With companies willing to accommodate environmental strategies into business plans, courses on carbon markets are increasingly being taught in Indian business schools.
Management institutes like the Indian Institute of Management, Ahmedabad (IIM-A), IIM Lucknow (IIM-L) and the Ahmedabad Management Association (AMA) have introduced or are keen on launching a course on carbon credit and financing.
Carbon dioxide emissions are the biggest contributor towards the greenhouse effect. The phenomenon causes global warming and results in climate change. With companies like Reliance and Tata Steel set to enter the carbon market, potential managers are being trained to ensure that environmental concerns run in sync with profit-making.
Besides being a pioneer in starting a course on carbon markets, IIM-L has constantly included creating awareness about carbon markets as part of its agenda through seminars and conferences. Recently, it invited corporations to look into the mechanism of voluntary carbon markets, which allows companies, NGOs, local governments and individuals to compensate for pollution caused. IIM-L is also planning to set up a climate change centre on campus.
Sushil Kumar, professor, IIM-L, says: “Sooner or later, the environment would be a major cause of concern for individuals and organisations, be it in the field of manufacturing, energy or transportation. It is important that the the future managers are aware of the environmental challenges at a global level and are also able to make profits. Another major change that has come up over the years is that there is a need for managers with specific portfolios.”
Indian firms are already under pressure to comply with international environmental standards from their global partners. IIM-A’s course on carbon finance has a global focus with significant India-centric component.
Guest faculty from JP Morgan, PricewaterhouseCoopers, CantorCo2e, SELCO-INDIA, Gujarat Urban Development Mission and University of California will be invited for the course. PR Shukla, course coordinator and IIM-A professor, says: “Carbon finance is an emerging area and the course adds depth to the existing courses on environment management.” B-schools are taking initiatives to provide students with an understanding of the changing relationship between business and environmental management.
Janak Parikh, president, AMA, says: “The impact of the daunting issue of excessive carbon emissions and climate change has already started showing on the society. It becomes imperative to educate people about little things that individuals can do to reduce the effects of carbon emissions.