Net Zero Summit 2024: “India’s Net Zero 2070 Goal: Progress, Pitfalls, and Possibilities”

IMT Hyderabad, 18th October 2024 – Institute of Management Technology (IMT), Hyderabad, in collaboration with Virtusa, a global expert in digital transformation and IT services, Greenko Group, a leader in carbon-free energy solutions, and IIT Hyderabad, one of India’s top engineering institutes, successfully hosted the second edition of the Net Zero Summit 2024. The summit focused on the theme “India’s Net Zero 2070 Goal: Progress, Pitfalls, and Possibilities,” exploring the country’s journey towards achieving net zero GHG emissions target by 2070. With insights into key sectors like power, agriculture, chemical, IT/ITES, and circular business organization, this event discussed the intersection of economic growth and environmental sustainability.

The summit commenced with a ceremonial lamp lighting by representatives from IMT Hyderabad, Virtusa, Greenko, and IIT Hyderabad. This was followed by a welcome address delivered by Prof. (Dr.) Sriharsha Reddy, Director of IMT Hyderabad. Prof. (Dr.) Tulika Sharma, Assistant Professor of IMT Hyderabad and Prof. (Dr.) Sourabh Bhattacharya, Chairperson of the Centre for Sustainability and CSR of IMT Hyderabad introduced the theme of the event. The inaugural speech was delivered virtually by Mr. Jayesh Ranjan, IAS, Special Chief Secretary for Industry, Commerce, and ITE&C, where he focused on India’s commitment to achieving Net Zero by reducing carbon intensity by 33-35% from 2005 levels by 2027. Dr. Krishna Yedula, Vice President at Virtusa, also addressed the gathering, focusing on Virtusa pioneering the sustainability journey. Additionally, a special technical session was conducted by Dr. Paravastu Rambabu, Advisor at Greenko Group, focused on choosing the right way and methodologies to build a Net Zero India.

Huge investments in green technologies are needed to achieve Net-Zero emissions by 2070. It is estimated that $160 billion is needed each year till 2027 to eliminate India’s energy dependence on fossil fuels. Prof. (Dr.) Sriharsha Reddy, Director of IMT Hyderabad, focused on the initiatives taken by the college within its campus to achieve sustainability by making 20% of energy consumption via solar panels and 90% of the campus covered under the green carpet. The summit aimed to foster transformative dialogue and collaborative action, bringing together industry leaders, policymakers, and experts to address the challenges, assess the progress, and explore the opportunities in India’s pursuit of its ambitious Net Zero goals. The summit featured three key panel discussions:

The first panel discussion, moderated by Prof. (Dr.) Kalyan C Chejarla, Associate Professor of IMT Hyderabad, featured Mr. Sucheth Davaluri (Neuland Laboratories), Mr. Prashant Tiwari (Amara Raja Group), Wg Cmdr Srikanth Balagandhar (CRE Consultant), Mr. Sharfoddin (Cognizant) and Ms Priya Badshah (Invesco). The panelists drove the audience’s attention towards achieving 100% renewable energy as a part of India’s Net Zero 2070 goals by businesses across all sectors and students at educational institutes. The discussion focused around big brands losing its market presence due to unsustainable business practices and the power of communications and corporate in achieving sustainability. The discussion ended with an insightful Q&A wherein students asked panelists on the challenges faced to achieve sustainability by startups and corporates. A token of appreciation was given to the panelists by Prof. (Dr.) Sourabh Bhattacharya.

The second-panel discussion, moderated by Prof. (Dr.) Debraj Bhattacharyya from IIT Hyderabad offered valuable insights on sectoral approaches to achieving Net Zero. Esteemed panelists included Dr. S P Kamath (Bayer), Mr. Sandeep Chatterjee (IBM), Prof. (Dr.) Subrahmanyam Ch. (IIT Hyderabad), Mr. Utsav Dixit (ALPLA) and, Mr. K Srinivas (Solar Bull) who shared their expertise on the subject. The industry experts emphasized the importance of regenerative agriculture and increasing sustainability in farming through advanced tools. Concerns were raised about the significant greenhouse gas emissions from industries like cement and fast fashion, along with the growing carbon footprints of AI technologies. The shift from carbon dioxide to hydrogen was discussed as a cleaner, more abundant energy source. Misconceptions about plastic were also addressed, with a focus on how sustainable production practices are transforming its impact. The session also explored how solar energy is helping institutions reduce carbon emissions and advance their sustainability objectives. The discussion ended with an insightful Q&A wherein students asked panelists on the challenges faced by industries on their journey on sustainability. A token of appreciation was given to the panelists by Prof. (Dr.) Kalyan C Chejarla.

The event proceeded with a keen discussion on Circular Business Models led by speakers Mr. Naman Gupta (Code Efforts), Mr. Chandan Sharma (Goonj), Mr. Rajkiran Madangopal (Banyan Nation), and Ms. Vishala Reddy Vuyyala (Millet Bank). The discussion was facilitated by Prof. (Dr.) Sourabh Bhattacharya, Professor at IMT Hyderabad. The speakers showcased how their sustainability-focused businesses are turning waste into resources and promoting eco-friendly practices. One business recycles cigarette waste, another repurposes discarded materials for rural development, and a third specializes in bottle-to-bottle recycling to help brands adopt circular plastic. Lastly, one organization connects farmers with markets, promoting water-efficient millet cultivation. These efforts demonstrate innovation and empowerment in the circular economy, driving societal impact through resourcefulness and collaboration. The discussion concluded with a valuable Q&A session that tackled a range of challenges, such as social viewpoints, health concerns for frontline workers, the recycling process, and other related issues. A token of appreciation was given to the panelists by Prof. (Dr.) Sriharsha Reddy, Director at IMT Hyderabad.

The summit concluded with a vote of thanks from Prof. (Dr.) V C Chakrapani, Dean Academics, IMT Hyderabad. Attendees praised the event for its impactful discussions and commitment to fostering a sustainable future.

IMT Hyderabad is committed to being at the forefront of sustainable business education, preparing future leaders to tackle global challenges with innovative and responsible solutions. This event promises to be a milestone in the continued dialogue on sustainability, creating actionable pathways for industries to contribute to India's Net Zero vision.