We Must Develop Renewable, Low-carbon Technologies Across Board: Bhupender Yadav

Industry sectors together contribute about 30 per cent of the total CO2 emissions and thus, efforts to drive low carbon development pathways are critical for achieving the goals of the Paris Agreement, said Bhupender Yadav, Minister of Environment, Forest and Climate Change in a conversation with BW Businessworld.

Yadav was speaking to BW Businessworld on the occasion of the second edition of India’s Most Sustainable Companies (IMSC), a BW Businessworld initiative, where he also congratulated large corporates who scored high on the BW IMSC List.

The minister said that the public and private sectors, civil society organisations, communities, households and individuals all play important roles in addressing these challenges to achieve climate-resilient development that benefits the most vulnerable.

Yadav talked about the G20 and said, "It has put climate change firmly on the financial stability agenda. The point which has been emphasised is that not only is there a need for greater investment, it would also be necessary that these investments are sustainable."

He cited SEBI’s Business Responsibility and Sustainability Report and said it is one such remarkable initiative that nudges businesses to contribute towards wider development goals while seeking to maximise their profits. It allows reporting on Environment, Social and Governance (ESG) indicators.

"In the transformation of industries particularly caused by climate change we must ensure that our micro, small and medium enterprises (MSMEs) are not left behind and provide them the space and time to undertake this transition in a profitable manner," Yadav said. 

He added that it is important that top-ranking companies come forth as leaders and bring on board MSMEs by assisting them with knowledge, skills and capacity building so that principles of sustainability are adhered to by all. 

While talking about the energy sector, Yadav said, "We recognise that coal is our key fossil fuel resource and we cannot abandon it overnight because the developed countries, who depend on oil and gas, say so. But we will develop it responsibly, moving towards cleaner production of energy and other processes."

He also said that we must develop renewable and low-carbon technologies across the board. The government is giving a big push to such technologies through the promotion of varied means including biofuels and green hydrogen. 

"The union budget (2022-23) rightly so has included sustainability at its core as a way to run its growth engine. The Indian government has successfully demonstrated the shift towards addressing climate change through a mix of fiscal and policy measures like market mechanisms including performing achieve and trade," he said. 

Yadav urged the industry bodies and sectors to prepare roadmaps for the low carbon emission pathways and implement them. The Indian cement industry has exhibited pioneering measures and achieved one of the biggest sectoral low carbon milestones across the world.

"We must ensure that sustainable lifestyles and climate justice are at the core of this journey. I am hopeful that with active cooperation from the private sector, India will be able to reduce carbon emissions and achieve a net-zero target to build a more environmentally sustainable planet," he said.