A recent global survey conducted by the Boston Consulting Group (BCG) in collaboration with sustainability management platform CO2 AI has positioned India among the top three countries for reporting, setting targets, and reducing carbon emissions, following only China and Brazil. This recognition highlights India's growing commitment to sustainability, despite the slow progress observed globally in emission reduction efforts. The report, titled Boosting Your Bottom Line Through Decarbonisation, showcases the strides made by Indian companies in adopting sustainable practices.

According to the survey, 12% of Indian companies are actively reporting their carbon emissions, which is slightly higher than the global average of 9%. Additionally, 24% of Indian companies have set specific emission reduction targets, outperforming the global average of 16%. In alignment with the Paris Agreement's objective to limit global temperature increases to 1.5°C above pre-industrial levels, 15% of Indian companies are engaged in reducing emissions, compared to only 11% globally. The survey included responses from 1,864 executives across 16 major industries and 26 countries, representing companies with annual revenues ranging from US$ 100 million to over US$ 20 billion, which collectively account for approximately 45% of global greenhouse gas emissions.

The survey, now in its fourth year, also underscores the financial benefits associated with decarbonization efforts. Notably, at least 25% of companies reported gaining annual decarbonization benefits that exceed 7% of their revenues, translating to an average net benefit of approximately US$ 200 million annually. These gains primarily stem from lower operating costs, improved efficiency, reduced waste, streamlined materials and processes, and the adoption of renewable energy sources.

The study highlights the transformative potential of AI in achieving these sustainability goals. Companies that are utilizing AI for emission reduction are reported to be 4.5 times more likely to succeed in their efforts compared to those that do not. Mr. Hubertus Meinecke, BCG's global leader in climate and sustainability, noted that many companies are experiencing “significant rewards” from their decarbonization initiatives, which not only contribute to financial growth but also enhance their corporate reputation.

Furthermore, Ms. Charlotte Degot, CEO of CO2 AI, emphasized the role of AI in helping companies meet their climate goals. She stated that decisive action is critical, as the window to limit global warming to 1.5°C is rapidly closing. This report serves as a call to action for businesses to integrate sustainable practices and leverage technological advancements in their operations to contribute to a healthier planet.

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