By Rameesh Kailasam & Dhiraj Gyani
The United Nations emphasises that the climate crisis is a race we can win. However, the crucial question remains: Who bears the responsibility for mitigating? Is it solely the burden of governments engaged in discussions and negotiations at COP events, or should businesses also step up? The answer is that the responsibility rests upon all of us. As citizens, civil society, clean energy producers, financiers, and corporate entities, we must unite in our collective endeavour to combat climate change. While governments continue their efforts, incorporating a start-up angle into the conversation brings fresh perspectives and innovative solutions to the forefront.
The first critical aspect centres on fostering a global acknowledgement of the climate crisis. The catalyst for transformative change lies in the recognition of this crisis by individuals who possess the means to make a difference. Organisations like Accelerate Indian Philanthropy (AIP) are actively working to transform the landscape of strategic giving in India, recognising the significant role philanthropy can play in shaping climate priorities. Collaborative efforts between ultra-high net worth individuals (UHNIs), governments, NGOs, and climate activists can initiate impactful change through strategic philanthropy and conscious actions.
Governments play a crucial role in creating an enabling environment for climate action. Acknowledging the efforts of governments committed to climate change mitigation and adaptation is vital. However, more significant action and collaboration are needed. Governments must enhance policy frameworks, provide incentives for sustainable practices, and invest in research and development to support climate-smart startups. Additionally, governments should strengthen international cooperation, sharing best practices and knowledge to address climate challenges collectively.
The second critical aspect of tackling climate change lies in the positive actions taken by large corporations. These entities possess the resources, influence, and innovative ideas to make a significant difference. We should look at large Indian companies such as ITC, which has already implemented comprehensive sustainability programs, thereby demonstrating a commitment to environmental stewardship. We need more initiatives similar to ITC’s Climate Smart Agriculture. It has already benefitted 7 lakh farmers spanning 2 million acres in 17 states and has been able to reduce GHG emissions of select crops by up to 66%. These efforts have made their operations sustainable and made them the only company of comparable dimensions in the world to be carbon positive for 17 years, water positive for 20 years and solid waste recycling-positive for 15 years. Their afforestation programs have greened over 10 lakh acres and biodiversity programs restored over 2.35 lakh acres.
It is interesting to note that they also achieved plastic neutrality in 2021-22 through effective waste management and have collected and sustainably managed over 54,000 tons of plastic waste across 35 states and Union Territories. The company’s waste recycling program, ‘WOW—Well Being Out of Waste,’ not only promotes a clean and green environment but also supports the livelihoods of waste collectors. The company has also set an ambitious target of making 100% of its packaging reusable, recyclable, compostable, or biodegradable by 2028.
The third critical aspect of climate change mitigation lies in the financing of innovative solutions. Climate finance has become indispensable in the battle against climate change, extending beyond traditional renewable energy projects to encompass diverse business models and technologies.
In addressing climate change, it is essential to recognise the growing significance of emerging startups in the sustainability space, which are at the forefront of developing climate-smart technologies across sectors such as clean energy, energy efficiency, and sustainable agriculture. Startups, such as those supported by Caspian Debt, are paving the way for climate-smart innovations; Caspian Debt has already funded over 60 early and growth-stage startups. However, increased funding opportunities are crucial to drive further innovation in this field.
The global community is actively addressing various pressing climate challenges to secure a sustainable future. The urgency to transition to clean energy sources, reduce greenhouse gas emissions, and adapt to changing climate patterns has gained significant traction worldwide. Several countries have set ambitious renewable energy targets and are investing in large-scale renewable projects, such as solar and wind farms. Additionally, the expansion of electric vehicle infrastructure, the promotion of sustainable agriculture practices, and the adoption of circular economy principles are key focus areas. Collaborative international efforts like the Paris Agreement aim to create a unified approach to tackle climate change.
Mitigating climate change is a race humanity must win. A serious commitment from all stakeholders is required: individual action, the sustainability focus of large corporations, and the support and growth of climate-smart startups. By embracing the start-up revolution and encouraging innovative solutions, we inject fresh ideas, disruptive technologies, and entrepreneurial spirit into the fight against climate change. This collective responsibility will undoubtedly lead us towards a more sustainable future. As we navigate this slow and arduous journey, we must remain resolute in our determination to address this urgent responsibility head-on.
The authors are respectively, CEO, and senior director-policy & operations, IndiaTech.org