Launch of report 'Practices and Solutions: Accelerating Indian Industry Decarbonisation'
An Anniversary Update report titled ‘Practices and Solutions: Accelerating Indian Industry Decarbonisation’ was launched at a COP28 side event in the presence of Professor Jim Skea, Chair of the IPCC, and Indian Business Leaders.
The report has been prepared with inputs from the signatory companies of the ‘Industry Charter for Near Zero Emissions Ambition by 2050’, a voluntary grouping of leading Indian businesses. The Industry Charter was launched in 2019 at the New York Climate Week with leading Indian businesses committed to a reduction of emissions.
Since its inception in 2019, the Industry Charter has assumed significance for its timely initiation of advocating for industrial decarbonisation, with every progressive year presenting an opportunity for all the stakeholders to enhance their climate commitments. The year 2020 marked the 5 year anniversary of the Paris Agreement that culminated in the United Nations Climate Ambition Summit. Similarly, 2021 saw the announcement by the Hon’ble Prime Minister of India on the country’s commitment to become net zero by 2070.
The Anniversary update report of the Industry Charter, ‘Practices and Solutions: Accelerating Indian Industry Decarbonisation’ contains 21 Solutions and Practices adopted by the Indian industry as part of their decarbonisation journey. These include areas of – Energy Efficiency, Renewable Energy, Circular Economy, Low-Carbon Solutions across Supply Chain, Carbon Capture Utilisation and Storage and Research on Technology Demonstrators. The messages which emerge from the report are clear and loud:
- Industry is collectively working to mitigate the climate crisis. Businesses are responding to climate-threats as future-proofing strategies and business continuity plans
- Short and Medium-term voluntary business actions help provide confidence to India achieving its Long Term Low Carbon Development Strategies and the long-term net zero commitment
- Recognition of climate change as a potential risk by company boards. Incorporation of climate-related risks into company disclosures sends a strong message to capital markets
- Businesses are translating climate intentions into concrete actions. Actionable measures include emission reductions from energy & circular economy
- Collaboration & conducive policies can accelerate availability and scalability of decarbonisation technologies. Conducive policies will trigger innovation and R&D. Partnerships can fasten deployment of clean technologies and ensure industrial competitiveness.
- Sustained demand for greener products will provide confidence to future greener growth plans for businesses. Steady market demand for low-carbon products will help sustain decarbonisation efforts.
The report launch took place in the presence of Dr. Vibha Dhawan, Director General, TERI; Professor Jim Skea, Chair, IPCC; Ms. Abanti Sankaranarayanan, Chief Group Public Affairs (India & International) and Group Sustainability, Mahindra Group; Mr. Mahendra Singhi, MD & CEO, Dalmia Cement (Bharat) Ltd; Mr. Satish Pai, Managing Director, Hindalco Industries Ltd; Mr. Koushik Chatterjee, Executive Director & Chief Financial Officer, Tata Steel Ltd; Mr. Rajat Gupta, Chief Financial Officer, Avaada Group; Mr. Kalyan Bhattacharjee, Chief Sustainability Officer and Vice President Energy, Jindal Stainless Limited.