IACC in association with U.S Consulate General Mumbai organized its 4th series on Climate Change: Adaptation by MSMEs & its Governance Practices

MUMBAI: One of the most imminent challenges that lie ahead for countries heading into the post-covid world is the erratic Climate Changes occurring across many parts of the globe. The soaring temperatures and the overflowing water bodies leading to inundations may severely affect the fundamental nature in which nations interact with each other for trading goods.

Climate change and its impacts are no longer a subject of the future. It poses significant environmental, economic, public health, and security threats to countries around the world, including the United States and India. The state-specific action plan on climate change is necessary to understand and pave the way forward on climate change in the state of Maharashtra.

On May 20, 2022, the Indo-American Chamber of Commerce (IACC) in association with the U.S. Consulate General Mumbai along with the Knowledge Partner Shardul Amarchand Mangaldas & Co. organized its 4th event in the series of Climate Change in Maharashtra on the topic ‘Adaptation by MSMEs & its Governance Practices.

The Round Table Deliberation was between 15-20 leading CEOs from the Financial Sector and MSME leaders based out of Maharashtra, senior government officials, and U.S. Diplomats. The objective was to deliberate on various means and mechanisms to make funding available to MSMEs to comply with the Environmental, Social, and Governance (ESG) agenda.

Mr. Saurabh Shah, Regional President & Chairman, Ease of Doing Business Committee, IACC West India Council in his opening remarks,

“India and America has a symbiotic relationship in the area of Climate Change and ESG. After Pune, Goa, Nashik, and Mumbai, IACC will be hosting the following series in cities such as Ahmedabad and Indore. We will be coming out with a white paper on each of these deliberations, which will then be shared with the regulators and concerned stakeholders both at State & Federal levels. I thank and appreciate the U.S. Consulate General Mumbai for associating with us in this important drive on Climate Change across cities”.

Speaking at this session, Ms. Radhika M. Dudhat Partner, General Corporate & Real Estate, Shardul Amarchand Mangaldas & Co.

“Climate Change adaptation by the MSMEs require both awareness of sustainable practices and access to capital. Matching the needs of the MSMEs’ to the sources of green funding is a challenge and an opportunity. A significant step in making this funding available is by encouraging MSMEs‘ to build a healthy ESG score. The steady adoption of financially viable sustainability practices will ensure much-needed healing of our environment.”

Mr. Nawneet Vibhaw, Partner, Environmental Law, Shardul Amarchand Mangaldas & Co. stated

“Climate change adaptation and mitigation requires financing and MSMEs in India need it much more than others. There is therefore a need to address this gap which also presents immense opportunities. With conversations around green bonds, sustainability bonds, carbon credits, and other innovative funding mechanisms, all stakeholders need to come together to utilize sustainability financing as a tool to preserve the environment, prevent climate change and improve the ESG performance of MSMEs. It will help India meet its climate change commitments too.”

Further, this program was graced by the presence of Mr. Christopher J. Brown, Chief of the Political and Economic Section, U.S. Consulate General Mumbai, and Mr. Yoon Nam, Public Diplomacy Officer, US Consulate General Mumbai shared their views and made a note of the inputs coming from the participants and also addressed some of the issues and challenges, suggesting some innovative ways to tackle them

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May 23, 2022