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NewsVoir
Mumbai (Maharashtra) [India], March 5: The Science Based Targets initiative (SBTi), called on Indian corporations to prioritize science-based targets to transform food supply chains into resilient, low-carbon systems that deliver long-term cost savings, enhanced productivity, and reduced climate risks during his trip to India last week. Mounting pressures on global food systems, where more frequent droughts, heatwaves, and shifting growing seasons threaten harvests and drive annual agricultural losses of $123 billion worldwide. In Asia, these climate-related disasters equate to nearly 4% of agricultural GDP, cascading impacts through food security, livelihoods, and economic stability. David Kennedy, CEO of Science Based Targets Initiative (SBTi), during his recent visit to India, positioned the Forest, Land and Agriculture (FLAG) sector's reliance on ecosystems as a call to invest in regenerative practices, reduce food waste and deforestation, and build resilience through diversified sourcing, traceability, and stronger supplier partnerships. By end-2024, 85% of companies with validated SBTi FLAG targets implemented regenerative farming to slash agricultural emissions, while 75% tackled land-use change and deforestation, proving science-based targets drive tangible operational shifts for sustainable supply chains. Over 10,000 companies and financial institutions globally, including 290 in India, have set SBTi targets, representing more than 40% of global market capitalization across major sectors and regions. David Kennedy, CEO of SBTi said, "Indian companies are at the forefront of food systems transformation in the Global South. More than 400 food value chain companies globally now have science-based targets covering FLAG emissions. Embedding these targets into core strategy can unlock long-term cost efficiencies, strengthen resilience, reduce regulatory risks, and improve access to capital. The opportunity now is to scale credible, low-emission systems that deliver for business, smallholders and the planet with urgency and integrity." Arun Nanda, Trustee on the SBTi Board, stated, "India's corporate climate moment is here. Extreme weather is already disrupting supply chains and productivity, but science-based targets offer a clear pathway to turn these pressures into competitive advantages. Indian firms, deeply embedded in global markets, can lead by adopting SBTi frameworks to cut costs through efficiency, secure green financing, and build resilience across food systems. The time to act is now, shaping a sustainable economic future for the nation." SBTi research shows companies with science-based targets gain benefits beyond emissions cuts, including stronger risk management, competitive advantage, and deeper supplier relationships. The revised Corporate Net-Zero Standard (V2) adds tailored criteria for medium companies across upper-middle, lower-middle, and low-income countries, and for small and micro-enterprises globally, improving accessibility despite size, location, or financing constraints. Scope 3 targets drive collaborative supplier engagement through capacity building and transition planning. Both V1.3 and draft V2 also stress climate justice, urging greater support for vulnerable countries and affected communities. For Indian companies, Kennedy stressed that adopting SBTi routes insulates against sourcing volatility, cuts long-run costs via efficiency and resilience, and positions firms as leaders in equitable food transitions, recognizing "survival emissions" while prioritizing adaptation co-benefits like nutrition security and livelihoods. About SBTi The Science Based Targets initiative (SBTi) drives ambitious corporate climate action by providing science-based emissions reduction targets. Over 10,000 companies and financial institutions use SBTi standards to align with the Paris Agreement, fostering resilient, net-zero economies. Learn more at www.sciencebasedtargets.org. (ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same.)
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