M&M chief backs government incentives to promote sustainability, Energy News, ET EnergyWorld
“The most important factor in these (ESG) programs are new technologies because new technologies lead to quantum changes in the carbon footprint,” he said when asked if there should be a sort of incentive from the government to promote or boost ECG programs. ”
Citing the examples of electric vehicles (EVs) and solar power, Shah said, “These are technologies that create quantum changes. That is why incentives are essential. At first, none of these technologies will be economically competitive. .
Regarding solar power, he said 10 years ago, the prices in India were very high, but today it is one of the cheapest ways to generate electricity.
“Without the incentives, and without the discoms coming in and taking solar power today, we wouldn’t have an industry that we have right now. So the incentives have been there,” he added. .
Likewise, Shah said, “With electric vehicles, we have seen governments around the world offering incentives. India provided incentives in terms of lowering the GST and the new PLI policy that has come for EVs. will result in much faster adoption and an incentive for automotive companies to switch to EVs at a rapid pace.
So this is already starting to happen, he said, adding “we will see other technologies emerge as well.”
Offering a different perspective on tackling climate change, Shah said: “… let’s not see climate change as a potential disaster. Let’s see it as an opportunity. There are a number of economic benefits that come with it. arise “.
In elaborating, he said: “There are cost savings and new industries are emerging. Electric vehicles, hydrogen, wind power, solar power, recycling, CV capital are available at lower cost for green initiatives. And this is an area where, as businesses, we must lead or perish. ”
Stating that tackling climate change will require a very concerted and sustained effort, Shah said, “It cannot be done in isolation. It cannot be done by any stakeholder, by government alone or by companies alone. It must be a coordinated effort. through all of us around the world ”.