Navigating the path to sustainability and net-zero carbon emissions

Transitioning to net-zero carbon emissions and ensuring sustainability requires significant effort and investment. However, tackling climate change and preserving our planet’s ecosystem for future generations is crucial.

Sustainability has taken on greater urgency as the effects of climate change become real. For India and other emerging economies, the journey towards sustainability and zero carbon emissions won’t be easy but holds the promise of a long-term positive impact. Fortunately, academia, governments, individuals and businesses are proactively driving the cause and promoting the adoption of the United Nations’ Social Development Goals (SDG) for a greater impact.

Rapid urbanisation and industrialisation are among the biggest challenges in reducing India’s carbon emissions. While building sustainable cities and industries at an affordable cost can be complex, the long-term benefits, including energy savings, better air quality, and reduced emissions, are worth the investment.

Need for sustainable societies.
India is already one of the largest energy consumers globally, and its aggressive growth plans will lead to an increased carbon footprint. With its rising middle-class population and growth in the country’s commercial, industrial, and residential infrastructure investments, the HVAC demand is expected to triple by 2050. Though many people recognise industrial production and transportation as culprits to carbon emissions, many do not know that heating and cooling buildings make up about 15 percent of the world’s carbon emissions, and another 10 percent is due to food loss.

The International Energy Agency Chief Executive Director has pointed out that the growing demand for air conditioning is one of the most critical blind spots in today’s energy debate. Establishing higher efficiency standards for cooling could help governments globally cut emissions and costs. It is also good to see India actively addressing sustainability in the cold chain with its ‘cooling action plan’ aimed at reducing cooling demand by 20 to 25 percent by the year 2038. How the country addresses its underdeveloped cold chain infrastructure remains to be seen. A public-private partnership and a coalition committee can make India’s cold chain effective.

Role of businesses in driving bold sustainability and decarbonisation commitments
India is the third-largest greenhouse emitter, with an enormous contribution from industries. As per International Energy Agency (IEA), the share of power generation and industries in India’s total emissions in 2018 was 53 percent and 25 percent, respectively. This implies that achieving the U.N. SDGs would not be possible without business participation. In the business world, strong commitments and actions can bring about a change in the world. Hence, companies must adopt impactful and purpose-driven models to contribute to social and environmental values through their products, service, and operational practices. It is the role and responsibility of the company, its leadership, and its employees to manage risks and opportunities within their business model and strategies.

Decarbonisation necessitates a lot of effort. Companies pursuing these objectives must make significant adjustments in their function, including how they source, use, consume and think about energy and interact with stakeholders. In this journey of decarbonisation, it is vital that business leaders make a strong commitment and integrate sustainability into their business strategies. It is also important to ensure that all leaders in the company are accountable for sustainability goals and that companies take science-based approaches to tracking and measuring those goals, including emissions reduction. Governments also play a major role. Some governments have set up pricing schemes to expedite the progress towards achieving their target for 2030 as part of the Paris Agreement. More than 40 governments worldwide have implemented a price on carbon, either through direct taxes on fossil fuels or through cap-and-trade programs.

According to the United Nations, we have only eight years before the worst effects of climate change are felt. Transitioning to net-zero carbon emissions will require significant effort and a major investment. Still, addressing climate change and protecting our planet’s ecosystem for generations is vital.