Corporate social responsibility in India has been at the forefront of societal change in the recent few years and the government’s push to make India greener and produce more renewable energy requires the support of India Inc. as well. The Institute of Energy Economics and Financial Analysis (IEEFA) and Climate Energy Finance estimate that by 2030 India will reach 405 gigawatts of renewable energy. Moreover, it is expected that India will exceed the government's target of producing at least 50% of energy through non-fossil means. At this juncture, it is critical that organizations, manufacturers, and MSMEs in India are brought into the fold in order to create a sustainable commitment toward tackling environmental degradation and making India a global leader in renewable energy production.
Let’s take a look at a few reasons why a commitment to renewable energy through CSR is a must for your organization’s commitment toward corporate social responsibility.
Renewable energy is becoming cost effective and cheaper:
With the government’s push to make India green and create other forms of renewable energy such as solar, wind, geothermal, ocean, and bioenergy, the cost of alternate energy sources has become cheaper and more accessible. Previously, the high cost of procurement and implementation was a barrier, especially for small and medium sized enterprises. Moreover, in days gone by, solar panels would only work in areas with extreme sunlight and clear days. Today, with technological advancements and the development of thin-film panels, energy can be captured even during cloudy conditions.
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Renewable energy offers a good return on investment and marketing opportunities:
Organizations that are actively investing in renewable energy are also looked at in a favorable light by investors, employees, and society at large. From an organizational perspective, investment in renewable energy is a win-win as returns are more likely to outweigh the investment. Public perception is extremely important for every organization, especially in an age where the public tends to view corporations as acting with a me-first mentality. Organizations that invest in green and sustainable energy are more likely to be viewed favorably by the public, especially when the competitors are not promoting renewable energy sources. Moreover, companies that produce excess energy can also sell unutilized energy back to the grid and create an additional stream of income.
Renewable energy reduces overhead costs and improves the earth’s health:
Investment in renewable energy has a two pronged benefit for any organization. On the one hand, it reduces overhead costs in the long run through reduced dependence on fossil fuels that are increasingly becoming expensive. On the other hand, using forms of renewable energy such as solar, wind, and water reduces pollution and slows global warming. Some forms of renewable energy produce almost zero global warming emissions and as such organizations can play their part in making the planet a healthier place.
In conclusion, the benefits of investing in green energy far outweigh the costs associated with it and it also helps in creating a cleaner future for our planet. The dependence on fossil fuels is not sustainable, especially with the earth’s core temperatures rising every year. In essence, green energy is the future, and those organizations who invest now will reap the benefits of their foresight in the long run.
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