‘The world is not waiting for the next great business idea; it’s waiting for the next great solution to our environmental crisis.’ – Sir Richard Branson
Today, consumers are becoming more receptive to environmentally friendly products. The changing consumer preference is prompting entrepreneurs to exercise caution and transition towards environmentally friendly processes and clean technologies. This is the driving force behind the concept of green entrepreneurship. The term “green entrepreneur” represents the fusion of entrepreneurship and environmental consciousness. Green entrepreneurship is a particular subset of entrepreneurship that focuses on developing and putting into practice solutions to environmental issues, as well as encouraging social change to prevent ecological damage.
Green entrepreneurs, while embarking on a business venture, actively seek out and identify opportunities that align with green principles. Entrepreneurs with a strong environmental awareness can recognize potential green business prospects and innovative green ideas. They can then implement and address the challenges of a green economy. Green entrepreneurship in India contributes to improved well-being through sustainable products, reduces dependence on fossil fuels by promoting clean energy sources, and bolsters the nation’s self-reliance. Nearly 50% of the population is engaged in climate-sensitive sectors, creating an urgent need for sustainable solutions today. India is thereby committed to achieving a net-zero carbon footprint by 2070 and inspires the world to adopt eco-friendly innovations.
India has secured $1 billion in venture capital funding for climate technology over the last five years, highlighting its prominence in the global climate-tech investment landscape. The green economy is growing rapidly with a 12% CAGR and is expected to create 50 million new jobs in India in the next five years. This showcases the tangible benefits of green entrepreneurship, from addressing climate challenges to driving economic growth and job creation.
Established corporations have been hit with the green fever and are now approaching profitability with sustainability. For instance, by 2030, Starbucks plans to produce carbon-neutral green coffee, reduce water use in the processing of green coffee by 50%, and currently manufactures their tissues from recycled paper. Similarly, there are startups that have based their entire value system on being sustainable and eco-friendly. Ather Energy, BluSmart, and Yulu are all leveraging technologies like IoT and AI to create a network of intelligent mobility and efficient travel in India to help reduce carbon emissions, which would also help India move away from its dependency on crude oil imports. ZunRoof and Nexus Power are innovative companies dedicated to providing cleaner energy solutions to empower communities and reduce environmental impact. The contemporary green revolution is underway, with young entrepreneurs and startups leading the charge.
The Entrepreneurship Cell 