Maximizing viable policy options to decarbonize its energy system and transitioning from unabated coal power by 2040 are keys for India to reach its ambitious target of net zero emissions by 2070. Industry experts suggest steady measures to tackle the challenges that slow down this transition.

“The current generation has to bear the burden of their previous generations. We are currently in a transition mode. Converting all refineries into bio-based ones is our long term vision and that will be a true circular economy,” said V.V. Surya Rau, Advisor-Manufacturing, Leadership, Reliance Industries.

Rau was speaking along with India's leading chemical industry experts at the session, ‘Embracing Net Zero Transition: Risks and Opportunities’ on the sidelines of the 4th edition of Indian Chemicals Council (ICC) Sustainability Conclave held in New Delhi on November 17-18, 2022.

“At Reliance, as outlined by our Chairman, we are targeting carbon neutrality by 2035. We have wide annual environmental and sustainability action plans, which are monitored and reviewed regularly. We follow holistic Health, Safety and Environmental (HSE) policy at a group level that defines companywide HSE objectives and processes for plant operations to improve operational discipline and HSE performance,” Rau added.

“India has committed to achieve a renewable energy target of 500GW by the year 2030.With a capacity of 101GW, It needs to add 400 GW of RE to meet the goal. We have 8 years to go to reach the rest of the target.  Therefore, it is important that at least 50% energy requirements are met from renewable sources. Apart from that, reducing total projected carbon emissions by 1 billion tonnes and reducing the carbon intensity of the economy to less than 45%,” said Vinod Paremal, Chairman, ICC Western Region, President & MD, Evonik India while sharing his thoughts on net zero as an enabler for suitable change.

“In terms of opportunities, green tax will open up the market. Seeing emission reduction as a cost wouldn’t be prudent. Rather we must see it as an investment for the future,” added Paremal.

Jigar Deliwala. Head Sustainability. Gujarat Fluorochemicals Limited (GFL) believes that the pathway to net zero is full of challenges.

“We must remember that achieving net zero has its limitations. Creating a zero discharge repeat is important and it should be comparable. Climate change action failures are mostly due to physical risks as the changes in the risk profile are different. In the long run, globally, the chemical industry will have to operate within stringent environmental parameters to drastically reduce emission. At GFL, we strive to integrate the environmental, social, and economic dimensions of sustainability into our core business strategy. For us, sustainability goes much beyond economic, legal or regulatory purposes. It is a way through which we create enduring value for our customers, stakeholders and society at large," said Deliwala.

“Net quantity of plastic waste will increase by 70% in the next 3 years whereas the current pace of recycling is too slow. Interestingly, the demand for regulated plastic will exceed supply. In such a scenario, there has to be a realistic approach including amicable regulation and policies. At the same time, achieving a circular economy is not necessarily aligned with net zero goal. Use of fossil based fuels can be only decreased with coordinated efforts,” said Jonny Goyal, Director, Research & Analysis, Chemical Market Analytics by OPIS (A Dow Jones company).

Themed as ‘Boardrooms to Community- ESG, Carbon Neutrality, Operational Safety, Greener Solutions’ the two-day conclave broadly focused on the topics such as ESG in Boardrooms: Vision and Strategies for value creation; Decarbonizing the Chemical Sector: Reflections to Actions Product; Stewardship: Going beyond Regulatory Landscape; Unlocking the potential of Digital Transformation for Sustainability; Exploring Green Growth Opportunities: Solutions & Technologies; Leveraging Cleaner Energy Transitions; Safety promotes Sustainability; Embracing Net-Zero Transition: Risks & Opportunities; and Session by UNEP -Plastic Pollution: Strengthening the Role of the Industry.

Various speakers expressed their views on climate, sustainable development and the steps that could be taken in this direction. CEOs and representatives of the Indian and global chemical companies, people working in EHS dept. in companies; Central and State Government officials, Pollution Control Boards, international multilateral organizations, Global chemical industry bodies and experts from Academia and civil society organizations are participating in the event.

The annual flagship event is a major initiative of ICC for promoting sustainability in the management of the entire life cycle of chemicals.

Indian Chemical News was one of the leading official media partners of the event.