Each year brings us new lessons, leaves behind the old ones, and ushers in new tasks for the coming year. 2024 has been marked as a key year, with extreme weather patterns—above-average to extreme rains, floods, droughts, heatwaves, etc. This year will be remembered as a pivotal one where more companies and individuals were inclined toward eco-friendly ways. New visions, and of course, an irrevocable warmer world by 1.5 degrees Celsius.
A year for sustainability, with nations, businesses, and communities striving for greener practices amid escalating climate challenges. Key global summits emphasized net-zero targets, renewable energy investments surged, and biodiversity restoration gained traction. However, the year also exposed critical gaps, including slow adoption of circular economies and underfunded climate adaptation projects in vulnerable regions.
India emerged as a significant player, advancing solar and wind projects while grappling with urban waste management and water scarcity. The push for sustainable startups grew, but regulatory and funding challenges persisted. Consumer demand for eco-friendly products surged, driving innovation in green technologies.
ResponsibleUs gathered positive and progressive insights during interviews with startups, NBFCs, renewable energy companies, waste management organisations, hospitality leaders, and many others, which shaped the contours of India’s journey toward achieving net-zero by 2070 – a vision of Prime Minister Narendra Modi.
The PM also announced to raise India’s non-fossil energy capacity to 500 GW by the year 2030. Source 50 per cent of the entire energy demand through renewables. Reduced by 1 billion tonnes of projected emissions until 2030. Carbon intensity reduction by 45 per cent over the levels of 2005 by 2030.
Enlog, a deep-tech startup specialising in electricity management through its IoT device stack and AI-powered software, has developed an AI-powered energy management system, Smi-Fi, to optimize electricity consumption for homes and businesses. Bharath Rnkawat, CEO & Co-founder of Enlog, stated, “Each unit of electricity used emits 950 grams of carbon emissions. Last year, we managed 11,300 megawatt-hours (MWh) of electricity, saving approximately 2,500 MWh and reducing around 2,000 tons of carbon emissions.”
During the interview, he shared that the target is to reduce carbon emissions by 1 million tonnes by 2027. “We are hopeful of achieving this as we deploy more devices in the market,” he added.
While Enlog is all set to achieve its aim, Vivek Tripathi, CEO of Olive Gaea, developed a Sustainability-as-a-Service (SaaS) platform called Zero by Olive. This platform automates and streamlines the entire process. Tasks that would traditionally take months with consulting or other manual methods are completed in a matter of weeks. “This technological leverage is the key advantage we provide, ensuring efficiency and precision in achieving sustainability goals. Our platform initially focused solely on greenhouse gas emissions, specifically carbon emissions. However, as we worked with organisations, we realised that they require a more comprehensive approach. Beyond opportunities for implementation, they also need final deliverables like detailed reporting. To address this, we developed a module within the platform that generates reports aligned with various global frameworks such as Business Responsibility and Sustainability Reporting, Carbon Disclosure Project, Task Force on Climate-related Financial Disclosures, and Global Reporting Initiative. This ensures that organizations have both actionable insights and compliance-ready documentation,” added Tripathi.
He also explained how BFSI’s contribution is not in direct emissions but in the financial support they provide to other sectors. “Financial institutions play a critical role in deciding where capital is allocated. Traditionally, investments were guided by maximizing ROI without considering environmental impacts. Today, we encourage banks to evaluate the carbon footprint of their investments. For example, funding a solar power project instead of a coal-based one, even if the ROI is slightly lower, aligns with global climate goals. By shifting their focus, BFSI institutions can drive significant change in reducing emissions across industries.”
In this context, ResponsibleUs spoke to Smitha Jain Arora, Head – Sustainability and Impact at Vivriti Capital, who explained how they plan to use the $25 million debt facility raised from the Asian Development Bank (ADB). According to the company, this is its first green bond and also ADB’s first bond with an NBFC. The non-banking financial company (NBFC) provides debt financing to mid-market enterprises and underserved sectors in India. The funds will support renewable energy and electric vehicle (EV) projects, helping India reduce its carbon emissions. “It’s a bond with a tenure of four years, focusing on green sectors, namely solar, EV (clean transportation), and waste management. To provide more detail, almost 50% of the funds will go towards clean transportation, which includes not just batteries and vehicles but also dedicated infrastructure like charging stations for both private and public transport,” said Smitha Jain Arora.
Vivriti Capital assesses borrowers on ESG risk parameters before lending debt. For this, both credit and ESG teams work together to evaluate clients. If a borrower passes the ESG committee’s review, the proposal moves to the credit committee for approval.
“We don’t do this for the entire portfolio but focus on sectors like renewable energy and waste management, where ESG is a critical decision-making factor. If a project doesn’t meet ESG criteria, it won’t qualify as green, and we won’t proceed. Our goal is to build a circle of sustainable champions, fostering collective growth in the industry while adhering to strict protocols to make a real impact,” Arora added.
Not only are corporates paying attention to details, but the hospitality sector is also adopting the best sustainable practices within their premises and the products they use.
It is evaluated that hospitality is one of the most polluting industries. It pollutes in terms of energy consumption, greenhouse gas emissions, and carbon footprints. There is the issue of food waste and all other kinds of garbage like plastic. For example, we generate a lot of plastic waste and similar materials. Indeed, it’s a life-based industry impacting generating pollution at an enormous rate; keeping quiet about it further, it’s going to have terrible repercussions in the future.
The hotel is taking a giant step towards designing its future environment into something that would speak for itself as far as what the hospitality industry is doing today in terms of addressing today’s environmental concerns. Under the able management of the General Manager, Anirban Sarkar, the hotel is now actively engaging in such projects to help create its ecological footprint even smaller than it was yesterday. It is also intended to improve operational efficiency and the awareness of customers and employees alike on issues regarding sustainable development. These efforts reflect a vision-to develop a greener, more responsible hospitality industry.
This is how the industry has joined hands and is making it possible to achieve net-zero.