“Hiding behind lack of data is no excuse. There is no reason why the Indian financial system cannot cooperate together climate risk and measuring financed emissions,” Parekh said on Monday.
Addressing the 21st World Congress of Accountants held in Mumbai, the veteran finance professional said collaborating together would be easier and more cost-effective sustainability initiative, “If India does this with the support of regulators, the country will be able to steal a march, demonstrate its commitment to tackling climate change and, more importantly, be able to attract much-needed long-term investment for infrastructure.” would be able.” They said.
Most of these carbon accounting methods are still under development. “There is also a gap on climate risk – in that environmental scientists do not understand finance well and finance professionals do not fully understand science. But it is a gap that needs to be bridged,” Parekh said. The HDFC chairman also called for fearless practices in raising red flags, saying the role of accountants is important in instilling confidence in other stakeholders of the company.
“Your profession requires you to be observant, but more importantly, you need to be fearless enough to pick up red flags at the start of the day. Never fall into that trap. Just remember, there’s no softer pillow at night than a clear conscience,” he said.