Indian Companies to Ramp-up Energy Efficiency Investments in 5 Yrs to Achieve Net-Zero Targets: Report

Indian industries are planning to accelerate the investment in energy efficiency in the next five years in order to achieve their net-zero targets, as revealed by a new survey conducted by ABB.
 
According to ABB’s Energy Efficiency Investment Survey 2022, 98 per cent of respondents are either already investing or planning to invest in energy efficiency, while one-third of them plan to make improvements this year.
 
During the survey, half of the respondents cited cost savings as the major reason for adopting energy-efficient technologies.
 
Furthermore, 32 per cent of the companies are planning to make energy efficiency improvements this year, and 7 in 10 companies are upgrading their equipment to best-in-class energy efficiency ratings, said the survey report.
 
Also, half of those investing or planning their investments in energy efficiency cited production as their high-priority area for investment, followed by facilities, including building management, HVAC, and lighting.
 
The ABB Survey 2022 comes in the wake of a recent UN report calling for concerted action from countries to cut greenhouse emissions at a faster rate. India announced its commitments to fight climate change at the Glasgow COP26 conference last year, pledging to cut its emissions to net-zero by 2070 while targeting to meet 50% of its energy needs from renewable sources by 2030.
 
Explaining further on the report, Sanjeev Arora, President, Motion Business Area, ABB India, said “the results show that a large percentage of companies are confident of investing in energy-efficient technologies, setting India on the right track to fulfill its ‘Panchamrit’ promise around the five key commitments to fight climate change. This is excellent news for our environment, people, and industries. We are committed to making this a reality for our customers and partners in India and will continue to accelerate decarbonization by developing smart, energy-efficient solutions tailored to specific customer needs.” 
 
A total of 254 companies from India participated in the survey, out of which, 71 per cent belonged to the manufacturing sector, 9 per cent constituted the transportation and heavy industries, and the remaining belonged to the energy generation and light industries.