Analyst Digest

Analyst Note | Published on : 15 December, 2025

Corporate Transition Pathway Efficacy Assessment - Aluminium Sector

This analyst note evaluates the outlook of Indian aluminium companies towards transition and its implications vis a vis carbon emissions intensity targets notified under the Carbon Credit Trading Scheme (CCTS), as also with their own publicly stated climate commitments. The transition outlook has been assessed based on their historical emission intensity profiles and stated decarbonisation strategies. Thereafter implications were defined in terms of scale and structure of capital investments required to finance the transition and operational cost of aluminium production.

By identifying compliance risks, investment gaps and potential frontrunners, the note aims to catalyse informed engagement on climate transition strategies in India’s aluminium sector amongst investors, lenders, policymakers and corporates. The analysis is based on sustainability data curated through the India Corporate Climate Action Data (ICCAD) platform, supplemented by publicly available company disclosures and sector benchmarks.

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Analyst Note | Published on : 15 November, 2025

Corporate Transition Pathway Efficacy Assessment - Cement Sector

This analyst note evaluates the outlook of Indian cement companies towards transition and its implications vis a vis carbon emissions intensity targets notified under the Carbon Credit Trading Scheme (CCTS), as also with their own publicly stated climate commitments. The transition outlook has been assessed based on their historical emission intensity profiles and stated decarbonisation strategies. Thereafter implications were defined in terms of scale and structure of capital investments required to finance the transition and operational cost of cement production.
By identifying compliance risks, investment gaps and potential frontrunners, the note aims to catalyse informed engagement on climate transition strategies in India’s cement sector across investors, lenders, policymakers and corporates. The analysis is based on sustainability data curated through the India Corporate Climate Action Data (ICCAD) platform, supplemented by publicly available company disclosures and sector benchmarks.

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Analyst Note | Published on : 15 October, 2025

Corporate Transition Pathway Efficacy Assessment - Iron and Steel Sector

This analyst note evaluates the readiness of leading Indian iron and steel companies to meet the carbon emissions intensity targets proposed under the draft Carbon Credit Trading Scheme (CCTS), by assessing their emission intensity profiles, decarbonisation strategies, and the scale and structure of capital and operational investments required to finance the transition. By identifying compliance risks, investment gaps, and potential frontrunners, the note aims to inform investors, lenders, policymakers, and corporates, and to catalyse informed engagement on climate transition strategies in India’s iron and steel sector. The analysis is based on data curated through the India Corporate Climate Action Data (ICCAD) platform, supplemented by publicly available company disclosures and sector benchmarks.

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Article | Published on : 16 July, 2025

Recalibration of EU Sustainability Mandates: Implications for India Inc.’s Sustainability Disclosure Imperatives

As the European Union undertakes a strategic revision of its sustainability mandates in the Omnibus Directive, questions are emerging about the long-term coherence and credibility of global ESG frameworks. This article offers a critical examination of the proposed dilution, legal challenges, market signaling and lack of empirical evidence on effort versus outcome imbalance. It also compares India’s regulatory approach, spillovers of increasingly fragmented global reporting and explores India’s stance as mature markets begin to retreat.

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Analyst Note | Published on : 30 June, 2025

Climate Integration Readiness of Indian Pension Funds: An Untapped Frontier

This analyst note assesses the readiness of Indian pension funds in integrating climate-related risks into their portfolio risk management, capital allocation, and governance frameworks. It evaluates public disclosures and strategic actions by regulated pension funds to build climate-resilient operations, considering emerging regulatory expectations and global best practices. By highlighting sectoral gaps and frontrunner potential, the note aims to inform investors, regulators, and pension funds, and catalyze engagement on climate risk and sustainable finance in the pension sector.

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Analyst Note | Published on : 28 May, 2025

Climate Risk Integration and Preparedness of Indian Insurance Sector - Emerging Directions

An analysis of top 10 listed insurers in India (per asset under management) for their climate readiness across underwriting, risk budgeting, and investment portfolios reveals that initial steps by regulators and insurance companies are visible, though real climate resilience demands deeper integration and disclosure. Key dimensions such as – risk identification; adoption of climate risk management frameworks and emission disclosure signal very early stages of climate-risk integration.

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Analyst Note | Published on : 7 March, 2025

Global Climate Related Disclosure Frameworks: Emerging Directions

This note aims to map the current landscape of climate-related disclosures across multiple global jurisdictions and assesses the alignment of these regulations with global frameworks, exploring the transparency and consistency of corporate disclosures. We look into the evolving landscape of sustainability reporting, transition plans and its implications for companies navigating environmental challenges.

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Analyst Note | Published on : 28 February, 2025

Financial Institutions Navigating Climate Risk: Building Climate Resilience in Indian Banking System

An analysis of top 5 banks in India (per loan book size) reveals that banking sector is making gradual yet notable shift toward integrating climate risk considerations into lending activities driven by regulatory signals, global initiatives and outlook for resilience. Key dimensions such as – risk identification & adoption of sustainable finance frameworks signals firm foundations, although, greening of the financial system needs intensification.

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Guidebook | Published on : 5 October, 2024

Climate Risk Portfolio Assessment Framework for Mutual Funds

Climate change introduces systemic challenges to businesses and society, with its unpredictability posing risks beyond conventional investment expectations. This guidebook offers a comprehensive climate risk assessment framework to define, evaluate, and manage environmental and financial risks in investments. By adopting this structured approach, mutual funds and asset managers can better assess and integrate climate risks into decision-making. It aims to help identify and interpret various climate-related risks, enhancing investment strategies with climate risk insights.

