How CEOs can successfully deploy green solutions in uncertain economic times

Agreements like Delhi Declaration and future summits like COP28 are already pushing companies towards making green changes to their operations.

Company leaders on the path towards net zero need to set targets to reduce emissions that align with government rules and their own budget constraints. (Pexels)

Last month, we saw the Delhi Declaration of G20 push hard for renewable energy and cleantech alternatives. As well as reaffirming the Paris Agreement to achieve net zero global emissions by mid-century, they also made goals to triple the deployment of renewable and low-emission technology by 2030.

For Indian businesses, the initial financial commitment to meet these goals comes with significant green premiums in the short-term. Green buildings for instance, are said to cost up to 32% more to design and fit, with these costs rolling over to business tenants. Likewise, the initial cost of owning an electric vehicle (EV) versus a petrol-powered car can have a 100% markup.

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

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Having a roadmap to decarbonisation is key

Agreements like Delhi Declaration and future summits like COP28 are already pushing companies towards making green changes to their operations.

That said, company leaders on the path towards net zero need to set targets to reduce emissions that align with government rules and their own budget constraints. Companies should look to embed sustainable behavior into their operations, meaning they can become agile to government regulations and clear of penalties.

Using carbon accounting platforms such as Plan A can provide a data-driven path for businesses towards net zero. Carbon accounting software like these measure your current footprint, provide science-based targets for you to reach your goals and the strategy to get there.

As a data point to consider, companies that actively manage their carbon emissions see a 67% increase in ROI compared to companies that refuse to disclose emissions.

Limiting litter and waste should be low-hanging fruit

An increasing challenge for India's economic growth and urban development, for instance, is the rising amount of waste created with increased consumption. According to a report by The Energy and Resources Institute, India generates over 62 million tons (MT) of waste in a year. Only 43 MT gets collected, while 31 MT remains discarded in wasteyards.

Organizations such as Let's do it India enable companies to take immediate action to reduce litter without expense. At its annual World Cleanup Day, participating companies and civilians work beside the organization to clean up over 60,000 tonnes of waste in India alone.

Let's do it India also hosts a Digital Cleanup Day to raise awareness around the amount of pollution caused by digital trash. By keeping cameras off in meetings and reducing the number of emails sent daily, companies can reduce an employee's CO2 emission by thousands of kilograms each year, at no extra cost.

Collaboration leads to progression

Green alliances between businesses and environmental groups foster both collective action and benefit.

For environmental groups, these activities can be catalysts for funding, spur R&D innovation while making incremental improvements to emissions. For companies, it's a way to separate themselves from rivals, shape customer preferences and improve supplier practices.

Indian hospitality startup Oyo Rooms, for example, partnered with the Clean the World Foundation, a non-profit that recycles used sanitary products from hotels. By donating discarded soaps and toiletries, the Foundation could then reprocess and distribute hygiene products to communities in need. Initiatives like these save resources spent on waste management, and track their environmental impact in real time.

In addition, conferences can be a great way to network and collaborate. Both Plan A and Let's do it India will send a senior delegation to attend the Horasis Global Meeting, for instance, a global think-tank which is dedicated to the innovation and development of sustainable emerging markets.

By Fraser Gillies