Global biz focusing more on sustainable technologies: Deloitte

NEW DELHI: Faced with the menace of climate change, most of the corporate entities worldwide are turning towards business models based on sustainable and eco-friendly technologies, according to global consultancy Deloitte.

Sustainable technologies are generally those which minimises the adverse environmental impact and helps in cutting down carbon dioxide emissions, among others.

"This heightened awareness (about sustainability) is leading to significant shifts in business models and whole new segments are emerging - organic foods, organic cotton, sustainable products, green energy, energy labelling of white goods, environmentally friendly hotels...," Deloitte's Global Climate Change & Sustainability leader Nick Main told.

"I believe this is a dramatic and permanent shift and one that all organisations should be aware of," he noted.

According to him, "sustainability" has become a frequent topic of conversation in senior corporate leadership meetings.

"Everywhere executives are working out what it means for business and how can they manage the risks and seize the opportunities from this fundamental change in business and society," Main asserted.

When asked about the funding issues faced by various countries in tackling climate change, he said problems related to funds could be more severe for developing countries including India.

"Funding is a problem everywhere. The investments needed to make the transition to a low carbon economy are substantial... And for developing countries this issue can be particularly severe," Main noted.

However, he pointed out that cutting down on emissions could help businesses to save on costs. "The opportunity must be not to make investments in old technologies but more straight to the new," he added.

Last year's Copenhagen summit on climate change had proposed to create an USD 100 billion global fund, to assist in tackling various issues related to this menace.

Further, Main said that partnerships between governments and businesses would surely help in evolving better strategies to fight climate change.