India has emerged as one of the top three countries in carbon emission reporting, alongside Brazil and China, according to a recent report by the Boston Consulting Group (BCG). The report indicates that 12% of Indian companies are actively reporting their emissions, surpassing the global average of 9%.
The report, titled BCG X CO2 AI Global Report, highlights India’s commitment to emission reductions, noting that 24% of Indian companies have set specific targets for reducing emissions, compared to the global average of 16%. Additionally, India is progressing on a path aligned with the 1.5°C Paris Agreement goal, with an average of 15% of Indian companies meeting their emissions reduction targets, outperforming the global average of 11%.
“India is emerging as a global leader in decarbonization, demonstrating a strong commitment to tackling climate change. With comprehensive emission reduction targets across all emission scopes, Indian companies are not only reducing their carbon footprint but also realizing significant financial benefits,” said Anirban Mukherjee, Managing Director Lead, Climate and Sustainability, BCG India.
The BCG and CO2 AI’s Carbon Emissions Survey gathered insights from 1,864 executives responsible for overseeing their companies’ emissions measurement, reporting, and reduction initiatives. These respondents represent 16 major industries across 26 countries, accounting for roughly 45% of global greenhouse gas emissions. Each surveyed organization has at least 1,000 employees and annual revenues ranging from $100 million to over $20 billion.
Despite India’s notable progress, the global landscape reveals a slower adoption of comprehensive emission reporting and reduction. Among the nearly 2,000 companies surveyed in 2024, only 9% reported comprehensive emissions data. Furthermore, only 16% of companies have set targets across all three emissions scopes, and just 11% have successfully achieved reductions in line with their ambitions. These figures have declined compared to those reported in 2023.
Diana Dimitrova, a BCG managing partner and director, emphasized the need for companies to capitalize on the financial benefits of decarbonization: “Too few companies are seizing the financial gains offered from decarbonization. By mastering essential foundational actions like measurement, reporting, target setting, and taking advanced steps toward sustainability, these companies can become more efficient, more profitable, and demonstrate a stronger commitment to a greener future.”
India’s active engagement in emissions reporting and reductions showcases its dedication to combatting climate change and setting an example for global decarbonization efforts.