Can Corporates Save the World from Climate Change?
The fight against global warming can only be won if businesses worldwide contribute
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U.S. President Donald Trump may have withdrawn from the Paris agreement on climate change this year, but corporates worldwide are becoming more environment-conscious. In the quest to launch a tough fight against global warming, companies are tailor-making their goods and enhancing services to protect the environment from deteriorating.
Nearly a decade ago, saving climate from destruction did not feature as top priority by businesses. The scenario has however reversed.
Aimed at building a low-carbon economy, 3 top measures are being considered.
Electrification of Transport – A Game Changer
On the sidelines of summit, Dr. Ajay Mathur, Director General, TERI, Entrepreneur India talked to Entrepreneur India about how automobile companies can – or should contribute to low-carbon economy. Mathur said, "Electrification of transport is very important in country to curb pollution levels. As we know today, India is manufacturing and producing large amount of electricity from renewables in an emission-free manner, which could be used in electric transport.
Mathur added that private players in India produce 320 Ghz electricity whereas the country only consume 161GHz out of total production. That remaining electricity produced can be used in electrification of transport, which would benefit both the parties."
"Today, we are looking for L&G based technology. Therefore, the companies like Tesla and Hyperloop are making a niche by making pollution-free vehicles," he quipped. The central government is already in talks with Hyperloop Transportation Technologies to work around the regulations and certifications required to build pod taxi transportation in India.
In recent years, India has been at the forefront of developing institutional mechanism and framework for climate change and had initiated a Plan of Action to achieve the goals.
How can C-suite Learn the ways of Green & Sustainable Business?
Cambridge Institute programme, Earth on Board is also contributing in creating awareness and teaching the board-level executives on how to address long term risks related to climate change in business. Philipe Joubart, Director, Earth on Board said that this is very important to learn that today the way we are doing business, will no longer be possible to continue because of huge amount of emission levels affecting nature, human and animals in world. Entrepreneurs should always integrate values like respecting planet boundaries in their business model features for making business sustainable.
He added that we are structuring and building connections in India through speaking about it and creating more awareness about green business. The programme has delivered in Brazil, Hong Kong, china, South America, and will be going to US, UK, India and everywhere else.
What Can India Learn from "World's Biggest Carbon Market'?
While China is preparing to launch the world's biggest carbon market after the US reversal on climate policies, we had an exclusive chat with Mr. Huw Conway Slater, Research and Projects Manager, China Carbon Forum about the overall performance of China in promoting carbon trading and what can India learn from the Foum's vision.
Slater said the prime motive of China Carbon Forum is to advance climate closing in country.
Emphasizing on fact that India has some similar experiences as china in the sense that they are also in the CDM market i.e. carbon development mechanism, he said China is currently ahead of India in carbon trading.
"China has learnt from its small-scale experiences how carbon markets can incentivize low carbon investments to develop their own carbon market. India has not yet taken that step, and we're hoping that India could explore the option of carbon market in coming years very soon.
Slater told Entrepreneur India that a lot of Chinese stakeholders will be more than happy to exchange experience with Indian stakeholders, policymakers in private sector space.
He also added that European stakeholders will be willing to help India too because they have engaged part extensively with China. China is getting lot of assistance from EU in setting up their carbon market that could certainly be an option for EU.