ROLE OF BUSINESS IN THE NET ZERO REVOLUTION
India is facing acute physical risks from frequent floods and cyclones, emerging regulations, emission caps,
changing customer behavior and preferences, and even potential legal issues. Mitigating climate risks has
become imperative for businesses.
The concept of the Net Zero Revolution is significant in this context. Net-Zero implies an equilibrium
between the greenhouse gas emissions generated and the action taken towards removing/ lowering the emissions
from the atmosphere – and in most scenarios collectively between government and businesses. This offsets the
carbon footprint to zero or negative. From the recently concluded COP26, wherein Indian Prime Minister
Narendra Modi while addressing the convention committed to achieving net-zero emissions by 2070 through a
five-pronged commitment “Panchamrit”, followed by many more public, private, and cross-sector pledges signals
that the direction of all travels is toward Net Zero.
Businesses are not far in finding solutions and taking actions. Over a dozen companies have jumped on the
bandwagon to go carbon neutral in the next few decades. Some of them are also recalibrating their businesses
to hit net-zero emission deadlines. From shifting to cleaner fuels to tapping renewable energy to adopting
energy-efficient technologies and green-fueled technologies, they are leaving no stone unturned. Similarly,
being a part of the core economy, financial institutions are also working for reducing carbon footprints.
Many institutions have increased their portfolio in green infrastructure in the country and many devised
internal policies to reduce their lending to carbon-intensive sectors.
To deliberate upon this, JSW & Times of India has come together to organize a virtual panel discussion on
this important subject and this will be a part of the 10th edition of Earth Care Awards – an awards
recognizing excellence in the area of climate change. The panel will cover and help us learn through their
experiences on the key elements of solutions and services that will displace climate risk and evolve new
business models. As we anticipate an accelerated era of “creative destruction,” akin to the dawn of the Industrial
Revolution, that will lead today’s companies to innovate or risk extinction.