About 52 per cent of Indian firms aim to achieve sustainability goals in next 1-3 yrs: Study, ET EnergyWorld

New Delhi: About 52 per cent of organizations in India are taking a regenerative approach to sustainability with an aim to achieve their goals in the next one to three years, according to a new study by global consultancy Kearney.

It added that more than half of the businesses surveyed in India have decarbonisation plans that are acutely aligned with the Paris Agreement, and the majority of them believe that the targets are attainable.

According to the study, to achieve progress on the sustainability front, Indian companies need to adjust strategies and set achievable timelines. It surveyed about 1,000 business leaders across diverse industry sectors in nine Asia Pacific countries.

On the path to meet their goal to achieve net zero emissions by 2070, 91 per cent of Indian businesses have set targets to reach net zero, however, the 2030 deadline the country has set for itself seems unrealistic.

This report indicates the country’s relatively healthier pace of progress towards global net zero targets when compared with other APAC countries surveyed.

It said that 85 per cent of companies perceive the decarbonisation targets set by their organizations as attainable, with over one-third indicating they were highly achievable. This outlook is most commonly held by leaders in Thailand and India, where 56 per cent and 51 per cent, respectively, say their targets are highly achievable.

“About 71 per cent of businesses in India believe that enhanced technologies would accelerate their decarbonisation initiatives,” added the report.

Arun Unni, Partner and APAC Sustainability Co-lead, Kearney, said that energy transition is not just a challenge but presents one of the greatest investment opportunities in the coming decades.

The report said that concerns about greenwashing are prompting companies to invest more in sustainability, while 87 per cent of leadership in India has expressed concerns about greenwashing.

“The perception of sustainability as a cost instead of an opportunity is unfortunately a short-term business focus which hinders the full integration of sustainability into operations,” said Kate Hart, Partner and APAC Sustainability Co-lead, Kearney.

Hart added that closing this gap requires strong leadership, innovation, and a resilient culture which demands more than just sustainability; it requires embracing regenerative principles.

  • Published On Mar 28, 2024 at 01:52 PM IST

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