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For companies that missed the energy-saving call at the macro level, Earth Hour presents an annual opportunity to imbibe this message at the micro level. This could lead to the establishment of impactful climate measures.
Earth Hour goes beyond being a simple moment to commemorate energy conservation; it serves as a platform to raise awareness about building energy efficiency for a more sustainable world. Considering the numerous challenges posed by rapid climate change, it presents an opportunity to not only raise awareness but also to take decisive action.
It further helps drive conversation around sustainability strategies, technologies, and practices aimed at conserving energy in diverse ways across the globe. One increasingly popular strategy for businesses to foster a more sustainable future involves harnessing and analysing data to understand the science behind energy conservation.
As companies worldwide embrace digitalization, it leads to the generation of vast amounts of data. Access to comprehensive energy consumption data enables companies to make targeted decisions, potentially leading to up to ~ 30% power conservation and reduced overall energy costs.
Transforming missed opportunities into meaningful climate action
For companies that missed the energy-saving call at the macro level, Earth Hour presents an annual opportunity to imbibe this message at the micro level. This could lead to the establishment of impactful climate measures. It’s important to emphasize that Earth Hour isn’t just about turning off unnecessary lights for an hour; it’s a powerful call for all organizations and individuals to commit to a lifelong journey toward creating a sustainable future for humanity.
The record-breaking temperatures of February 2024 underscore the urgency of our mission. With over 80% of carbon emissions linked to energy production and consumption, prioritizing energy efficiency and global collaboration for a more sustainable future is an undeniable necessity.
The power of electricity and digital
The focus now needs to urgently shift to electricity, the most efficient energy form, and the primary mode for decarbonization. When combined with the powerful capabilities of digitalization, it holds the promise of creating a more sustainable, efficient, and resilient future. Moreover, Digitalization, when applied to electricity, enables new methods of monitoring, distributing, and conserving energy, ushering in the era of Electricity 4.0. This transformation is set to fundamentally change how energy is measured, utilized, conserved, and distributed, resulting in greater efficiency and reduced waste.
Electricity 4.0 stands as the most rapid route to a more sustainable and decarbonized world. Notably, ~ 55% of decarbonization opportunities will stem from demand-side decarbonization, propelled by digitization-enabled efficiency and process electrification.
It signifies a future centred around electricity for zero—zero waste, zero emissions, and zero carbon. The current generation is uniquely positioned to understand the consequences of climate change and take meaningful action to address it. Fortunately, the necessary technologies to meet the net-zero challenge are already within reach and 70% emissions reduction can be achieved with effective implementation of these existing technologies.
Businesses and households can play a vital role in creating a more sustainable future. They can achieve this by investing in digitalization, embracing new technologies, and recognizing the impact of positive human actions. It’s time to usher in an era of efficient electricity by embracing smart energy solutions across various sectors including homes, buildings, data centers, grids, industries, and infrastructure.
Establishing the new energy landscape
The urgency for concerted action on climate goals has created a vibrant new energy ecosystem. This is symbolized by the swift expansion of renewable energy capacity, the development of grids of the future, and the deployment of digitalization to boost energy efficiency.
In context, India has made significant advances in promoting renewable energy and now ranks fourth in the total global renewable energy capacity. The country plans to transition swiftly from having 42% of its current installed capacity based on non-fossil fuel sources to 50% by 2030.1 This target will be achieved due to the availability of abundant renewable energy sources and local technology, in turn curbing carbon emissions.
The new energy landscape makes it imperative to build grids of the future driven by data and integrated network models. Through the National Smart Grid Mission, India can substantially reduce costs, limit the environmental impact, and optimize system reliability by real-time matching of the demand and supply of power.
As the third-largest electricity producer and consumer globally, India must modernize its electricity infrastructure and support the ‘prosumer’ ecosystem to fast-forward its energy transition. This shift is facilitated by the emergence of microgrids and Distributed Energy Resources (DERs), which are empowered by IoT (Internet of Things) infrastructure. These technologies allow for more localized and flexible energy generation, consumption, and management, thus driving a more sustainable and resilient energy ecosystem. In achieving this goal, the Central Government’s ‘PM-Surya Ghar: Muft Bijli Yojana’ will play an important role, which has a goal to assist 10 million households in building rooftop solar units3, spurring the growth of green energy in India.
Founding the circular economy
The combination of circular economy principles, digitalization, and sustainable energy goals stands as the foundation for a significant transition towards a more resilient and environmentally conscious future.
Balancing compliance with regulations, eliminating harmful substances, maintaining product performance, introducing circular material loops, and enhancing business competitiveness are all crucial elements for achieving sustainability and circularity. By integrating sustainability into the design, production, and operation phases, companies can not only meet regulatory requirements but also deliver added value to customers. This holistic approach not only addresses immediate environmental concerns but also establishes a blueprint for long-term sustainability and economic prosperity.
The Earth Hour movement embodies this ethos, rallying individuals and organizations worldwide to unite in the pursuit of a greener, more equitable planet. As we stand at the crossroads of technological advancement and environmental stewardship, embracing circularity, digitalization, and sustainable energy is not just a choice but a necessity for the well-being of our planet and future generations.
Source: Financial Express
