Net zero roadmap for corporates in India
The increasing incidence of extreme climate events has raised concerns globally about our collective future. Besides the environmental damage to the planet and declining biodiversity, it has also led to economic difficulties, and in particular the most vulnerable population in developing countries. For India, decarbonisation is critically urgent because of strong vulnerability to climate change. In addition, to grow the economy and improve the living standard for its citizens, it is expected that India’s energy needs will increase in future. In fact, a recent study shows that demand could grow by more than 3% annually from now till 2030 due to urbanisation and industrialisation. While the Indian Government has been proactive, setting a Net Zero Target by 2070 and ambitious Renewable Energy targets for 2030, another crucial stakeholder segment would be Commercial and Industrial consumers. Corporate entities in India are responsible for around half of India’s total energy consumption, and this percentage is expected to rise further by 2030, are crucial to meeting these decarbonisation targets. Faced with competitive pressure, investor pressure and reputational concerns, leading corporates have already started taking voluntary action. However, the path to Net Zero appears to be nebulous for a large number of entities. To address these challenges and pave a path forward, WWF India has developed a Report on ‘Net Zero Roadmap for Corporates in India’. This report, developed after extensive consultation with Corporates, Governmental Agencies and Civil societies in India seeks to provide a clear and immediately executable Roadmap for Corporates in India. Based on these stakeholder interactions and primary research on the current trends in sustainability and climate action, this report identifies both the drivers and barriers for decarbonisation by Indian Corporates.