India leads in carbon emissions reporting and target setting: BCG study

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India stands out as one of the top three countries in carbon emissions reporting with 12 percent  companies comprehensively reporting emissions as compared to the global average of 9 percent, according to a recent report by Boston Consulting Group (BCG). The report, titled 'BCG X CO2 AI Global', mentioned that Brazil, India, and China are leading in comprehensive emissions reporting, target setting, and reducing emissions in line with ambitions.

The study, prepared by study by  BCG  and CO2 AI, highlighted that at 24 percent, Indian companies are also ahead in target setting as compared to 16 percent  global average, and in reducing emissions along a 1.5ºC Paris Agreement pathway, with an average of 15 percent as compared to 11 percent globally.

"India is emerging as a global leader in decarbonization, demonstrating a strong commitment to tackling climate change...By aligning their efforts with the 1.5°C Paris Agreement pathway, and leveraging advanced technologies," said Anirban Mukherjee Managing Director Lead, Climate & Sustainability, BCG India.

In the fourth edition of BCG and CO2 AI’s Carbon Emissions Survey, detailed in the report Boosting Your Bottom Line Through Decarbonization, 1,864 executives overseeing their company’s emissions measurement, reporting, and reduction initiatives were surveyed.

“This year's survey highlights the substantial rewards some companies are reaping from decarbonization, including significant financial gains, enhanced reputations, and operational efficiencies,” said Hubertus Meinecke, BCG’s global leader of climate and sustainability and a coauthor of the study.

Among the nearly 2,000 companies surveyed in 2024, only 9 percent described comprehensive reporting of Scopes 1, 2, and 3 emissions. Additionally, just 16 percent  have set targets across all three scopes, and only 11 percent  have achieved emissions reductions in line with their ambitions. These figures are all lower than those reported by companies in 2023, according to the study.