Book Review: Net-Zero Trio: Synchronising Technology, Business and Policy for Green Transition

The book Net-Zero Trio: Synchronising Technology, Business and Policy for Green Transition by Labanya Prakash Jena and Prasad Ashok Thakur is a must-read strategic blueprint for anyone interested in understanding the multifaceted approach required to achieve a low-carbon economy.

I found this book to be an extensive and well-researched piece, which provides the readers with a well-rounded analysis of the challenges and opportunities in achieving green transition in India. The book provides a very comprehensive overview of the various aspects of green transition, specifically focusing on the synchronization of technology, business, and policy in driving this change, making it an essential read for policymakers, business leaders, and investors. The book is divided into several sections, covering a wide range of topics, including renewable energy generation, industrial sectors, the importance of financing green initiatives, and the role of policy frameworks in facilitating the green transition, with each section addressing a different facet of the green transition strategy.

The book begins with an introductory section that underscores the profound impact of climate change on global biodiversity, economic activity, and human livelihoods while emphasizing the vulnerability of South Asian countries like India. This section also discusses the key causes of climate change while outlining global commitments to addressing climate change through agreements like the Paris Agreement and the efforts of countries such as India to reduce their carbon emissions and achieve net zero by 2070. The introduction sets the stage for the urgent need for action while underscoring the significance of collaboration between governments, policymakers, businesses, and other stakeholders to drive the green transition agenda.

The next section details various aspects of advancing net-zero technologies, business models, financial mechanisms, and policy frameworks. The section starts by discussing the importance of accelerating renewable energy generation, including solar and wind sectors, and highlights the potential of net-zero technologies in India. The section also addresses the need for decarbonizing industrial heating, direct air capture technology, decarbonizing key industrial sectors such as cement and steel and scaling green hydrogen in India. The section further explores the significance of long-duration energy storage, scaling the circular economy, and reducing electrolysis costs to fast-track green hydrogen integration. It also highlights the need for beefing up cybersecurity for India’s energy transition and repurposing coal power plants. The section ends with underscoring the spirit of cooperative federalism in India’s ‘Intranational COP’.

The third section of the book discusses the importance of financing green initiatives and greening finance, while providing a detailed overview of the financial mechanisms and strategies required to support the transition to a green economy. The section covers a wide range of topics including regulatory solutions for climate-aligned transitions of banks and financial institutions, the role of development finance institutions, the need for concessional finance for green hydrogen, the importance of sustainability for investors and asset managers, and the challenges of greenwashing, which is a critical concern for investors and policymakers alike. Financing green initiatives such as financing green housing and mobilizing climate-smart agriculture finance is also covered in detail. Additionally, it highlights the importance of blended finance, climate-tech investments, the potential of private equity and venture capital funds in achieving net-zero ambitions, and the response of India’s equity market to climate change. The section concludes with discussions on transition financing, the role of family-managed businesses in combating climate change, mobilizing green finance for MSMEs, and the need for transition bonds.

The last section of the book focuses on the role of international institutions in climate finance, emphasizing the need for developed nations to step up their financial commitments to support developing countries and the importance of de-risking renewable investments to bridge the funding gap in developing countries. The book effectively outlines the various financial strategies required to close the renewable energy financing gap, including increasing investments, enhancing financial mechanisms, and fostering international cooperation.

Personally, I felt that this book provides a well-structured overview of the various topics being discussed. The book is primarily intended for policymakers and stakeholders currently involved in green transition or climate finance, and hence regular audiences may find the content a bit overwhelming, given the number of diverse topics being discussed in the book. However, this book effectively combines technical, business, and policy perspectives to drive the green transition agenda and hence is a must-read for policymakers, businesses, investors, and other stakeholders involved in this space.

Disclaimer: “Any views or opinions represented in this review are personal and belong solely to the author and do not represent views of CFA Society India or those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated.”