For more information, contact oanand@ckinetics.com or iccad@ckinetics.com.

Technical Briefing Note | Published on : 10 September, 2024

Standardization of Climate Risk Assessment for Mutual Funds

Climate-related risks pose significant challenges to banks and financial institutions, potentially altering sector credit parameters. Many entities are developing computational models to estimate impacts from transition and physical risk drivers in various climate scenarios. However, gaps persist in harmonized assessments, transition pathways, and physical risk scenario data. This briefing note outlines standardized processes for climate risk assessments, addresses data gaps in corporate sustainability reporting and financed emissions, and suggests enhancements to the BRSR framework. It also proposes regulatory actions to catalyze effective climate risk practices in capital markets.

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Analyst Note | Published on : 31 August, 2023

Financial Institutions Navigating Climate Risk: Integrating Climate Resilience into Risk Management Frameworks

India’s top 20 listed financial institutions show limited adoption of sustainable financing frameworks (SFFs) to address climate risks. This analyst note delves deeper into the growing awareness among Indian FIs regarding the importance of considering climate risks in their operations.

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Article | Published on : 1 September, 2023

Indian Corporates and their Renewable Energy Commitments: a mixed bag for now

Indian corporates are actively adopting renewable energy and participating in various global climate initiatives. The article uncovers the trends on how companies are faring towards their goals. Many of these companies have made commendable progress towards their goals while some require additional efforts to align themselves with the expected trajectory. 

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Article | Published on : 11 August, 2023

Renewable Energy Usage of top Indian corporates growing slowly from 2.4% to 3.4% of total energy

The article explores the renewable energy trends among India’s leading corporate entities from FY21 to FY23. We find that energy-intensive sectors lean on fossil fuels for expansion, while the service sector boldly move towards energy transition. Dive deeper to understand India’s corporate energy landscape.

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Article | Published on : 24 July, 2023

How Indian Carbon Market might look like vis-à-vis global markets?

India prepares to launch its own carbon market, taking inspiration from existing market-based mechanisms like PAT and RECs. This endeavor has the potential to cover a staggering 65% of the country’s emissions. The article explores the three captivating carbon credits that will be introduced and sheds light on the initial carbon price signal.

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Article | Published on : 10 July, 2023

Carbon Capture in Indian Oil and Gas PSUs

In this article, we delve into the evaluation of Carbon Capture, Utilization, and Storage (CCUS) initiatives in the Indian oil and gas sector, focusing on Public Sector Undertakings (PSUs). While the industry has showcased efforts in implementing CCUS technologies, it is essential to analyze the significance of these endeavors in addressing the sector’s overall greenhouse gas emissions

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Analyst Note | Published on : 22 June, 2023

Decoding Corporate Climate Pledges

Indian corporates are actively embracing sustainability by setting emissions reduction targets and participating in global climate initiatives. The number of companies with climate commitments has significantly increased, quadrupling from 2019 to 2022. Many of these companies have made commendable progress in reducing their carbon emissions, attributed to factors like market capitalization, greenhouse gas emissions, comprehensive sustainability roadmaps, and recognizing climate change as a material risk.

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Article | Published on : 21 April, 2023

Understanding Significance of Carbon Offsets in Indian corporates

The article delves into the current landscape of carbon offsets in India, revealing insights about the level of engagement and adoption by Indian organizations. It highlights that these organizations have been relatively small users of offsets, indicating a potential gap in their implementation. Additionally, the article discusses how Indian companies are not heavily relying on carbon credits to reduce emissions, shedding light on their practices. Furthermore, inconsistencies in the volume of carbon credits retired in the Carbon Disclosure Project (CDP) and carbon registries are brought to attention, emphasizing the need for further examination of offset practices in India.

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Summary | Published on : 28 April, 2023

SEBI Consultation Paper: ESG Disclosures, Ratings, and Investing

The SEBI Consultation Paper on ESG Disclosures, Ratings, and Investing provides a comprehensive overview of the regulatory framework and proposed guidelines for ESG practices in India’s capital markets. Emphasizing the rising significance of ESG factors in investment decisions, the paper calls for standardized disclosures and ratings to enable informed choices. Moreover, the paper addresses challenges related to ESG ratings and suggests measures for ensuring accuracy and consistency in the assessment process. Additionally, it explores various aspects of ESG investing, including integration into investment strategies, development of ESG-themed funds, and the potential impact on market participants.

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Summary | Published on : 28 April, 2023

SEBI Consultation Paper: Regulatory framework for ERPs in Securities Market

The paper focuses on the crucial role of ESG Rating Providers (ERPs) in guiding investment decisions and the lack of regulatory oversight surrounding their activities. It highlights concerns regarding potential risks to investor protection, market efficiency, risk pricing, capital allocation, and the practice of greenwashing. Various jurisdictions, including SEBI in India, have proposed regulations and accreditation for ERPs to address these issues. The paper explores regulatory provisions and rating rationale while also providing insights into the transition or parivartan score, offering a comprehensive view of how ESG ratings are evolving and being regulated to ensure transparency and reliability in the investment landscape.

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Summary | Published on : 1 August, 2023

Internal Carbon Price for India Inc.

Internal Carbon Pricing (ICP) is a tool that helps companies in assessing climate-related risks and opportunities that may arise from the transition to a low-carbon economy.
Internal carbon pricing is a business strategy in which companies assign a monetary value to carbon emissions as a way to incorporate the financial costs of greenhouse gas emissions into their decision-making processes. This allows companies to factor in the costs of carbon emissions when evaluating the potential costs and benefits of various projects and investments.

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