Net Zero by 2070 goal: India Inc has to fall in line too: Srivats Ram

CHENNAI: Even as the ‘net zero’ phrase has become central to discussions in recent years, India’s futuristic goal of achieving carbon neutral status by 2070 is dependent on businesses too, observed Srivats Ram, MD, Wheels India.

Speaking at the 13th Edition of CII’s Greenco Summit 2024 themed ‘Unlocking the Transformation to Net Zero,’ here, Srivats Ram, also chairman, CII TN, said “India, the third largest emitter of global CO2 emissions, has promised to cut down its intensity of emission by 45 per cent by 2030, as well as achieve carbon neutral and net zero status by 2070. It seems a long way off, but I think the amount of effort that is required to get there is significant and it is upon us in some cases to transform our businesses as well.”

“Europe is a large market for Indian companies. The carbon border adjustment mechanism or CBAM, which was declared by EU, is an important regulatory measure to curb the carbon leakage. Companies who are exporting, must commit towards this to their customers,” he pointed out.

“GreenCo rating system facilitates industries to drive sustainable growth, focus on key environmental parameters like energy management, water management, and waste management and helps achieve net zero carbon, waste, and water positive status,” he added.

The inaugural session saw the release of the latest version of the coffee table book with best achievements of GreenCo rated companies. A guideline on operational net-zero carbon was released along with a guideline for Scope 3 emissions inventorisation and its reduction. Eight companies were awarded Platinum+ and Platinum who received them over the year 2024.

Pradeep Bhargava, chairman, GreenCo Summit 2024 and chairman, CII GreenCo Council, shared some data by saying, “This year we received the highest-ever participation with over 700 people. We saw remarkable achievements by companies with GreenCo movement proving to be a significant enabler for net zero. We can proudly state, 500 GreenCo companies have made significant environmental impacts, invested over Rs 4,600 crore with an annual benefit of Rs 4,800 crore resulting in financial and environmental success.”