Repowerindia has engaged in an exclusive interview with Aditi Balbir, Co-Founder & CEO, EcoRatings
What progress did the world and India see in curbing emissions and enhancing?
In 2024, global emissions surged to record levels, defying growing efforts to combat the crisis. India, in particular, saw a 4.6% increase in emissions, largely due to its heavy dependence on coal. However, the country has made remarkable strides in renewable energy, achieving its ambitious 2030 target of 40% non-fossil fuel capacity nearly a decade ahead of schedule. On the adaptation front, India is taking decisive action to enhance climate resilience through initiatives such as the National Action Plan on Climate Change and targeted funding for vulnerable regions. While these achievements are commendable, the relentless rise in emissions underscores the critical need to reconcile economic growth with sustainability.
What has been the scenario of ESG reporting? Has the greenwashing not been a reality? What type of updation does India demand in its environmental adaptability?
ESG reporting has grown significantly, with companies globally striving to align with frameworks like GRI and SASB. However, concerns about greenwashing persist, as some organizations exaggerate or misrepresent their sustainability efforts to meet stakeholder expectations. In India, the rise of mandatory reporting for the top-listed companies under the Business Responsibility and Sustainability Reporting (BRSR) framework is a step toward transparency. Yet, the challenge lies in ensuring that these disclosures are accurate and actionable rather than just compliance exercises.
What is your take on current climate financing?
Despite growth in global climate financing commitments, actual funding, especially for adaptation efforts, remains insufficient. In India, while investments in renewable energy have increased, they do not fully address climate challenges. There is an urgent need to mobilize private capital, implement innovative financing mechanisms, and ensure equitable fund distribution to support vulnerable communities. Addressing these disparities is crucial for effective climate action.
How was the year for private players? Any specific development you want to mention?
In 2024, India’s private sector made significant strides in advancing the country’s climate goals. Notably, the renewable energy industry is poised for a substantial shakeout in 2025, with over a dozen wind and solar power generators seeking new ownership. This anticipated consolidation reflects the sector’s maturation and the increasing demand for efficient, large-scale operations to meet India’s ambitious target of achieving 50% renewable energy capacity by 2030.
The climate-centric development worldwide, especially through various cop summits. Was it in the right direction?
The global climate agenda in 2024, driven by discussions at COP29 and other summits, showed both progress and persistent challenges. While these commitments reflect an acknowledgment of the urgency, they highlight the widening gap between ambition and implementation, particularly for nations most vulnerable to climate change.