Emissions accounting, carbon markets, climate risk and natural resources.
Three large Indian cement makers publish emission intensity figures that look comparable but are not. Their latest reported numbers, the differences in units, boundaries, scopes and assurance, and how to compare them properly. Educational, not investment advice.
A step-by-step reading of a real BRSR: Ambuja Cements' filing for FY 2025-26. What the workforce, safety, energy, emissions, water and related-party data show, the effect of two mergers on the numbers, and the questions an analyst would ask. Educational, not investment advice.
How the world agrees on climate action. The UN Framework Convention, the Kyoto Protocol, the Paris Agreement, national climate plans (NDCs) and the yearly COP meetings, and why they matter to investors.
India's climate targets, from the Panchamrit goals announced at COP26 to the 2035 NDC submitted in 2026. What India has promised, what it has achieved, and what it means for Indian companies.
Carbon accounting measures a company's greenhouse gas emissions. The three scopes, the intensity metrics, India's new carbon market, and the traps in reading emissions data.
For many companies, Scope 3 is most of their carbon footprint. The 15 categories, which ones matter in which sectors, how companies estimate them, and how to judge the quality of a Scope 3 figure.
Many companies have announced net zero targets. Few are equally credible. How science-based targets work, what changed in the SBTi's 2026 standard, and a checklist for testing any climate target.
Carbon pricing turns emissions into a cost. The three main designs, how each one affects a company's profit and loss, where carbon pricing stands worldwide, and how India's system fits in.
A carbon credit is supposed to stand for one tonne of emissions cut or removed. Many do not. The types of credits, the quality tests, the integrity bodies, and India's own offset and Article 6 routes.
India's first compliance carbon market sets binding emission intensity targets for large plants in energy-intensive sectors. How it works, who runs it, which sectors are in, the timeline to the first trades, and how to model it.
Perform, Achieve and Trade was India's market-based energy efficiency scheme for heavy industry from 2012. How it worked, what it achieved, and how it is giving way to the Carbon Credit Trading Scheme.
The EU's Carbon Border Adjustment Mechanism charges importers for the carbon in steel, aluminium, cement, fertilisers, electricity and hydrogen. How it works from 2026, what it costs, and what it means for Indian exporters.
Climate change creates two kinds of financial risk: physical damage from a changing climate, and the costs of moving to a low-carbon economy. The risk types, stranded asset analysis, and the Indian context.
Scenario analysis tests how a company would fare under different climate futures. The main scenario sets (NGFS, IEA, IPCC), a six-step method, and how to judge the quality of a company's scenario disclosures.
Energy is the largest source of emissions for most companies and a direct cost. How to read energy data, the ways Indian companies buy renewable power, India's renewable consumption obligation, and the coming changes to Scope 2 rules.
Water shortages can stop production, and India's waste rules now make producers pay for what happens to their products. Water metrics, waste metrics, India's EPR regimes for plastic, e-waste, batteries, tyres, oil and vehicles, and what to look for.
Businesses depend on nature for water, raw materials and stable land, and many harm it. Dependencies and impacts, the main drivers of nature loss, India's rules, the global frameworks, and how analysts can assess nature risk.
TCFD created the four-pillar structure now used for climate reporting worldwide. TNFD applies the same idea to nature. Their recommendations, the LEAP approach, and how both now feed into ISSB.
Money that helps high-emitting companies cut their emissions, rather than funding activities that are already green. Transition bonds, SEBI's rules, ICMA's 2025 guidelines, Japan's sovereign transition bonds, India's draft taxonomy, and the tests of a credible transition plan.
How floods, heatwaves and carbon policy reach a lender's balance sheet. Financed emissions and the PCAF standard, RBI's 2022 pilot climate stress test, global rules for banks, and a checklist for analysing an Indian lender.
A step-by-step, made-up cement example that turns an intensity-based carbon scheme like India's CCTS into after-tax cash flows, a present value and a sensitivity table, and then tests whether paying for an emission cut is worth it.
The four standard ways to measure a portfolio's carbon exposure, worked through on a three-stock example: financed emissions, carbon footprint, WACI and forward-looking alignment metrics, plus the EU climate benchmarks and the traps in each number.
Cement is one of the most carbon-intensive industries, and India's carbon market now puts a price on it. Emissions intensity, alternative fuels, dust, mining and safety are the key issues. The data to use and the CCTS and CBAM rules to know.
Steel faces carbon pressure from three directions: the EU's border tax, India's coming carbon targets and the new Green Steel Taxonomy. Emissions intensity, safety, water and community issues, the data to use and the rules to know.
For power companies, the transition from coal to renewables is the central ESG and business question. Coal dependence, air pollution rules, water, ash and land for renewables, with the data to track and the Indian rules to know.
Most of an oil company's emissions come from customers burning its fuels, which makes transition strategy the core ESG issue. Scope 3, methane, process safety, carbon targets for refineries and policy risk, with the data to track.
For carmakers, the biggest emissions come from the vehicles on the road, so fuel efficiency rules and the shift to EVs drive the ESG story. CAFE III, PM E-DRIVE, end-of-life vehicle rules, supply chains and safety, with the data to track.
Twelve emission sources at hypothetical Indian companies. Sort each into Scope 1 (direct emissions from sources the company owns or controls), Scope 2 (purchased electricity, steam, heat or cooling) or Scope 3 (everything else in the value chain).
On 7 May 2020, styrene gas leaked from LG Polymers' chemical plant near Visakhapatnam, killing at least 11 people and exposing about 1,000. The National Green Tribunal held the company absolutely liable and found that it had been operating without required clearances.
In September 2015, the US Environmental Protection Agency accused Volkswagen of using software to cheat diesel emissions tests. About 11 million vehicles worldwide were affected, Volkswagen pleaded guilty in the US in 2017, and the total cost had passed €32 billion by 2021.
