Modern industries must balance shareholder interests with broader stakeholder responsibilities, Union Minister of Environment, Forest and Climate Change, Bhupender Yadav emphasised at FICCI's 97th Annual General Meeting. The minister emphasized that establishing industries should prioritize not only shareholders but also stakeholders, aligning with a broader social contract that integrates responsibilities like addressing climate change, optimizing energy usage, and promoting sustainable consumption practices.
The Minister added that the government has implemented stringent measures to combat air pollution in the Delhi-NCR region, particularly during challenging November climate conditions. Yadav detailed the successful transition of industrial units to cleaner fuels, with 7,442 out of 7,759 units in Delhi switching to cleaner alternatives.
Similar progress has been recorded in surrounding NCR areas, with Haryana converting 2,954 out of 3,141 units, Uttar Pradesh transitioning 2,183 out of 2,273 units, and Rajasthan modifying 482 out of 522 units. The minister also highlighted the implementation of BS-VI fuel standards and the promotion of sustainable alternatives towards affordable transportation (SATAT) to reduce vehicular pollution.
The minister noted that the government's Green Credit Initiative has shown remarkable progress in its first 100-day pilot programme. The minister revealed that 22 public sector units have successfully utilised the Green Credit Programme (GCP) portal, covering approximately 47,937 hectares of land. Minister Yadav expressed his desire for greater industry participation in the future. The initiative, part of Modi 3.0 government's environmental agenda, aims to increase India's green cover to 33% through a market-based mechanism.
In a major push towards cleaner industrial practices, the Environment Ministry has established regulatory frameworks for ten waste categories under the circular economy initiative. These include lithium-ion batteries, e-waste, hazardous industrial waste, scrap metal, tyres and rubber, end-of-life vehicles, gypsum, used oil, municipal solid waste, and solar panels. "The circular economy will play a crucial role in achieving future sustainability," Yadav said, emphasising the need for mindful resource utilisation.
On occasion, FICCI President Dr Anish Shah highlighted India's ambitious target of achieving 50% renewable energy by 2030, noting that the nation is already making remarkable progress. "Renewable energy in India is produced at 40% of the cost of fossil fuel energy, and that's helping rapidly transform our energy landscape," Shah said.
The FICCI president emphasised that India's leadership in climate action comes at a crucial time, as the world grapples with increasingly devastating climate events, including floods, tsunamis, and extreme heat waves. He praised the Environment Ministry's collaborative approach with industry stakeholders and underscored FICCI's commitment to sustainability as a core pillar of its agenda.
Besides, Harsha Vardhan Agarwal, President-Elect, FICCI, noted that sustainability, biodiversity, and the transition to net zero underscore the urgent need for bold collective action. “Indian businesses stand ready to rise to this challenge, guided by the government's framework, they are investing in green technologies and committing to low-carbon inclusive development,” he added.
