India ranks sixth globally in SBTi net-zero commitments
Author: PPD Team Date: December 4, 2024
India has 127 companies committed to net-zero targets through the science-based target initiative (SBTi), ranking sixth globally.
However, only 7% of these companies are from high-emission sectors such as power, cement, metals, and mining, which collectively contribute 55% of India’s total emissions, according to ICRA ESG Ratings’ latest report.
The majority of commitments come from low to medium carbon footprint industries like textiles, software, and pharmaceuticals.
SBTi is a voluntary framework where companies set and validate emission reduction targets based on sector-specific guidelines.
Within India, only 25 power, cement, and mining companies have committed to SBTi targets, with just six power sector companies adopting the initiative.
Adani Energy Solutions reduced its absolute emissions by 11% over six years through renewable energy adoption and energy efficiency measures, while JSW Energy’s emissions remained flat despite renewable energy expansion and carbon capture efforts. Tata Power, despite a self-declared net-zero target, saw emissions rise by 15% from FY2019 to FY2024 due to increased production.
