New Delhi, Feb 16 (PTI) Technological innovation for a green world is the need of the hour, echoed business leaders on Wednesday at a session during the 21st edition of World Sustainable Development Summit organised by The Energy and Resources Institute (TERI). At a session on 'Reorienting Market Economies and Accelerating Development of Green Technologies' on the first day of the three-day summit, which will be inaugurated by Prime Minister Narendra Modi later in the evening, CEOs of private companies from India and other countries working in the field of mining, cement and renewable energy stressed on the need for green technology and government policies to ensure its smooth facilitation and transition. Sunil Duggal, Group CEO of Vedanta Ltd, said, "Indian organisations have volunteered in capacity building, including Vedanta Limited which plans to establish an ESG (environmental, social and governance) Academy soon. It's important to understand our responsibility and intention towards green technology."     "Our government has introduced several policies this year to support the efforts for reducing carbon footprint through electric vehicles (EVs) and PLI (production linked incentive) scheme. We need more such policies to enhance our ecosystem," he added. Sharing his insights, Sumant Sinha, founder chairman and CEO of ReNew Power Private Ltd., said that decarbonisation of the electricity sector looks achievable but a lot needs to be done technologically and financially.

"Globally, there doesn't seem to be enough seriousness in terms of making finance available for a shift towards a greener world. Decarbonisation of the electricity sector looks achievable but a lot more needs to be done. We require government policies to put a price on carbon to encourage low-carbon growth," Sinha said.

Alexander Slater, Deputy Managing Director, USIBC (US-India Business Council), stressed on the need for technological innovation with an open ecosystem.

"We need technological innovation that takes place in a world with an open ecosystem. The innovative solutions for green technology include an open information exchange," he said.

Speaking at the session, Maria Mendiluce, CEO, 'We Mean Business Coalition', Geneva, expressed keenness to work with India to tackle climate change.

"In 2023, India will host the G20 Leaders' Summit for the first time. We would be happy to collaborate with the country where 86 companies have joined to tackle Climate Change," she said, adding that everyone needs to work together for a concrete action to reduce carbon emissions.

Hussain Al Mahmoudi, CEO, Sharjah Research Technology and Innovation Park, UAE, said the role of the private sector in green technology is very strong.

"We want to create new companies that create new jobs and allow new technologies on water and energy to flourish. We can do that with the private sector which will play a big role in achieving carbon neutrality by 2030,? he said.

The Summit, with the umbrella theme: Towards a Resilient Planet: Ensuring a Sustainable and Equitable Future, will bring together heads of States, representatives from international organizations, government, business and industry, research and academia, civil society and youth to deliberate on the modus operandi required for equitable responses to enhance planetary resilience. PTI AG ZMN

(This story has not been edited by THE WEEK and is auto-generated from PTI)