The Indian industry should take the lead in joining the race for the net-zero campaign, Pawan Munjal, vice-president at the Confederation of Indian Industry (CII), said on Wednesday. He added that businesses must commit to carbon emission mitigation through the fine targets over a period of time and evolve strategies to achieve them.
”We meet at a time when the world is experiencing a never-before disruption and new economic paradigms. One of the key imperatives that have emerged is the target of achieving net zero and meeting the other commitments for climate change and mitigation. The multiple shifts are leading to immense opportunities in new industries such as green and clean mobility, renewable energy, circular economy and green hydrogen among others,” he said.
Emphasising the need for research and development for driving the sustainability agenda, Munjal said these targets must be based on science and data. “Businesses must also work across the supply chain for green and sustainable practices for all intermediaries and related services. In this, large companies play a vital role in ensuring that vendors and suppliers are all facilitated to meet green targets,” he said.
He said that to transform the entire economy towards low-carbon economy, India requires multiple actions at the level of industry.
He added that with consumers now urging for sustainable products and looking for responsible corporate behaviour, businesses need to align accordingly for their own sustainability which will drive future growth in global marketplace.
Munjal highlighted that a report by inter-governmental panel on climate change stresses that climate change is affecting land, sea and air quality and it reiterates the target of 1.5 degrees for the world to achieve. “We should see this as an opportunity to reworking our business operations and re-aligning our business strategies and recalibrating use of resources and energy,” he said.
Munjal said that India is well on track to meet its commitment of meeting its renewable energy share of total energy capacity. “Cleantech solutions, zero fossil fuel policy and electric vehicles are being driven by new policies to promote battery and energy s a service to improve efficiency in the EV ecosystem. In cities, a clean environment necessitates redesigning of public mobility, traffic management and redefinition of two-wheeler vehicles. Alternative mobility models are being implemented across major global cities to reduce emissions and countries are setting targets of 50% share of EVs by 2030,” he said.
Highlighting CII’s role, he said that the industry body is working on sustainable agricultural practices for crop residue management and has succeeded in saving about 348,000 paddy straw from burning.