While political leaders dominate the climate discourse with bold promises and international commitments, a quieter transformation is unfolding in India’s corporate corridors. A new study by researchers at the Indian Institute of Management (IIM) Raipur reveals that Indian companies are quietly but steadily adapting to climate risks through operational shifts more impactful than headline-grabbing summits.
Analysing data from over 1,100 publicly listed firms between 2005 and 2021, the research shows that Indian corporates are increasingly aligning themselves with the climate transition. These changes are subtle, often buried in internal strategies, but they reflect a growing awareness of environmental risks as financial risks.
India has pledged to source 50% of its electricity from non-fossil fuel sources by 2030 as part of its Nationally Determined Contributions (NDCs) under the UN Sustainable Development Goals. But beyond government action, businesses especially in energy, manufacturing, and finance are stepping up with real-world changes.
From switching to cleaner technologies to restructuring supply chains and stress-testing operations against extreme weather, companies are moving beyond regulatory compliance. They’re responding to investor pressure, global market shifts, and the harsh economic realities of climate change.
The researchers point out that this climate action may not always be visible, but it is accelerating. There’s an increasing trend in ESG (Environmental, Social, and Governance) reporting, cleaner energy adoption, and long-term sustainability planning. For many firms, climate resilience is now seen not just as a social obligation, but as a core business strategy.
The study suggests that corporate India is not waiting for sweeping policy changes to act. Instead, it is building its own roadmap toward a low-carbon future quietly, methodically, and often ahead of regulation.
As climate threats loom larger and financial markets tighten their scrutiny, the findings present a rare hopeful note: India’s climate transition may already be underway, led not just by policymakers, but by businesses that understand the true cost of inaction.