Net Zero Target by 2070: India Inc also needs to keep pace: Srivats Ram

CHENNAI: While the phrase ‘net zero’ has become a major topic of discussion in recent years, India’s futuristic goal of becoming carbon neutral by 2070 also depends on businesses, noted Srivats Ram, MD, Wheels India.

Speaking at the 13th edition of CII’s Greenco 2024 Summit on the theme ‘Unlocking the Net Zero Transformation’, Srivats Ram, also Chairman CII TN, said, “India, the third largest emitter of global CO2 emissions, has pledged to reduce emissions intensity by 45 per cent by 2030 , and achieving carbon neutrality and net zero emissions by 2070. It seems a long way off, but I think the effort needed to get there is significant and it’s already ahead of us in some cases also to transform our businesses.”

“Europe is a big market for Indian companies. The EU’s declared Carbon Border Adjustment Mechanism, or CBAM, is an important regulatory measure to curb carbon leakage. Companies that export need to commit to this to their customers,” he noted.

“The GreenCo rating system helps industries drive sustainable growth, focus on key environmental metrics such as energy management, water management and waste management, and helps achieve net positive carbon, waste and water positive status,” he added.

During the inaugural session, the latest version of the coffee table book was published, containing the best achievements of companies rated by GreenCo. Guidance on operational net zero carbon emissions has been published, along with guidance on Scope 3 emissions inventories and reductions. Platinum+ and Platinum were awarded to eight companies that received them during 2024.

Pradeep Bhargava, Chair of GreenCo Summit 2024 and Chair of the CII GreenCo Board, shared some of the data, saying: “This year we saw our highest ever participation of over 700 people. We have seen remarkable achievements from companies with the GreenCo movement, which have proven to be a significant enabler of achieving net zero emissions. We can proudly say that GreenCo 500 companies have made a significant impact on the environment, investing over Rs 4,600 crore, achieving annual benefits of Rs 4,800 crore, resulting in financial and environmental success.”