Businesses need to adopt Sustainable Technology solutions to achieve Net Zero targets.
The world is facing a historic challenge to cut greenhouse gas emissions and keep global warming to 1.5 degrees Celsius. In 2019, almost 3000 businesses from around the world joined the United Nations “Race to Zero” campaign, pledging to achieve net zero emissions. Customers, employees, and investors increasingly demand businesses not only to have a new zero-waste plan, but also to aggressively implement it and hold themselves accountable for its success.
With that as the vision, sustainability currently rates among the top ten priorities of CEOs worldwide, with over 75% considering it to be a key differentiator. Sustainable technology solutions play an important part in tackling sustainability concerns, and organisations that are technologically advanced tend to be considerably more agile in making intentional moves in areas such as tracking and lowering emissions, as well as generating new sustainable businesses.
Sustainability is an estimated $150 to $250 billion spends by 2030** by Fortune 500 companies with over 5% of the budgets being allocated towards sustainability initiatives. To reach net zero by 2050, we must reduce emissions by 30 – 50% by 2030. The decarbonisation of demand can account for half of this global abetment with supply decarbonisation accounting for the rest. Thus, everything we do between now to 2030 is the thing which really counts in next 10 years. We must save 10 to 15 gigatons of CO2, three times more than what is in the plan.
At the recently held COP27, India has reiterated its commitments towards achieving the net zero target by 2070 and approved an updated plan to reduce carbon emissions by 25% by 2030. At its current pace, India is exhibiting one of the fastest transitions to renewable energy and aims to achieve 50% of its power requirement from renewables by 2030. However, growth is not linear and certain roadblocks like high cost of transitioning from fossil fuels to renewable energy sources slows the process.
According to a report titled “Getting India to Net Zero”, the country needs an investment of $10.1 trillion. Moreover, considering the needs of a fast-growing, developing economy, it would be a mammoth task to shore up the funds and allocate them across the economy. However, the future looks green, as India is moving in the right direction by rolling out policies such as ‘The Draft National Electricity Plan’ which aims to drive a multi-fold increase in solar and wind power by 2031-32 and the Green Hydrogen Policy.
The switch to sustainability is no longer a choice, rather it is a deep-rooted lifestyle shift.
Schneider Electric’s Green Yodha initiative was launched with the aim of brining like-minded individuals and organizations on a common platform to accelerate actions towards sustainability. And I am proud to share that within its first year, Green Yodha initiative has seen participation from top public and private sector organizations who have come forward and joined this mission. Together we can make our planet sustainable for our next generations.
We invite you all to join the Good Fight and become a Green Yodha.
**Data source NASSCOM- McKinsey