As India's growth accelerates, its influence on the climate, and the impact it feels, boosts. The country is experiencing extreme weather conditions ranging from heat waves to erratic monsoons. Heat waves can burden health, emergency, and transportation services. They contribute to increasing emissions and place a strain on essential resources such as water and energy. In June 2022, India’s power demand soared to a record higher of more than 210,000 megawatts, which is largely contributed to heat waves across the country and contributing to emissions.

Businesses, governments, and citizens need to collaborate to find solutions to confront the climate crisis with active leadership and action. Governments and multilateral institutions can mandate changes in behaviours by setting targets and creating a framework so that they ensure resources are used efficiently and sustainably.

Businesses in India play a critical role in driving sustainable practices and aligning their actions and innovation to the UN Sustainable Development Goals (SDGs). This sets an example for corporations in other countries to follow suit. Pushing the boundaries of what is achievable for a sustainable future will require businesses and governments to take some risks to avoid an even greater danger that climate change poses to the people and the planet. The UN SDGs can only be achieved if the government, the private sector, and individual citizens all work together.

The Lifestyle for the Environment (LiFE) Movement, announced at the 26th United Nations Climate Change Conference of the Parties COP-26 set a great example. The program promotes an environment-friendly lifestyle focused on inviting individuals, universities, think tanks, and non-profit organisations from worldwide to submit measurable and scalable behaviour change solutions that can drive climate-friendly behaviours among individuals, communities and organisations.

Prime Minister of India, Narendra Modi addressed recently at the 48th G7 summit, 2022. He told how independent India is the fastest-growing big economy in the world as 17 per cent of the world’s population resides in India. But India’s contribution to global carbon emissions is only five per cent. India is taking a lead in pro-climate measures and is keeping technology at the core of its clean energy movement.

More companies that have traditionally contributed to carbon emissions are actively working towards reducing their carbon footprint, as well as developing sustainable technologies that will help customers reduce their environmental impact. Some examples include electrification and high-efficiency solutions for heating, ventilation, and air conditioning (HVAC) and the cold chain. Transportation systems that replace fossil fuel with renewable energy, electric, solar or hydrogen power, recycling, and carbon harvesting technologies are several additional examples that can be impactful. Although without collaboration between companies, government, and citizens, the situation can reach where the impacts of climate change can be irreversible, and it will no longer be possible to stabilise the rise of global temperatures.

Talking about solutions

Business leaders have two roles in this extraordinary moment. The first is to move as fast as possible to reduce greenhouse gas emissions from their operations. It’s increasingly clear that many firms can cut their emissions by as much as 50 per cent relatively, quickly and see a strong return on capital.

The second is to support effective climate regulation. Decarbonising the world’s economy requires rebuilding not only the entire electric power industry, but also transportation, infrastructure, construction, and agriculture. Action by individual firms can take a long way, but prior action to solve the problem will be to build real partnerships between the public and private sectors. It will ensure that everyone has the skills and the incentive to reduce their emissions. Climate change threatens the health of the entire economy. Businesses can lead the way by insisting that politicians act now to ensure the future.

It is more important than ever that business leaders understand the urgent need for action and include climate goals in their strategies. The Companies Act 2013, introduced one of the first Environmental and Social Governance (ESG) disclosure requirements for companies. Now, it is common for companies to have ESG goals, and reports to obtain a social license. Teams dedicated to ESG should play a role in the formulation of policies, the implementation of strategies, and financing programs that help solve social equity and climate change.

Delivering on those climate change commitments is going to depend on businesses the government and citizens working closely together. Businesses need a framework that supports investment, and government need entrepreneurs who can turn ambition into action. Citizen needs to demand it from all. Working more closely, together the country can deliver a bright future and unlock new opportunities.

About the author

Kishor Patil is the Country Head for India of Trane Technologies Ltd, a North Carolina-based industrial machinery manufacturing company. He is also Responsible of HVAC & Transport Sales & Services in India & SAARC Region for Trane.