ESG elements. The Indian government is working towards the vision of ‘Viksit Bharat’ by 2047. With this background, the Indian Budget included some measures like incentivizing solar panels to promote clean energy, waste management practices, reducing environmental pollution, green farming practices, and many more aimed at enhancing ESG measures. The following are some of the measures taken by organizations and governments towards ESG goals:

The Securities and Exchange Board of India (SEBI) has mandated that the top 1000 listed companies make ESG disclosures by FY25-26. The Business Responsibility and Sustainability Reporting (BRSR) has proposed a consultation paper with 9 critical ESG attributes and key performance indicators. These attributes help reduce the risk of greenwashing, the cost burden on small companies that supply to large companies. It also addresses compliance burdens by changing the ‘assurance’ of ESG data to ‘assessment’. So, the government is taking measures that benefit both organizations and governance goals.

Recently PwC India, the Center for Water and Sanitation (CWAS), and CEPT Research & Development Foundation (CRDF) launched a framework to understand how Indian cities are ESG-ready. With a rating system, an assessment is created to assess and suggest cities, the scope of development, and explore improvements concerning ESG. Through these cities are being encouraged to raise their funds in the market rather than being financed through public funds. [1]Through this framework and assessment organizations are supporting the growth of environmental and social aspects and paving the path to attain ESG goals.

The Reserve Bank of India RBI) has introduced draft guidelines to mitigate the risk of climate-related financial changes in the financial sector. This is crucial for fastest growing economies including India to reduce the economic risk of climatic change, which could affect 2.4-4.5% of the country’s GDP annually.

From an investor perspective, there are some key signs to consider before investing. Be it government, individuals, or organizations investment has rapidly become mainstream. Some factors are a competitive advantage- stakeholders look into ESG pledges and actions to make investment decisions, reduced risk- the government is looking for longer sustainability, assess risks, opportunities, and long-term value creation.

India is pursuing as a government body, investors, companies, and regulatory bodies to create a robust and inclusive ESG ecosystem. It is not a one-time activity to implement and achieve results, it is a continuous time time-consuming process. These combined effects reflect India’s commitment to sustainable development and attracting responsible investments.

https://www.business-standard.com/economy/news/pwc-india-cwas-launch-framework-for-esg-assessment-of-indian-cities-123120300745_1.html

Sarthak Borkar

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`Sustainability' is the watchword for the occupiers, investors, and developers in Indian real estate at the moment. All this is taking place due to the recently introduced sustainable development guidelines by SEBI. According to Colliers, the leading firm in real estate consulting, the latest SEBI norms were one of the major reasons that accelerated the pace of adopting eco-friendly infrastructure at least across the nation.

The Business Responsibility and Sustainability Reporting (BRSR) framework has ensured that SEBI puts a compulsion on listed companies to make adequate disclosures regarding their ESG practices. This compulsion would ensure that businesses, which are obligated to practice sustainability, report their environmental impacts. Owing to this fact, green buildings would not be a luxury or a niche anymore but an inherent part of the real estate industry. The developers now engage in building design and construction that meets the international standards of sustainability, not because they have to keep up with the regulatory requirements but because it satisfies the demand for consumers and investors.

The effect of the SEBI directive can be seen both on the commercial and residential fronts. While corporate occupants are seeking eco-friendly office spaces, the residential buyers also show the need for energy-efficient houses.

This makes the green buildings highly appealing and benefit with a reduction in energy consumption, less water usage, and wastes. Most of the time, green building-certified buildings earn better rental incomes compared to non-green buildings, all things being equal. In most cases, they also obtain higher occupancy rates, thus being a high-profit investment option for developers and real estate investors. This is considered a shift toward sustainable building that will lower the carbon footprint of the sector and hold high in the country's sustainability agenda. Exactly this momentum in green buildings underlines the relevance of ESG strategy for any business aimed to compete.

These emergent trends now create a special opportunity for MBA students and future leaders in the field to learn about and influence the changing dynamics in real estate toward more sustainable business practice. The green building revolution, in response to the SEBI sustainability reporting requirement, marks an important leap toward bringing the industry of real estate up to international environmental standards. As companies progressively come to terms with the long-term benefits of investing in sustainable infrastructure, the demand for green buildings will surge, hence making sustainability all but a given base for any future growth within the industry.

