Net-zero emission commitment taken by leading Indian industries
Mahindra initiates the business charter ‘Value-chain approach to decarbonising the building and construction sector in India’
The 26th Conference of Parties (COP26) at Glasgow UK in November 2021 saw India’s Prime Minister Narendra Modi commit to achieving net-zero emissions by 2070. He highlighted the country’s proactive stand in the fight against climate change, which was a clear message to defaulting emitters. India contributes to approximately 25% of Greenhouse Gas (GHG) emissions, and it will be the action of the private sector that will play a critical role in attaining the target of net-zero.
In this regard, the business charter ‘Value-chain Approach to Decarbonising the Building and Construction Sector in India’ was launched on 10th February 2022 in Mumbai, by Indian companies. It was endorsed by Anand G Mahindra, Executive Chairman, Mahindra Group via a video message. The charter has also received support from Bloomberg Philanthropies and has been voluntarily adopted by 16 signatories that include prominent industry leaders such as Mahindra Lifespaces Developers Ltd., JSW Steel and Lodha Group.
India’s urban population is expected to grow to 90 million in 2030, owing to urban migration, expanding middle class and policy push for public housing. India’s building and construction sectors are primary GHG emitters, and India is also going to become the third-largest construction market in the world by 2025.
The Business Charter identified the following priority action areas:
- Adopting science-based emission reduction targets and climate-responsive design strategies
- Mainstreaming climate-aligned building codes and standards as well as low-carbon material
- Improving operational efficiency and enabling the low-carbon pathway through policy support
In his video message, Anand Mahindra said: “Businesses that judiciously plan their green portfolio, businesses that are on the path to providing alternatives, businesses whose products and services embody and encourage environmental and social responsibility, businesses that have built new models of sustainability are the businesses that will sustain, and indeed thrive, in the future. I call upon the Indian industry, its CEOs, and all real estate businesses and stakeholders to join forces to raise our ambition. Let us accelerate the necessary business transformation to put the Indian building and construction sector on a net-zero pathway.”
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