Climate Change Regulations Offer Both Challenges & Opportunities for MSMEs: ITC Official

ENA MSME 2024-03-19 17:36:13 New Delhi, Mar 19 (KNN) While climate change regulations pose challenges for Micro, Small and Medium Enterprises (MSMEs), they also represent significant potential opportunities, according to a top official from the International Trade Centre (ITC), Geneva. Speaking at the briefing session of the two-day International Conference on Climate Change Regulations & Green Technology in New Delhi, Vanessa Erogbogbo, Chief of Green and Inclusive Value Chains at the ITC in Geneva highlighted several areas where the transition to a greener economy could benefit smaller firms. Key opportunities for MSMEs include the creation of new products and services, heightened productivity, bolstered energy and resource security, exploration of export markets, and increased international competitiveness, according to Erogbogbo. However, she cautioned that realising these opportunities will require providing MSMEs with support in critical areas like access to finance, adoption of green technologies, and raising awareness about sustainable business practices. Her comments came during a summary session reviewing key takeaways from the two-day conference, which brought together government officials, industry groups, sustainability experts and MSME representatives to discuss carbon footprint reduction strategies. Other speakers echoed Erogbogbo's view that climate regulations present both challenges and potential upsides for small businesses. Ana Patricia Batalhone, an Associate Market Analyst at the ITC, noted that the push and pull towards environmental sustainability is being driven by a combination of regulations and evolving market demands. Anil Bhardwaj, Secretary General of the Federation of Indian Micro, Small and Medium Enterprises (FISME), emphasised that achieving economic sustainability will require holistic solutions that address climate impacts as well as trade competitiveness for developing economies. Other key dignitaries in attendance include Vidya Nathaniel, Associate Programme Officer, ITC Geneva and Rakesh Chhabra, Vice-President, FISME and President, Rai Industries Association. In conclusion, the conference served as a platform for stakeholders to exchange insights and chart a path forward for MSMEs - which account for over 90 per cent of businesses globally - in navigating the complexities of climate change regulations and leveraging opportunities in the green economy. (KNN Bureau) 37098 https://knnindia.co.in/news/newsdetails/msme/climate-change-regulations-offer-both-challenges-opportunities-for-msmes-itc-official 2024-03-19 17:36:13 knnindia.co.in Climate Change Regulations Offer Both Challenges & Opportunities for MSMEs: ITC Official