COP28: A look at sustainability initiatives, green credits initiative

India has walked the talk on climate action, these were the words uttered by Prime Minister Narendra Modi prior to leaving for world’s biggest climate conference being held in Dubai.

During his address at the opening plenary, PM Modi said India has shown the way forward for countries on how they can strike a balance between development and environment conservation and reiterated India’s commitment towards ensuring a greener planet.

Modi also mentioned the Green Credits initiative surpasses the commercial nature of carbon credits. For those not aware, the Green Credits Programme, launched by the Environment Ministry in October this year, is an effort to create a market-based incentive for different kinds of environment-positive actions, not just for carbon emission reductions.

As the first-ever global stocktake takes centre stage in COP 28 for nations to collectively measure the progress or the lack thereof towards curbing global warming or limiting global temperature to 1.5 degrees, it is also important for businesses to take stock of their own contributions. Businesses need to engage in a robust assessment of their climate change mitigation strategies to maximise climate change control impact in minimising climate change.

So, how are Indian corporate houses looking to embrace these changes?

For instance, ITC Limited, India’s top business conglomerate, has always been a key advocate of sustainable initiatives. It has exemplified its commitment towards the planet by pioneering innovative sustainable business practices.

Aligned with the pivotal themes of green transition, emission reduction, green energy and green infrastructure of COP 28, ITC's initiatives present a credible response to global challenges that can be emulated by other corporations across the world.

Under its ‘Sustainability 2.0’ vision being driven under the leadership of Sanjiv Puri, the conglomerate’s Chairman and MD, ITC has been consistently pursuing a low carbon growth strategy and driving multiple environmental initiatives ranging from green buildings to water harvesting.

ITC has fostered a comprehensive strategy for low carbon growth, establishing an impressive 18-year track record as a carbon-positive entity.

With over 43 percent of its energy sourced from renewables as per the company’s latest Sustainability Report, ITC's commitment to a net-zero economy is unmistakable. The commissioning of its maiden offsite solar plant in Tamil Nadu in 2021, generating 14.9 MW at an investment of ₹76 crores, marks a significant milestone. This facility alone fulfils 90% of ITC's electricity requirements in the state. The company's ongoing solar projects in Uttar Pradesh, Karnataka and Bihar reinforce its dedication to sustainable energy solutions.

India is a net zero building leader, with 75 LEED Zero projects certified worldwide as of August 2023 and an additional 30 projects currently working toward certification, outperforming both the United States and China.

In terms of the greening of infrastructure, ITC has 49 LEED certified green buildings, with 12 ITC hotels securing the prestigious LEED Zero Carbon certification – a global first. Notably, the Kovai Paperboards factory and Malur F&B unit have earned AWS Platinum certification for water stewardship.

Building low-carbon intensity infrastructure is crucial for driving green growth. India’s thrust to make the economy future-ready, and achieve net-zero by 2070 is visible in its efforts to promote sustainable and climate-friendly green growth.