At FICCI’s 97th Annual General Meeting, Union Minister for Environment, Forest, and Climate Change, Bhupender Yadav, stressed the importance of industries aligning shareholder interests with broader stakeholder responsibilities. “When establishing any industry, our primary commitment is not just to shareholders but to stakeholders through our social contract,” he stated, emphasizing that corporate responsibility extends beyond profits to include addressing climate change, energy use, and consumption patterns as critical facets of social accountability.
Highlighting efforts to combat air pollution, particularly in the Delhi-NCR region, Yadav detailed significant progress in transitioning industrial units to cleaner fuels. In Delhi, 7,442 out of 7,759 units have switched to cleaner alternatives, with similar success in neighboring NCR states: Haryana (2,954 out of 3,141), Uttar Pradesh (2,183 out of 2,273), and Rajasthan (482 out of 522). Additional measures include the rollout of BS-VI fuel standards and the promotion of sustainable alternatives towards affordable transportation (SATAT) to curb vehicular emissions.
The Minister also highlighted the early success of the Green Credit Initiative. In its first 100-day pilot phase, the programme saw 22 public sector units use the Green Credit Programme (GCP) portal, covering approximately 47,937 hectares of land. Yadav encouraged greater industry participation in this market-driven initiative, a cornerstone of the Modi 3.0 government’s environmental strategy, which aims to expand India’s green cover to 33%.
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, Mr 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.
