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B20 India summit: Uday Kotak emphasises on Earth’s viability over business


While emphasizing the need to prioritize the existential viability of Earth, Kotak Mahindra Bank MD & CEO Uday Kotak said that we have no choice but to go “beyond the capital which expects returns to capital which is ready to take losses”. During a session on Financing the Climate Transition at B20 Summit India, Uday Kotak pitched for a smoother transition towards the social development goals.

“We have to be clear that the risk of existential viability of planet earth has to be put a step above the business viability,” Uday Kotak said as per news platform Moneycontrol.

Uday Kotak further highlighted that while there is a strong focus on facilitating transitional funding, we should carefully balance the importance of economic feasibility with the question of whether something is fundamentally sustainable. He added that we must also consider if we have the time to wait for its materialization.

“We have certainly no choice but to go beyond capital which expects returns to capital which is willing to take the losses,” Uday Kotak said.

0.2% of profits for social development goals 

The fresh suggestion comes a day after Uday Kotak recommended that companies across the globe should contribute 0.2% of their annual profits to the Global Acceleration Fund to meet social development goals.

“The money required in the next 7-10 years is about USD 4.5 trillion (to meet the priorities of development goals),” Uday Kotak said. “What we are proposing is every business contributes 0.2 percent of profit to social development goals which are a priority for the world,” he added.

The recommendation was part of the B20 India Task Force on Financing for Global Economic Recovery that Uday Kotak chairs and is expected to submit to G20 during the Leaders Summit in New Delhi on 9 and 10 September.

Uday Kotak even mentioned that the 0.2% for the social development goals can come from the 2% companies commit as part of their corporate social responsibility (CSR).

“Out of the 2 percent for CSR, 0.2 percent could be our contribution to that global fund which every country should find a way to contribute to from businesses,” he added.

(With inputs from PTI)

 

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Updated: 26 Aug 2023, 03:34 PM IST



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