ITC Working To Mitigate Effects Of Weather Impact

ITC, a diversified conglomerate headed by Sanjiv Puri, has taken steps to mitigate the increasing impact of extreme weather events by initiating 'climate risk modelling'.

This process involves utilizing up-to-date climate science and data to anticipate changes in severe weather patterns such as heatwaves, droughts, floods, and storms, as well as assessing the potential consequences of such weather events.

During the CII eastern region annual day meet and conference on digitization, the chairman of ITC announced that the company has completed the process for both pulpwood and wheat value chains. He also stated that commodity prices are currently decreasing.

As the vice president of CII, Puri mentioned that ITC is currently in the process of piloting agro value chains, and has already begun working on other crops such as potato, spices, and rice after completing wheat and pulpwood. 

During the conference, Puri emphasized that the frequency of extreme weather events will increase globally, and the eastern region is particularly susceptible. He expressed the view that logistics, supply chains, and agriculture need to be equipped to counter these events. When speaking to reporters, he further stated that it is crucial to pinpoint the most affected areas by conducting climate risk modelling. "To identify the hotspots, we must conduct climate risk modelling," he stated.

According to Puri, ITC initiated a macro-level analysis in 2020, and now the company is conducting more thorough and detailed site-specific research on the segments that have emerged as areas of "greater concern".

He expanded on the topics of climate and agriculture, stating that the Climate Smart Agriculture program by ITC intends to minimize risks for farmers affected by unpredictable weather by promoting climate-smart practices. These practices involve prioritizing high-yielding and suitable crop varieties, using appropriate mechanization, decreasing stubble burning, and providing institutional services.

Regarding commodity prices, he stated that the most challenging times have passed and there are indications of a reduction in prices. Specifically, the cost of wheat has already decreased, and he also noted that the general crop yield is superior to that of the previous year.

-TOI

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