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ITC Limited, a diversified conglomerate, is implementing climate-risk modeling to identify hotspots caused by extreme weather conditions. This modeling is being conducted by a team of experts using big data analytics to mitigate issues related to climate change. ITC had previously done this exercise on a macro basis in 2020 but will now conduct it on a granular basis and site-specific for its food business. The company is also working on climate-smart agriculture, which will benefit farmers with high yields resulting in better incomes and reducing greenhouse gas emissions. Additionally, ITC plans to popularize millet-based products in all categories of its food business as they are able to withstand extreme weather conditions and are also nutritious.
Regarding commodity inflation, ITC Chairman Sanjiv Puri stated that it is cooling off, and presently, urban demand is growing rapidly while rural demand is expected to pick up. Puri emphasized that the company has been reporting on the triple bottom line for sustainability on environmental, social, and social aspects. He further added that inclusive and sustainable growth is the key to long-term success, and the supply chain’s ability to adapt to extreme weather conditions is crucial. Puri believes that it is important to bring resilience to agriculture and that the energy transition from coal to renewables will involve social and financial costs.
Puri said that ITC is trying to do climate-risk modeling to identify the hotspots caused by extreme weather conditions. Steps will be taken to mitigate these issues. A team of experts is working using big data analytics. He added that nearly 70% of the villages where ITC is working with the farmers will be covered. Puri said this practice will also reduce the emission of greenhouse gases.