Govt, Financiers, Industry, Consumers to Jointly Act towards Decarbonisation: KPMG in India

The eco-system comprising of policy, technology, market, investments, standards and society has to work together in a complementary manner in the transition journey of decarbonasition, indicated KPMG in India in its report.

December 02, 2020. By Manu Tayal

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The eco-system comprising of policy, technology, market, investments, standards and society has to work together in a complementary manner in the transition journey of decarbonasition, indicated KPMG in India in its report.

The KPMG in India has launched “Decarbonising growth - Managing the transition” report at its 11th annual energy conclave ‘ENRich 2020’, highlighting the importance for businesses to identify their strategies and portfolios of technologies to meet their respective Net Zero targets.

It further discusses the imperatives of decarbonisation highlighting the requirement of a system perspective that incorporates energy demand management, improves energy efficiency and increases the share of clean energy in the overall energy mix.

As per the report, the transition to a sustainable future, characterised by “Net Zero” is inevitable and beginning to reverberate both upstream as well as downstream owing to globally integrated supply chains.

Also, decarbonisation technologies are fast gaining ground, and sector specific measures on the demand side and energy efficiency will continue to see impact and largely align with investment and retrofit cycles. CCUS (Carbon capture, utilisation and storage) and hydrogen will co-exist to play a key balancing role in hard to decarbonise sectors with impact felt post 2030, it further said.

The KPMG in India has suggested government to provide commercial safeguards to responsible businesses, and focus on material changes that are required.

It further suggested investors and government to enhance investment into R&D and commercial deployment of decarbonisation technologies for harder-to-abate sectors, and create financing mechanisms for an inclusive transition.

For companies, the advisory services provider suggested to identify portfolio of technologies to meet your Net Zero target in your areas of operations, and create conducive environment for deep tech R&D and innovation.

For Customers and Consumer Standard setting bodies, the agency suggested to make voluntary “green procurement” commitments for example - industrial components, building materials, trucks, etc., and evolve standards that can help in benchmarking and decision making.

Sharing his views on the theme of the report, Anish De, Partner and National Head – Energy Natural Resources & Chemicals, KPMG in India said, “Global environmental damage especially over the past century have taken us close to a point of no return.  Perhaps we have a small action window to contain severe and irreversible damage across the board.  But for this, governments and businesses have to set and act on specific and ambitious goals with set dates.  Net zero is a key goal that many nations have explicitly committed to.  It helps set clear direction and pathways to the ultimate objective of preservation of the planet.  Our Thought Leadership brings out the imperatives and identifies the summary actions that we need from the key actors.”

“Climate Change risks is now evolving as a barrier to competitiveness. Whether it is the country or business, the price of carbon will have to be internalized and is no longer an externality. The publication brings out the fact that the race to net-zero has started and it dwells into potential technological roadmaps in the journey. It concludes with the emphasis that all actors have a role to play in achieving the outcome,” feel Santhosh Jayaram, Partner and Head – Climate Change and Sustainability, KPMG in India.

While, Anvesha Thakker Global Co-Head: Climate Change & Decarbonisation, KPMG IMPACT, Executive Director: Power & Utilities: Strategy and Transformation, KPMG in India said, “Net Zero pathways will require businesses to consider both demand side as well as supply side measures. In this journey, decarbonisation technologies such as renewable energy , demand electrification, CCUS, hydrogen, Biofuels may compete but will also complement with the right eco system enablers. Businesses will need to manage this interplay while considering the alignment of their investment horizons with the maturity curves of various technologies and may also need to hedge their bets across the technological spectrum. Government has to facilitate this journey through the right policy and fiscal measures.”

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