Indian businesses face challenges in meeting net-zero carbon emissions: Study
Businesses in India continue to face significant challenges in their journey towards meeting net-zero carbon emission targets, said a study by Forrester Consulting on behalf of Amazon and The Climate Pledge.
"While over 2 in 3 businesses in India identify collaboration as critical to clearing these roadblocks and achieving their net-zero carbon goals, 63% say the lack of access to peer networks and cross-sector communities is a top challenge impeding climate collaboration. This is followed by the lack of access to best practices and learning platforms, lack of awareness or knowledge of partner organizations or initiatives, and lack of a dedicated budget to support the development of decarbonizing technologies and services," the study said.
"Through deeper collaboration, businesses in India aim to realize benefits including improving sustainability analyst ratings or investor ESG assessments, influencing greener policy outcomes in key markets, and increasing the company's presence among partner organizations and peers," the study added.
"We can't do it alone. Through The Climate Pledge, we hope more organizations in India will come forth and take joint action on projects that drive innovation, technology advancements and policy change to solve the challenges of decarbonization." According to the study, about a third of businesses in India shared that engaging with ecosystem partners on a strategic level is part of their company's approach to environmental sustainability going forward.
"Of these partnerships, businesses in India prioritize collaborations with technological partners to engage more deeply in strategic transformation projects, corporate alliances to participate in more industry-wide activities, and external partnerships to advance specific sustainability-related initiatives. Across APAC, early adopters of collaboration were more likely to already have reaped benefits around surpassing regulatory demands, and are less predisposed to challenges tied to the lack of a shared resource pool as compared to laggards," the study said.