India is the second most populous country in the world with 1.38 billion people, two-thirds of whom live in poverty. Like many developing nations with climate goals, it faces the challenge of accelerating economic growth to eliminate poverty, but to achieve it without adverse environmental impact.
Energy security, in particular, is a top priority for the coal-rich country which is one of the world’s fastest growing economies and the third largest emitter of greenhouse gases. India has committed to a net zero target by 2070 and is increasing its wind and solar capacity, but it still relies on coal for 70 per cent of its electricity generation. How can the country balance climate action with its urgent development needs?
Public sector initiatives are making strides, with the private sector being made more accountable with moves by the government to make it mandatory for the top 1,000 listed companies in India to issue a sustainability report. It is also the only country to mandate that businesses with annual revenues of more than 10 billion rupees must give away 2 per cent of their net profit to CSR projects.
What else needs to change to tackle India’s sustainable development challenges and to attract finance for its energy transition? In this panel, Eco-Business India will bring together experts across public, private and civic society sectors to discuss ways that India can make the successful transition to a low carbon economy.