Reference:

• ‘Sebi's green reporting boosts demand for green buildings: Colliers’ by Sobia Khan Economic Times 26^th August, 2024 https://economictimes.indiatimes.com/industry/services/property-/-cstruction/sebis-green-reporting-boosts-demand-for-green-buildings- colliers/articleshow/112800221.cms?utm_source=contentofinterest&utm_medium=te xt&utm_campaign=cppst

Ananya Lathi

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Rainwater harvesting is an ancient practice that has gained renewed importance in the modern era, particularly as an environmental, social, and governance (ESG) strategy. As the world faces growing concerns over water scarcity, climate change, and sustainable resource management, rainwater harvesting stands out as a viable solution for conserving water, reducing environmental impact, and promoting community well-being. This practice involves the collection and storage of rainwater for future use, offering a range of benefits that align with ESG principles.

One of the most significant benefits of rainwater harvesting is its positive impact on the environment. By capturing and storing rainwater, this practice reduces the demand on traditional water sources such as rivers, lakes, and underground aquifers, helping to preserve these critical ecosystems. This conservation of water resources is especially crucial in regions that experience irregular rainfall or are prone to droughts.

Rainwater harvesting also helps mitigate the effects of stormwater runoff, which can lead to erosion, flooding and water pollution. When rainwater is collected and used locally, less water flows into storm drains, reducing the burden on municipal water systems and decreasing the likelihood of flooding in urban areas. Furthermore, by using rainwater for irrigation, landscaping, or even household purposes, the need for chemically treated municipal water is diminished, leading to lower energy consumption and reduced greenhouse gas emissions associated with water treatment and distribution.

The social impact of rainwater harvesting is equally significant. In many parts of the world, access to clean water is a major challenge. Rainwater harvesting can provide a reliable, local source of water, reducing the reliance on distant or unreliable water supplies. This practice is particularly beneficial in rural or underdeveloped areas, where infrastructure for water delivery may be lacking. By ensuring a steady supply of water, rainwater harvesting can improve public health, enhance food security through improved agricultural productivity and reduce the time and effort required to collect water, especially for women and children who often bear the burden of water collection in developing regions.

Moreover, rainwater harvesting fosters community resilience by providing a buffer against water shortages during dry periods. In urban areas, it can also enhance green spaces and contribute to better living conditions, promoting overall community well-being.

From a governance perspective, rainwater harvesting represents a proactive approach to water management, aligning with the principles of sustainability and responsible resource stewardship. Governments, corporations and organizations that implement rainwater harvesting systems demonstrate a commitment to ESG goals by reducing their environmental footprint, promoting social equity and ensuring long-term sustainability.

Economically, rainwater harvesting can lead to significant cost savings. By reducing dependence on municipal water supplies, households, businesses and agricultural operations can lower their water bills. Additionally, the initial investment in rainwater harvesting systems can be offset by long-term savings and the potential for incentives or rebates from governments or environmental organizations.

Rainwater harvesting is a simple yet powerful ESG practice that offers a wide range of environmental, social, and economic benefits. By conserving water, reducing environmental impact and promoting community well-being, rainwater harvesting aligns with the core principles of ESG and contributes to the sustainability of both local communities and the planet as a whole. As the world continues to grapple with the challenges of climate change and resource scarcity, rainwater harvesting stands out as a practical and effective solution that can be implemented at various scales, from individual households to large corporations, making it a key component of any comprehensive ESG strategy.

References

United Nations Environment Programme (UNEP):

UNEP provides a detailed overview of water management practices, including rainwater harvesting, and their role in sustainable development.

United Nations Environment Programme (UNEP). (2021). Water Management: Rainwater Harvesting. Retrieved from https://www.unep.org

World Bank Group:

The World Bank offers insights into the social and economic impacts of rainwater harvesting, especially in developing regions.

World Bank Group. (2020). Sustainable Water Supply: The Role of Rainwater Harvesting. Retrieved from https://ww.worldbank.org

International Rainwater Harvesting Alliance (IRHA):

IRHA provides resources and case studies on the implementation of rainwater harvesting systems globally.

International Rainwater Harvesting Alliance (IRHA). (2019). Benefits of Rainwater Harvesting. Retrieved from https://ww.irha-h2o.org

United Nations Educational, Scientific and Cultural Organization (UNESCO):

UNESCO explores the environmental and social impacts of rainwater harvesting in various contexts.

UNESCO. (2017). Rainwater Harvesting for Sustainable Water Management. Retrieved from https://www.unesco.org

Food and Agriculture Organization (FAO) of the United Nations:

FAO discusses the role of rainwater harvesting in agriculture and food security, particularly in arid and semi-arid regions.

Food and Agriculture Organization (FAO). (2018). Rainwater Harvesting and Management. Retrieved from http://www.fao.org

Environmental Protection Agency (EPA) - United States:

The EPA provides guidelines and the environmental benefits of rainwater harvesting systems in urban areas.

Environmental Protection Agency (EPA). (2021). Rainwater Harvesting: A Guide for Urban Environments. Retrieved from https://www.epa.gov