19th April 2024, New Delhi 

The climate change is recognised as the most significant future challenge of the 21st century. There is a new wave of political and scientific interest in understanding the effects of climate change on economies and issues related to sustainable development. Asia is the largest and the most populous continent in the world. It covers 60% of the current population (more than 4.4 billion people) and accounts for 30% of the total world area. A general
report by the Swiss Re Institute (2021) shows that the Asian economy will be hit hardest by climate change. Asia will lose more than 26% of GDP by 2048. The physical and transition risks of climate change pose numerous challenges to enterprises across many sectors in India. The Indian enterprises will likely be exposed to business, operational and financial distress from climate change risks. While the disasters resulting from climate change
threaten businesses in many sectors, many firms may struggle to implement policies and measures likely to be introduced to mitigate risks from climate change. Defaults and insolvencies may result. Insolvency Law Academy is working on a Thought Paper on Climate Change and Insolvency in
India. The working Thought Paper was discussed at a Roundtable to be held from 4 pm to 6 pm on Friday, 19th April 2024.