India has become a hotbed of start-ups that are introducing innovations for a green and sustainable future
India is making rapid progress in various areas of clean and green technologies. It is now ranked third rank among the Top 10 Countries for LEED in 2016. LEED, or Leadership in Energy and Environmental Design, is the most widely used green building rating system in the world.
In the same year, over 650 projects in India acquired LEED certification. Further, according to an official of the US Green Building Council (USGBC), green projects in India at present are rapidly growing at a rate of 20-30% on an annual basis. In a survey conducted by the USGBC, it was found that almost 87% of Indian green building professionals are positive about the increase and implementation of LEED in India.
In the USGBC Smart Market Report, 2016, it stated: “The new report finds that by 2018, the green building industry in India will grow by 20% driven largely by environmental regulations and demand for healthier neighbourhoods.”
As of now, India has a host of promising entrepreneurs who are making their mark in the industry by launching several green projects. For instance, GRIHA, which stands for Green Rating for Integrated Habitat Assessment, is a system-rating tool that aids builders to evaluate the eco-friendliness of their buildings. This tool helps to analyse the environmental performance of buildings, with an aim to reduce and regulate their energy consumption and waste generation.
Mitticool is a clay refrigerator specially crafted for the rural populace by clay artisan Mansukhlal Raghavjibhai Prajapati. This clay fridge doesn’t need electricity to cool; rather it uses the age-old concept of surahi (water’s ability to cool through evaporation). Waste Ventures India, a Delhi-based start-up, is dedicated to creating organic compost from the waste collected from dumpsites.
EnCashea, a Bengaluru based start-up, gathers scrap waste from around the city in exchange for cash. They pay people for segregating their waste, which not only helps to lower the environmental impact of waste but also ensures they are properly disposed or recycled. Hyderabad-based Banyan Nation collects and recycles plastic waste from industries.
These are just a few of the green projects in India that are helping to make a difference in the society. India, at this moment, is a hotbed of start-ups that are disrupting the conventional ways and bringing about a tangible change in the country. But this is not just limited to the start-ups at the grassroots level.
In the annual budget plan of the year 2016-17, the Indian government had allotted INR 102 billion (USD 1.6 billion) to be used for the development of renewable energy resources to meet the rising demands of our fast-growing economy. India is also among the several countries to have introduced a carbon tax. The revenue collected is partially utilised for funding innovative research projects in the alternative energy sector.
After the wave of globalization and privatization of the 1990s, India has seen a gradual and steady rise in private capital investments that further boosted the process of asset creation through the development of economically viable projects. This inevitably resulted in increased production of goods and services and expansion of markets from a regional level to the national and ultimately to the global level.
These projects are not only helping build a comprehensive man-nature relationship but are also creating ground-breaking pathways for combating the pressing problems that the world faces today, such as pollution, climate change and deforestation, to name a few.