BackIndian businesses face challenges in meeting net-zero carbon emissions: Study
24% of companies cited the complexity of the required transformation, 25 % highlighted a lack of talent with expertise in implementing net-zero initiatives and 23% companies specified limited resources to support net-zero initiatives
PremiumNew Delhi: Businesses in India continue to face significant challenges in their journey towards meeting net-zero carbon emission targets, said a study by Forrester Consulting on behalf of Amazon and The Climate Pledge.
According to the study, 24% of companies cited the complexity of the required transformation, 25 % highlighted a lack of talent with expertise in implementing net-zero initiatives and 23% companies specified limited resources to support net-zero initiatives.
“While over 2 in 3 (71%) businesses in India (and 70% of firms across APAC) identify collaboration as critical to clearing these roadblocks and achieving their net-zero carbon goals, 63% say the lack of access to peer networks and cross-sector communities is a top challenge impeding climate collaboration. This is followed by the lack of access to best practices and learning platforms (31%), lack of awareness or knowledge of partner organizations or initiatives (31%), and lack of a dedicated budget to support the development of decarbonizing technologies and services (27%)," the study said.
The study also found that businesses in India seek to accelerate collaboration most in the areas of renewable energy (52%), nature-based solutions (43%) and decarbonizing transport and logistics emissions (41%) – sectors requiring significant innovation, investment and policy support to develop.
“Through deeper collaboration, businesses in India aim to realize benefits including improving sustainability analyst ratings or investor ESG assessments (83%), influencing greener policy outcomes in key markets (82%), and increasing the company’s presence among partner organizations and peers (77%)," the study added.
“Climate change is one of the world’s greatest crises, and to address it, we all need to act together to achieve immediate and deep emissions reductions across all sectors. This new study reinforces the need for collaborative action and sheds light on the challenges that companies continue to face when it comes to climate action," said Abhinav Singh, Director – Customer Fulfilment, Supply Chain and Global Specialty Fulfilment, Amazon India.
Singh added that the challenges faced collectively on the path to net-zero carbon are considerable. “We can’t do it alone. Through The Climate Pledge, we hope more organizations in India will come forth and take joint action on projects that drive innovation, technology advancements and policy change to solve the challenges of decarbonization."
According to the study, about a third of businesses in India (29%) shared that engaging with ecosystem partners on a strategic level is part of their company’s approach to environmental sustainability going forward.
“Of these partnerships, businesses in India prioritize collaborations with technological partners to engage more deeply in strategic transformation projects (74%), corporate alliances to participate in more industry-wide activities (65%), and external partnerships to advance specific sustainability-related initiatives (55%). Across APAC, early adopters of collaboration were more likely to already have reaped benefits around surpassing regulatory demands (41%), and are less predisposed to challenges tied to the lack of a shared resource pool (16%) as compared to laggards (30% and 26% respectively)," the study said.
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