CEOs’ Strategies for Implementing Eco-Friendly Solutions During Economic Instability

In the previous month, the Delhi Declaration of G20 made significant efforts to promote renewable energy and cleantech alternatives. In addition to reconfirming their commitment to the Paris Agreement’s objective of achieving net zero global emissions by the middle of the century, they also set targets to triple the implementation of renewable and low-emission technology by 2030.

The initial financial commitment by Indian companies to achieve these goals will carry significant green rewards in the short term. For example, green buildings are said to cost up to 32% more to design and install, and these costs are passed on to commercial tenants. Likewise, the initial cost of owning an electric vehicle (EV) compared to a gasoline-powered car can be 100%.

How can business leaders begin implementing green changes to improve their operations? How can they use cleantech to reduce their carbon footprint? And how can they do both in times of uncertainty?

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A decarbonisation roadmap is key

Agreements like the Delhi Declaration and upcoming summits like COP28 are already encouraging companies to make green changes in their operations.

Despite this, business leaders on the path to net zero need to set emission reduction targets that are consistent with government regulations and their own budget constraints. Companies should strive to incorporate sustainable behavior into their operations, which means they can become agile to government regulations and free from penalties.

Using carbon accounting platforms like Plan A can provide companies with a data-driven path to zero. Carbon accounting software like this measures your current footprint, provides science-based targets for reaching your goals, and a strategy for achieving them.

As information to consider, companies that actively manage their carbon emissions increase their ROI by 67% compared to companies that refuse to disclose emissions.

Limiting litter and waste should be low-hanging fruit

A growing challenge for India’s economic growth and urban development, for example, is the increase in the amount of waste generated due to increased consumption. According to a report by The Energy and Resources Institute, India generates more than 62 million tonnes (MT) of waste annually. Only 43 MT is collected, while 31 MT is left in landfills.

Organizations like Let’s Do it India empower businesses to take immediate action to reduce waste at no cost. In the annual World Cleanup Day event, participating companies and civilians work alongside the organization to clean up more than 60,000 tons of waste in India alone.

Let’s do it, Digital Cleanup Day is also organized in India, the purpose of which is to raise awareness about the amount of pollution caused by digital garbage. By keeping cameras away from meetings and reducing the number of e-mails sent daily, companies can reduce an employee’s CO2 emissions by thousands of kilograms per year at no additional cost.

Cooperation leads to progress

Green alliances between companies and environmental groups promote both cooperation and benefits.

For environmental groups, these actions can be funding catalysts, speed up R&D innovations and at the same time improve emissions. For companies, it is a way to stand out from competitors, shape customer preferences and improve supplier practices.

For example, Indian restaurant startup Oyo Rooms partnered with the Clean the World Foundation, a non-profit organization that recycles used sanitary products from hotels. By donating discarded soaps and hygiene products, the foundation could then reprocess and distribute the hygiene products to communities in need. Such initiatives save resources used for waste management and monitor their environmental effects in real time.

Additionally, conferences can be a great way to network and collaborate. Both Plan A and Let’s do it India are sending a senior delegation to attend the Horasis Global Meeting, a global think tank dedicated to innovation and development in sustainable emerging markets.

Author: Fraser Gillies