India has established itself as the most ecologically conscientious country among the G20 nations, with its Paris pledges on track. On this note, the World Sustainable Development Summit 2021 (WSDS) conducted a session on the necessity and benefits for companies to transition to a zero-carbon future and low-carbon economy. Many business giants working in the energy and environment sectors to reduce carbon footprint participated in the discussions.
India is currently the focus of international interest. The actions of Indian businesses and the government are important to putting India on the path to a decarbonization strategy. The carbon footprint of businesses in India depends on the efficient use of energy, transportation, and manufacturing processes. India’s journey to the UK Summit is critical for Indian businesses to show their dedication and purpose for driving climate action on sustainable energy, industry, and transportation systems before COP26 in Paris.
The United States has asked China to join the worldwide coalition that rebuilt Europe after World War II in controlling the climate crisis. In many ways, India is already ahead of the curve in terms of objectives, regulations, and systems in place.
Indian stakeholders are working hard to address the most pressing issue of our time: climate change. Renewable energy sources are being explored in order to replenish the land’s vegetation and cut down on carbon emissions. Moreover, India’s corporate sector is responding to climate change in a substantial way. Significant progress has been achieved on climate action and the clean energy transition through the Indian Government’s initiatives and funding for environmental projects.
Indian enterprises, following the lead of the government, have placed emphasis on efficient and prudent use of energy, fresh water, and waste. Corporate water consumption is lowered by watershed management and water-saving technology, the use of renewable energy, recycling trash, the use of substitutes for high carbon content, and the reduction of plastic usage.
Furthermore, the Research-Based Targets Initiative reports that 57% of Indian enterprises are working together to cut their emissions in accordance with climate science. Goals concerned with the development of renewable energy have been set by a number of different organizations. An increasing focus on environmentally friendly and resilient infrastructure will help India achieve its goal of becoming a $10 trillion economy by 2030; this will lessen the impact of natural disasters on people’s lives and businesses.
“Net-zero” is the newest buzzword for climate change challenges, and it refers to achieving a balance between the production and removal of greenhouse gases from the environment. Increasing sustainability objectives in India will necessitate a significant shift in policy to track and reduce carbon footprints over time. By 2050, several nations plan to have achieved net-zero greenhouse gas emissions, making the Paris Agreement’s objective of keeping global temperatures under check a reality.
Several countries in the G20 have said that they plan to be net-zero by the year 2050 or perhaps the year 2060. India’s commitment to such an objective is strongly dependent on externalities and would need a major shift in corporate practices and substantial budgetary assistance. Developing countries like India rely on rich countries to keep their obligations to them. To combat the consequences of climate change, the former would require easy access to technology and financial support.
From 2005 to 2016, India’s emission intensity of GDP has reduced by 24%, according to a third biannual report filed to the United Nations Framework Convention on Climate Change. Using this data, it is clear that India has already fulfilled its 2020 aim of lowering emissions intensity.
In the future, we’ll have to concentrate on how companies can assist the government in meeting its ambitious environmental goals even more effectively than before. Collaboration between the public and private sectors is critical to ensuring that not just large companies but also MSMEs, which account for the majority of Indian industry, can transition to sustainability initiatives.
As we pursue economic growth, we must consider sustainability to guarantee that the Indian industry remains internationally competitive. Even though it’s difficult, it’s necessary for everyone.