Environmental Impact Assessment (EIA) Reporting with EMP, RA and sometime with DMP, is location-specific, activity-specific and duration- specific in order to comply with EIA Notification, 2006 and CRZ Notification, 2019. Activities that are requiring Environmental Clearance and CRZ Clearance are principally those activities that are vulnerable to climate change too, for its causes and consequences.
With growing concern for Net Zero targets, the Environment, Social and Governance (ESG) Reporting in the ambit of Sustainability Reporting is globally gaining importance. Especially, internationally acclaimed ESG Standards ISSB and European CSRD have become almost mandatory, even for the industrial establishments in the developing world.
Carbon Border Adjustment Mechanism (CBAM) of EU is making International business vulnerable as they have to bear a huge cost which they are not mandated to spend in their own countries of manufacturing or production. Indian corporates are fast becoming vulnerable to CBAM as they do not have any domestic mandate for Sustainability Reporting.
The SEBI manned Business Responsibility and Sustainability Reporting (BRSR) is understandably a green wash verbatim, fell short from ESG Reporting deeply.
The EIA Reporting is principally prepared as mandatory for those activities that are requiring EC and CRZ Clearances. Nevertheless, a comprehensive or Strategic EIA do address the impacts of the proposed activity on Social and Biodiversity. The Environmental Management Plan (EMP) is very specifically address the Environmental Governance which is the critical requirement to ensure the implementation of the mitigation necessities and other requirements to uplift Social and biodiversity attributes in the realms of CSR and CER. The Environmental Cost Benefit Analysis do require more importance in the evaluation of EIA Reporting.
The EIA Notification shall get rechristened to address the ESG requirements while the activities finally get commissioned and become operational, as addressed in the present format as Post Project Scenario, with more in-depth impact analysis and mitigation methods. EIA and CRZ Notifications, hence, require serious and immediate updation and modifications in the light of Sustainability Reporting. The Notifications do require a complete revisit and reformat and renamed, incorporating ESG requirements and shall be brought altogether new to reset the trajectory for industrial activities with environmental sustainability and Climate resilience, for Net Zero Journey, 2070.
Climate Catastrophe – The Cost of Inaction
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