Did you get that funny meme which read – the bullet hit Trump but it killed Joe Biden? I think the same analogy can be applied to our recent Union Budget 2024-2025! The budget aims at the issue of climate finance, but the problem it eliminates is the issue of Greenwashing.
I’m excited to see the Centre’s plan to create a taxonomy for climate finance, as announced by Finance Minister Nirmala Sitaraman. I’m particularly thrilled about how this taxonomy will help us combat Greenwashing. With a well-defined taxonomy in place, we can avoid the pitfalls of greenwashing, where projects may claim to be environmentally friendly without delivering real impact.
By clearly categorizing economic activities, it will distinguish between projects aimed at reducing greenhouse gas emissions ( Mitigation ) and those focused on adapting to the impacts of climate change ( Adaptation ). This initiative will help investors and stakeholders clearly identify activities that are truly aligned with our Climate Commitments, fostering transparency and integrity in climate finance.
At Bluesky, we use the ISO Standard to guide us on our narrative on impact – be it the impact of your CSR projects or the social, environmental, and economic dimensions. This helps us stay focused on eliminating the danger of overstating the truth or exaggerating the impact.
Exciting Times ahead as we move towards a more Sustainable Future !