In order to address short-medium term as well as long-term physical risks of climate change, ITC is working with climate experts to conduct comprehensive climate risk and vulnerability assessments using climate models across its key agri value chains and operating locations (factories, hotels and warehouses). These assessments utilise latest AI-enabled climate modelling tools for projecting the extent of risk from climate hazards related to changes in temperature, precipitation, sea level rise, flooding and other extreme weather events over decadal time frames covering the period till 2100 under various Shared Socioeconomic Pathways (SSPs) scenarios (SSP1-2.6, SSP2-4.5 and SSP5-8.5).
Detailed farm-level studies have been conducted to understand the potential adverse impacts of climate change on ITC’s key agri-value chains. These risk assessments help further calibrate the climate resilience measures that are being implemented across ITC’s value chains. For major crops like wheat, pulpwood and leaf tobacco among others, there is significant and sustained work being done by ITC on the development of climate-tolerant varieties as well as dissemination of climate-resilient and regenerative agronomic practices in the growing areas. Over 140 locations of ITC, encompassing both owned as well as key value chain facilities have been assessed for climate risk. Based on the findings of these assessments, detailed site-specific studies are undertaken for developing contextual location-specific adaptation plans and strategies.
ITC recognises the urgent need to combat climate change for building a more secure future and the role it can play in enabling a net-zero economy.
To address the risks of climate change, ITC’s climate strategy places equal emphasis on transitioning to a low carbon economy and adapting to the worst impacts of climate change. ITC is pursuing a low carbon growth strategy through extensive decarbonisation programmes across its value chain. These include increasing the share of renewable energy, continuous reduction of specific energy, construction of green buildings, greening logistics & optimising distance-to-market, and promoting regenerative agriculture practices in agri-value chains. ITC is also conducting life-cycle analysis (LCA) studies for developing a portfolio of innovative and sustainable products in line with growing consumer preference for climate friendly products.
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