The World Economic Forum inaugurated the Indian CEOs Alliance on May 23 to boost India’s climate action and decarbonisation initiatives, which would help Prime Minister Narendra Modi fulfil his ambitious five-part ‘Panchamrit’ goal.
In a statement, the WEF said: “The World Economic Forum today launched the India chapter of the Alliance of CEO Climate Action Leaders to supercharge India’s climate action and decarbonisation efforts.”
The alliance, which is a member of the World Economic Forum’s Climate Action Platform, will work to realise the vision described in the white paper “Mission 2070: A Green New Deal for a Net Zero India”, published last year, for India’s low-carbon transition by 2070.
It will bring together the government, industry, and other important players for PM Modi’s ‘Panchamrit’ goal, which includes a net-zero carbon emission target by 2070.
Prime Minister Narendra Modi unveiled the five ‘nectar elements’ or ‘Panchamrit’ last year, in the middle of global brainstorming on climate change.
By 2030, India aims to increase its non-fossil fuel energy capacity to 500 GW, meet 50% of its energy needs with renewable energy, reduce total projected carbon emissions by one billion tonnes, reduce the carbon intensity of its economy by less than 45%, and also achieve net-zero emissions by 2070.
Sumant Sinha, Co-Chair, Alliance of CEO Climate Action Leaders India, and Chairman and Chief Executive Officer at the Gurugram-based company ReNew Power, said: “As a major global economy, India’s role in mitigating climate change is critical and India Inc. must add its full weight to the country’s efforts, as well to the global endeavour, against global warming.”
The alliance, which is a collaboration between management consulting firm Kearney and Indian think tank Observer Research Foundation, will serve as a high-level platform to assist business leaders in developing and implementing plans and programmes to meet climate goals, including net-zero economic growth.
It will draw on lessons learned and experiences gained from international initiatives like the Alliance of CEO Climate Leaders and the First Movers Coalition.
“The alliance becomes part of our comprehensive nature and climate action agenda in India which includes collaborative initiatives such as Trillion Trees, Moving India for rapid electric vehicle deployment, clean energy financing, Food Innovation Hubs, Stakeholder Capitalism matrices and Clean Skies for Tomorrow,” said Borge Brende, President, World Economic Forum.
He said that the effects of climate change cannot be overlooked, and it includes changing temperatures and weather patterns.
So, as a result, the global initiative and commitment to combat climate change is a hopeful indication and it is believed that meeting the 1.5 objectives set by the Paris Agreement is definitely doable, the WEF president noted.
“We at Mahindra, have launched a number of major initiatives – Greening ourselves, decarbonising our industry, and Rejuvenating our planet – and believe that we are making strong progress to be Carbon neutral by 2040,” Brende added.
Meanwhile, Anish Shah, Co-Chair, Alliance of CEO Climate Action Leaders India and Managing Director and Chief Executive Officer, Mahindra Group, stated that the WEF’s Alliance of CEO Climate Action Leaders India is a critical, collaborative move in the race to net-zero this decade.
“Every step we take together matters to Mother Earth,” he added, as quoted by ANI.
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