India outpaces the global average in setting, reducing carbon emission targets

In a global survey, India came in third place, behind only China and Brazil, for reporting, goal setting, and carbon emission reduction. The survey was carried out by the Boston Consulting Group (BCG) and sustainability management platform CO2 AI. Even with this success, the world is still moving slowly. In contrast to the global average of 9%, the report titled "Boosting Your Bottom Line Through Decarbonization" found that 12% of Indian enterprises report their emissions. Furthermore, compared to the global average of 16%, 24% of Indian corporations have established carbon reduction targets. Aiming to keep global temperature increases to 1.5°C over pre-industrial levels, 15% of Indian businesses are actively lowering their emissions, compared to 11% worldwide. 1,864 CEOs from 26 countries and 16 main industries participated in the poll, which encompassed businesses with yearly revenues ranging from US$ 100 million to over US$ 20 billion, or roughly 45% of the world's greenhouse gas emissions. In its fourth year, the poll also emphasizes the financial advantages of decarbonization initiatives. At least 25% of businesses claimed to have benefited from decarbonization at a rate higher than 7% of sales annually, or an average net benefit of US$ 200 million. Lower operating costs, increased productivity, decreased waste, simplified materials and processes, and the use of renewable energy are the main factors causing these improvements. According to the study, businesses that use AI to reduce emissions have a 4.5-fold higher chance of success, underscoring the technology's revolutionary potential. Hubertus Meinecke, the global head for climate and sustainability at BCG, pointed out that many businesses find "significant rewards" from decarbonization, such as increased revenue and improved reputations. CO2 AI's CEO, the window of opportunity to keep global warming to 1.5°C is fast closing.