Cement Manufacturers Association (CMA)

56 of the bicameral Indian parliament to provide a framework for achieving Net Zero emissions by the year 2070 (Rajya Sabha, 2022). Similar to New Zealand’s climate law, the proposed bill suggests that the government establish emissions budgets every five years. It also prescribes the establishment of an independent Climate Change Commission responsible for providing policy recommendations and monitoring the progress towards attaining the Net Zero target. India submitted its first Long-term Strategy for Low Carbon Development (LT-LEDS) the following year after COP26 at COP27. In the LT- LEDS, India outlines sector-specific action areas, targeting the power, industry, transport, building, and urban sectors (Government of India, 2022). Yet the LT-LEDS does not provide sufficiently clear policy guidance on how the government intends to achieve Net Zero beyond its current policies and programmes. Though the ESG factors approach as defined by International Valuation Standards Council (IVSC) can have a significant impact on valuation. ESG stands for Environmental, Social, and Governance. Environmental factors, for example, can affect an industry’s reputation and long-term viability. In macroeconomics, any industrial sector that has a poor environmental track record may face regulatory action or public backlash, which can result in lost revenue and a lower valuation. Investors are increasingly applying these non-financial factors as part of their analysis process to identify material risks and growth opportunities. In the sustainability approach it has been observed that Energy policies since the early 2000s have been trying to enhance energy efficiency & conservation, which will remain the benchmark of energy transitions in India until 2030 [1,2,3,4]. India has reduced its emission intensity of gross domestic product (GDP) by 24% between 2005 and 2016 [5].In the past few years, swift deployment of renewables has occurred due to the revision of India’s cumulative renewable targets from 75 GW (Copenhagen Accord) under National Action Plan on Climate Change (NAPCC) in 2008 to175 GW (Paris Agreement) under NDC targets in 2015. Transitioning towards low-carbon, cleaner energy systems from traditional systems will require additional investments. The financial needs for such transitions globally have been estimated at around 343–385 billion USD per year of which 90–120 billion USD need to be invested in developing countries annually (IPCC 2014). Brief Description India’s first NDC, submitted to the UNFCCC in October 2015, had eight main goals. These also included reducing the emissions intensity of its GDP by 33% to 35% by 2030 (from levels in 2005) and creating an additional carbon sink of 2.5 to 3 billion tonnes of CO 2 equivalent by increasing forest and tree cover by 2030. India’s updated NDC in 2022 has three main elements: An emissions-intensity target of 45% below 2005 levels by 2030; A target of achieving 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030; and to put forward and further propagate a healthy and sustainable way of living based on traditions and values of conservation and moderation, including through a mass movement for ‘LIFE’– ‘Lifestyle for Environment’ as a key to combating climate change.