Indian corporates are lagging on their renewable energy goals, with a new report revealing that only 5 percent of their electricity comes from renewables, despite a government mandate for 30 percent by 2030
India's top industrial giants are falling woefully short on their renewable energy promises, with a new report exposing a stark disconnect between corporate commitments and reality.
According to Climate Risk Horizons (CRH), Indian companies are only sourcing a meagre 5 percent of their electricity from renewables, despite a mandate to reach 30 percent by 2030.
The report, titled Slow to Switch, scrutinises 33 major firms across key sectors cement, steel, aluminium, textiles, and fertilisers finding that, while many have pledged ambitious green goals, their actual progress is minimal. For instance, major steel producers like JSW and Tata Steel are utilising less than 0.05 percent renewable energy, and textile giants such as Arvind and Welspun are averaging just 3 percent.
Despite the Indian government's recent boost in solar power investment to Rs. 10,000 crores up 110 percent from last year's allocation the industrial sector’s sluggish adoption of green energy could jeopardise national decarbonisation targets.
While the IT sector leads in renewable adoption, the fertiliser industry is lagging significantly. The report highlights that the heavy industry sector alone consumes over 169 billion units of electricity annually, emphasising its crucial role in India’s green transition.
Vishnu Teja, lead author of the report, calls for immediate action: “Transitioning to renewable energy is not just a corporate responsibility but a national imperative. The pace of change needs to accelerate drastically if India is to meet its climate targets.”
With heavy industry holding substantial potential for driving decarbonisation, the report’s findings reveal a pressing need for Indian corporates to align their actions with their green promises.