30 August 2023, New Delhi - In an , several Indian businesses and companies operating in India have urged governments to adopt credible targets and consistent policies for clean energy, electric vehicles, rapid decarbonisation of hard-to-abate sectors and climate finance into their national roadmaps to enable a 1.5°C-aligned, just, clean energy transition.
Companies which have endorsed the letter include Chalet Hotels, Infosys, Ultratech, JSW Group, Zomato, Citylink, Godrej and Boyce, Tech Mahindra, Godrej Industries, Wipro, ReNew, Sun Renewables, Heineken and IKEA India. The letter has been co-ordinated by and the .
As G20 leaders gather in New Delhi next week, the businesses highlight the urgent need for global cooperation to combat escalating climate impacts. While the businesses have already started investing in the transition to net zero, government action and long-term policy clarity is needed for the companies and those around the world to confidently go “all-in on climate action”.
Divya Sharma, Executive Director of India at Climate Group, said: “As the impacts of climate change are increasingly being felt, it’s encouraging to see some of the world’s biggest businesses calling on the G20 leaders to ensure that this G20 truly becomes a turning point for climate action.”
This call to action by global and Indian businesses includes multiple asks covering a gamut of policy strategies that can help countries address major climate change conundrums, including those faced by developing countries on balancing economic growth with climate ambitions. There is explicit mention for a people-centered, equitable and responsible clean energy transition.
In particular, the letter sets out some recommendations for governments to adopt, including phasing out unabated fossil fuels in line with 1.5°C targets, decarbonisation of the power grid by 2035 in advanced economies and 2040 in emerging countries, and adopting a clear roadmap for hard-to-abate sectors such as steel and concrete. They also call for ambitious commitments to accelerate the deployment of electric vehicles in all vehicle segments, and an urgent and equitable access to climate finance for the Global South. On carbon, they have asked for clear pricing signals, and reforming and repurposing all fossil fuel subsidies by 2025.
Jayant Acharya, JMD and CEO of JSW Steel, said: “The climate crisis is urgent and the moment to act is now. JSW Steel endorses the call to support a decarbonised global economy with focus on clean energy and just transition. We request that all G20 nations must commit to decarbonisation roadmaps for all industrial sectors, with ambitious goals and targets, and clear policy support to accelerate business action in line with achieving net zero emission as per the Paris agreement and respective ³Ô¹ÏÍøÕ¾ly determined contributions (NDCs).”
With India’s G20 Presidency and the subsequent leadership of Brazil and South Africa, the letter encourages the G20 to orchestrate a transformation that respects the Paris Agreement’s goals and the needs of the Global South. The outcome from the Indian G20 presidency will set the tone for the next UN Climate Conference COP28 in Dubai in November.
Maria Mendiluce, CEO of the We Mean Business Coalition, said: ”Business is looking to the G20 to set the enabling conditions for a 1.5°C-aligned and just clean energy transition globally. Some of the largest businesses in India have reaffirmed their commitment to doing their part by reducing emissions and switching from fossil fuels to clean energy solutions. These companies are calling for greater public-private collaboration and the bold policies, financing and clear timelines that will support a well-managed and decisive transition. With bold business and political leadership, we can scale clean energy and end our reliance on fossil fuels.”
