Fybaf social audit & carbon credit

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  • 1. Social audit vs Commercial Audit Social AUDIT Commercial AUDIT 1. Study of all social activities under taken by business Examination of financial records of business 2. Evaluates Social performance of the biz Evaluates economic position of biz 3. Provides social balance sheet of Co. Provides Financial balance sheet of Co. 4. Qualified auditors not required for approval of report Qualified Auditor must for approval of report 5. Does not have a prescribed standard format of reporting Has to be reported in prescribed format 6. Must be done once in two yrs Must be done at the end of every financial yr 7. It is voluntary in nature It is compulsory as per Companies Act 1956 8. Wider scope inclusive of all social activities Narrow Scope as involves only financial activities 9. Submitted to top management n should b e mentioned in annual report Submitted before AGM n also approved thereof 10. Internal auditor / consultant conducts social audit under direction of mgtm Conducted by auditor appointed by shareholders in AGM Types of social Audit Marketing Audit Studies Consumer friendly approach of company Aspects such as Product, pricing, promotion , advertising strategies Studies how co. Copes up with the promotions made in ads, personal selling, after sales services, Pricing policies Personnel Audit Study the relationship status between employer n employee Helps remove Conflicts n miscommunication Studies personnel policies of the organisation- recruitment, training, career growth, compensation, welfare & recreation, industrial relation, sharing of knowledge, Labour welfare, redressal policies, etc Shareholders Audit Evaluates policies in reference to shareholder Checks fairness of proposal, safety of investment, Conduct regular meeting, Fair returns on investment, Clear disclosures, Protect interest of shareholder, proper usage of funds as promisied, etc Issues Audit Aims to find out whether business has fulfiied its obligations or not. Social welfare scheme, Environment protection mearsure, Contri. to social issues , Rural development program, et c
  • 2. What iS carbon credit? Ans: Defines a carbon credit as “a certificate showing that a government or company has paid to have a certain amount of carbon dioxide removed from the environment”.[ A carbon credit is a generic term for any tradable certificate or permit representing the right to emit one tonne of carbon dioxide or the mass of another greenhouse gas(GHGs) with a carbon dioxide equivalent (tCO2e) equivalent to one tonne of carbon dioxide. Carbon credits and carbon markets are a component of national and international attempts to mitigate the growth in concentrations of greenhouse gases (GHGs). One carbon credit is equal to one metric tonne of carbon dioxide, or in some markets, carbon dioxide equivalent gases. Carbon trading is an application of an emissions trading approach. The goal is to allow market mechanisms to drive industrial and commercial processes in the direction of low emissions or less carbon intensive approaches than those used when there is no cost to emitting carbon dioxide and other GHGs into the atmosphere. Since GHG mitigation projects generate credits, this approach can be used to finance carbon reduction schemes between trading partners and around the world. Mechanism of Carbon Credit: Under Kyoto Protocal Developed countries have to commit to bring down Levels of GHGs by 2012 Possible in two ways: Energy efficient technology Use of natural / recyclable energy Reducing wastage Optimum use of energy Changing to new clean technology Upgradating systems Swtich to sustainable development Reduce Emmission
  • 3. In Simple words Companies are given certain percent of carbon credits. The emission of the company if goes beyond 1 tonne of carbon or GHGs then they have to buy Carbon Credits from another company which has surplus CC. The pricing is done on mutual bases. Companies also invest in projects to earn carbon offsets.
  • 4. For example : Delhi metro railways The BOMBARDIER MOVIA metro trains used by the Delhi Metro Rail Corporation (DMRC) incorporate the advanced BOMBARDIER MITRAC propulsion system and regenerative braking, which can generate up to 30% in energy savings. This environmental technology has contributed to Delhi Metro earning more than 20 million Indian Rupees – the equivalent of $ 446,000 US (308,000 euro) – under a United Nations-backed initiative to combat climate change. Within the United Nations Clean Development Mechanism (CDM), the Delhi Metro Rail Corporation has claimed Certified Emission Reductions (CERs) – normally referred to as carbon credits. The CDM enables emission-reduction projects to earn carbon credits, each equivalent to one tonne of CO2. These carbon credits can then be traded and sold, thereby stimulating sustainable development and emission reductions. Through the sale of carbon credits over two years as part of the scheme, Delhi Metro has received the cumulative remuneration of 20 million Indian rupees. The initiative has also led Delhi Metro to become the first railway project based on regenerative braking to be registered by the United Nations Framework Convention on Climate Change (UNFCCC). “The money earned from the sale of carbon credits will be used to offset the investment and operation costs in the implementation of our extensive network development, as well as furthering our efforts in combating climate change.” About Bombardier A world-leading manufacturer of innovative transportation solutions, from commercial aircraft and business jets to rail transportation equipment, systems and services, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended January 31, 2011, were $ 17.7 billion, and its shares are traded on the Toronto Stock Exchange (BBD). Bombardier is listed as an index component to the Dow Jones Sustainability World and North America Indexes. For more information, visit www.bombardier.com.