BSE Launches India’s First GREENEX For Energy & Green Comapnies

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It is based upon purely quantitative and objective performance signals to assess carbon performance. BSE-GREENEX includes top 20 companies based on Green House Gas Numbers, Free Float Market capitalisation & Turnover.

INDIACSR News Netwrok

MUMBAI: Indian markets witnessed the launch of the first-ever live Carbon Index BSE-GREENEX, at the hands of Dr. M Veerappa Moily, Minister of Corporate Affairs, GoI at BSE on 22 February 2012.

BSE Ltd. (Formerly Bombay Stock Exchange Ltd.) in association with gTrade (supported by GIZ promoted by Federal Republic of Germany, Observer Research Foundation and IIM Ahmedabad)  has constructed BSE-GREENEX – designed specifically to promote green investing, with emphasis on financial performance and long term viability of companies. It is based upon purely quantitative and objective performance signals to assess carbon performance. BSE-GREENEX includes top 20 companies based on Green House Gas Numbers, Free Float Market capitalisation & Turnover.

Key highlights of the Index:
1. India’s first carbon-efficient live index, aiming to give a boost to socially aware investors.
2. BSE-Greenex index will comprise 20 stocks based on a minimum carbon footprint.
3. The index includes India’s largest commercial bank State Bank of India, the world’s seventh largest steel producer Tata Steel, vehicle maker Tata Motors and Sterlite Industries, the local arm of global resources group Vedanta.
4. India is  one of the world’s top-five carbon emitters in terms of volume.

In keeping with BSE’s efforts to create fund friendly Indices, it is the third Index which is calculated based on the capping methodology. This Index will be helpful to Asset Managers for creation of various products, to help investors to invest in the green theme of India. BSE-GREENEX is expected to have a feedback effect on companies’ reputation. It will help the Government to gauge policy implementation and acceptance with regard to energy usage and efficiency measures, as the market follows an efficient signalling mechanism which adjusts positively or negatively to any news/policy shifts.

At the launch ceremony at BSE, Dr. M. Veerappa Moily, Minister of Corporate Affairs, said, “It is my belief that companies and investors in developing countries like India, need to recognize the value created by corporations through the efficient and sensible use of energy. The Ministry of Corporate Affairs has been very active in this regard. I am delighted to be here at the launch of BSE-GREENEX that lists companies that are able to marry financial performance and carbon efficiency. I feel that this Index’s objectivity will be its strength and the differentiator.”

Madhu Kannan, MD & CEO, BSE, stated, “India is in a unique position to create a low-carbon green economy. So far India has focused on the fiscal aspect of economic growth. Now, it’s time we think about the environmental aspects of growth also. I am delighted that BSE in keeping with its tradition of innovation is today launching a carbon index – the ‘BSE-GREENEX. BSE will continue to contribute in full measure towards the Ministry of Corporate Affairs efforts of green and sustainable development in India Inc.”

Rajiv Agarwal, Whole Time Member, SEBI; Sunjoy Joshi, Director, ORF; Prof. Amit Garg, IIM Ahmedabad and Samir Saran, Chairman, gTrade were also present at the launch and spoke on the subject.

“Climate change is considered to be one of the greatest and widest ranging market failures as modern day efficient markets have largely failed to price in the large number of negative externalities associated with it. Businesses the world over have begun to acknowledge the phenomenon and the response to climate change and the systemic and sector specific risks associated with it need to be urgently countered through the realization of viable market based mechanisms. This imperative is especially strong in the developing country context.Owing to the high levels of risks posed to countries like India, the immediate need to shift to a low carbon growth path is clear. In turn, low carbon strategies can only be implemented if the emissions landscape across businesses and its effects on sustainable growth are clearly defined and understood. The BSE-GREENEX Index is a veritable first step in creating a credible market based response mechanism in India, whereby both businesses and investors can rely upon purely quantitative and objective performance based signals, to assess “carbon performance”.“-BSE India




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