NEW DELHI: A group of 131 CEOs of the Global Alliance for climate action representing some big companies from across 27 countries, including India, had reduced 10% of aggregate absolute emissions between 2019 to 2022 while recording 18% aggregated growth in their revenues during the same period, according to a report from the World Economic Forum (WEF) which shows that the economic growth and climate actions can go hand in hand.
The report, released on the sidelines of the UN General Assembly in New York on Thursday, noted that the 18% aggregate revenue growth, surpassing global GDP growth of 15%, was amounted to over $640 million whereas emission reduction of 10% was equivalent to 450 megatons, roughly the annual emissions output of France or the United Kingdom.
The Alliance is the world’s largest CEO-led community focused on net-zero emissions, representing $4 trillion in revenue and 12 million employees in 12 industries, including healthcare, retail, heavy industry and agriculture.
Tata Steel, ReNew Power, Hindustan Zinc, Mahindra Group, Infosys and Wipro are among the Indian companies within the Alliance of CEO Climate Leaders, launched alongside the signing of the Paris Agreement on climate change. CEOs of big tech multi-national companies such as Microsoft, Dell, HP, Bloomberg LP, Ericsson and Hitachi are also part of the group.
“The alliance is showing that businesses can collectively make significant progress towards implementing the goals of the Paris Agreement,” Sumant Sinha, chairman and CEO of ReNew Power and co-chair of the Alliance, was quoted as saying by the WEF.
Underlining that the economics of climate action can work in all regions – from emerging markets to developed economies, Sinha said, “We hope these results encourage more businesses to join us in applying their knowledge and skills to transition to a truly global, net-zero economy that benefits communities all around the world.”
The report flagged that the 10% decrease in absolute emissions is significantly ahead of the emissions reductions achieved by the world’s biggest economies and emitters, including the United States (-2%) and the European Union (-3%). In contrast, India and China saw growth in emissions of 6% and 7% respectively, in the same period.
“This clearly demonstrates that positive climate action does not have to come at the expense of economic performance,” said Gim Huay Neo, managing director, WEF.