Decades of indiscriminate harnessing of mineral resources, extensive use of coal and fossil fuel for energy and exponential growth in use of private transport have had a devastating impact on global climate. With no nation immune from the adverse climatic events, the catastrophic effects of these changes are now being felt here in India too, as seen in the recent incidents of unprecedented flooding in Kerala and the devastating landslides in Uttarakhand.
Failure to innovate or invest in sustainable technologies during the centuries spent under colonial rulers, who exploited the resources for their own development, caused India to lag, for decades, in efforts to combat the climate change. The economic liberalisation in the 1990s, however, pushed the momentum of progress in the IT and technology space, enabling the country to garner enough understanding on the need to gradually move energy generation from fossil fuel to renewable sources, frame stricter rules for industry to comply with environment norms, and protect biodiversity as well as forest cover.
Empowered by these developments, the India of today, we believe, can still reverse the course of the tide and successfully limit the damage caused by the increasing greenhouse gas emission, which is currently contributing to 6.8 per cent of the total global emissions, as per a study. Among the G20 nations, India has one of the most ambitious targets for reduction in GHGs, with Prime Minister Narendra Modi, in his recent address to the UN General Assembly, reiterating the country’s ambition to install 450 gigawatts (GW) of Renewable Energy (RE) by 2030. Today, India is moving very fast towards this target, and we are also in the campaign to make India the world’s largest Green Hydrogen Hub.
Shared responsibility key to climate justice: The problem clearly lies not with policy commitment but with lack of a coordinated global effort to action upon it. The need of the hour is responsive multinational approach and climate justice, in which all countries accept their fair share of responsibility and play their respective roles in the implementation of global policy frameworks like the Paris Agreement. Developed countries have to take the lead in sustainable financing, clean technology transfer and partnership, and in supporting emerging economies in ramping up their carbon neutral journey.
There really can be no climate justice without equality. And there can be no survival for humanity without climate justice. The fact is that the Western world has more advanced technology, more resources, and we, as an emerging economy, have a ready market for financial investment and technology implementation. The Paris Agreement also discusses technological development and transfer for achieving the goals of the Agreement. India must advocate more global collaboration in R&D with regards to climate change adaptation and mitigation, particularly in the area of affordable clean technologies.
From setting ambitious targets to achieving business sustainability, we have established a stronger governance structure for the realisation of these goals
Cost-effective renewable energy need of the hour: Promotion of green investment at the local level is another area requiring urgent and targeted intervention by the authorities. For India Inc. to move to Net Zero, there is a need to formulate a favourable comprehensive policy that lays out a clear roadmap to low carbon transition and eventual decarbonization of all the industry sectors. Lack of cost-effective firm RE options is a matter of serious concern and is the need of the hour. Given the renewed focus on green energy from all fronts, we remain hopeful that by 2035, at least 30 per cent of India Inc. will have moved to renewable power consumption.
Yes, we mean business! We, at HZL, have already embarked on several significant goals and action plans to steer our net zero journey and mitigate the catastrophic effects of climate change. As a COP26 Business Leader, the company has always been actively working towards tackling the repercussions of climate change. From setting ambitious targets to achieving business sustainability, we have established a stronger governance structure for the realisation of these goals. We have committed ourselves to the long-term target to reach Net Zero emission by 2050, in line with the Business Ambition for 1.5 degrees Celsius campaign led by the Science-Based Targets initiative (SBTi) in partnership with the UN Global Compact and the ‘We Mean Business’ coalition.
In the near-term, our 2025 targets include reducing our GHG emissions, passing on our sustainability standards to our suppliers, reducing our dependency on freshwater, moving towards zero waste to landfill, among others. We aim to achieve 0.5 mn tCO2e GHG emission savings in our operations from the base year 2017, as part of our climate risk mitigation efforts.
Our climate change risk assessment is aligned with TCFD guidelines, and we strive to continuously expand our renewable power of 274 MW and 40 MW of solar under our greenhouse gases reduction goals by converting 50 per cent of total power to renewable power in the next 5 years. We are also working towards developing alternative source of fresh water and achieving our sustainability goal of becoming 5 times water positive company by 2025. We are also working with reputed institutes on Zinc Air battery and its utilisation to contribute to decarbonisation.
We are also working towards developing alternative source of fresh water and achieving our sustainability goal of becoming 5 times water positive company by 2025
Technology and digitalisation is the key to strengthening our ESG footprint and creating a net zero future. It is our ambition to convert all our mining equipment to battery-operated Electric Vehicles (EVs) and we plan to invest $1 billion over the next five years to turn our mining operations environment-friendly, by inducting electric and battery-operated equipment against that going for replacement.
We have recently signed a Memorandum of Understanding with Finland’s Normet Group Oy to introduce battery-powered service equipment and utility vehicles in underground mining. This follows another agreement, signed earlier in FY21, with Epiroc Rock Drills AB to bring in a frontline fleet of Battery Electric Vehicles (BEVs) in our underground mines.
These are, of course, small beginnings and we, at HZL and at the national level, still have a long way to go. What is needed is a collective will and a cohesive plan of action for corporates and nations to work together to co-create a better, safer and greener future for all. The time to act is now; tomorrow will be too late!