WEF launches Indian CEO's Alliance in boost to PM Modi's 'Panchamrit' pledge for Net Zero carbon emission by 2070

The World Economic Forum on Monday launched Indian CEO's Alliance to supercharge India's climate action and decarbonization efforts which will further aid in realizing Prime Minister Narendra Modi's ambitious five-part 'Panchamrit' pledge.

"The World Economic Forum today launched the India chapter of the Alliance of CEO Climate Action Leaders to supercharge India's climate action and decarbonization efforts," the WEF stated in a media statement.

Part of the World Economic Forum's Climate Action Platform, the Alliance will continue efforts to achieve the vision outlined in the white paper released last year, "Mission 2070: A Green New Deal for a Net Zero India", on India's low-carbon transition by 2070.

It will bring together the government, businesses, and other key stakeholders to achieve the Indian Prime Minister's ambitious five-part 'Panchamrit' pledge, which includes the country's net-zero carbon emission target by 2070.

Last year, in the midst of global brainstorming on climate change, Prime Minister Narendra Modi presented five nectar elements 'Panchamrit'.

The elements include India reaching its non-fossil energy capacity to 500 GW by 2030, meeting 50 per cent of its energy requirements from renewable energy by 2030, reducing the total projected carbon emissions by one billion tonnes from now onwards till 2030, reducing the carbon intensity of its economy by less than 45 per cent by 2030, achieve the target of net zero emission by 2070.

These "Panchamrits" will be an unprecedented contribution of India to climate action.

"As a major global economy, India's role in mitigating climate change is critical and India Inc. must add its full weight to the country's efforts, as well to the global endeavour, against global warming," said Sumant Sinha, Co-Chair, Alliance of CEO Climate Action Leaders India, and Chairman and Chief Executive Officer, ReNew Power.

A collaboration between the management consultancy Kearney and the Indian think-tank Observer Research Foundation, the Alliance will serve as a high-level platform to support business leaders in planning and implementing plans and programmes to achieve climate targets, including net-zero economic growth. It will leverage learnings and experiences from global projects such as the Alliance of CEO Climate Leaders and the First Movers Coalition.

Borge Brende, President, World Economic Forum said, "The Alliance becomes part of our comprehensive nature and climate action agenda in India which includes collaborative initiatives such as Trillion Trees, Moving India for rapid electric vehicle deployment, clean energy financing, Food Innovation Hubs, Stakeholder Capitalism metrices and Clean Skies for Tomorrow."

"The signs of climate change with varying temperature and weather patterns impacting human lives are clearly visible to all of us. Hence, the global initiative and commitment towards climate change, is indeed a positive sign of hope. We believe that it is absolutely possible for us to achieve 1.5 target from the Paris agreement. We at Mahindra, have launched a number of major initiatives - Greening ourselves, decarbonising our industry, and Rejuvenating our planet - and believe that we are making strong progress to be Carbon neutral by 2040. WEF's Alliance of CEO Climate Action Leaders India is a decisive, collaborative step to scale up our efforts this decade in the race to net-zero. Every step we take together, matters to Mother Earth", said Anish Shah, Co-Chair, Alliance of CEO Climate Action Leaders India and Managing Director and Chief Executive Officer, Mahindra Group.

A just transition could generate annual business opportunities worth over USD 10 trillion and create 395 million jobs by 2030 worldwide. India alone could create more than 50 million net new jobs and generate over USD 15 trillion in economic value.

For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Annual Meeting is the focal point for leaders to accelerate the partnerships needed to tackle global challenges and shape a more sustainable and inclusive future.

Convening under the theme "History at a Turning Point: Government Policies and Business Strategies", the Annual Meeting 2022 and its 200 sessions bring together global leaders from business, government, and civil society.

(ANI)

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